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Ciena Reports Fiscal Q3 Financials

HANOVER, Md. -- Ciena Corporation (NYSE: CIEN), a network strategy and technology company, today announced unaudited financial results for its fiscal third quarter ended July 31, 2017.

For the fiscal third quarter 2017, Ciena reported revenue of $728.7 million as compared to $670.6 million for the fiscal third quarter 2016.

On the basis of generally accepted accounting principles (GAAP), Ciena's net income for the fiscal third quarter 2017 was $60.0 million, or $0.39 per diluted common share, which compares to a GAAP net income of $33.5 million, or $0.23 per diluted common share, for the fiscal third quarter 2016.

Ciena's adjusted (non-GAAP) net income for the fiscal third quarter 2017 was $81.0 million, or $0.51 per diluted common share, which compares to an adjusted (non-GAAP) net income of $67.6 million, or $0.42 per diluted common share, for the fiscal third quarter 2016.

“We delivered another solid quarter with strong revenue growth and profitability, and we took additional market share through our diversification and innovation leadership,” said Gary B. Smith, president and CEO, Ciena. “Our continued success, combined with strong fundamental demand drivers that are playing in our favor, is drawing a clear division between the winners and losers in the marketplace.”

  • U.S. customers contributed 60.1% of total revenue
  • Two customers each accounted for greater than 10% of revenue and in aggregate represented 28% of total revenue
  • Cash and investments totaled $854.2 million
  • Cash flow from operations totaled $50.6 million
  • Average days' sales outstanding (DSOs) were 81
  • Accounts receivable balance was $653.2 million
  • Inventories totaled $276.4 million, including:
  • Raw materials: $46.9 million
  • Work in process: $16.2 million
  • Finished goods: $179.4 million
  • Deferred cost of sales: $90.1 million
  • Reserve for excess and obsolescence: $(56.2) million
  • Product inventory turns were 4.9
  • Headcount totaled 5,780

    Business Outlook for Fiscal Fourth Quarter 2017
    Statements relating to business outlook are forward-looking in nature and actual results may differ materially. These statements should be read in the context of each of the "Forward-Looking Statements" and "Non-GAAP Presentation of Quarterly Results" found in the Notes to Investors below.

    Ciena expects fiscal fourth quarter 2017 financial performance to include:

  • Revenue in the range of $720 to $750 million
  • Adjusted (non-GAAP) gross margin in the mid-40s percentage range
  • Adjusted (non-GAAP) operating expense of approximately $240 million

    Ciena Corp. (NYSE: CIEN)

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