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Ciena Earnings: CIEN Stock Gains 3% on Q1 Beats

Ciena (NYSE:CIEN) earnings for the telecommunications networking equipment company’s fiscal first quarter of 2020 have CIEN stock on the rise Thursday. This is thanks to its adjusted earnings per share (EPS) of 52 cents, which is well above Wall Street’s estimate of 38 cents per share. Its revenue of $832.9 million also beats out analysts’ estimates of $819.8 million.

Ciena Earnings: CIEN Stock Gains 3% on Q1 Beats
Source: Michael Vi / Shutterstock.com

Here’s are some additional highlights from the most recent Ciena earnings report.

  • Adjusted per-share earnings are up 57.6% from 33 cents in the same period of the year prior.
  • Revenue for the quarter comes in 7% higher than the $778.5 million in the fiscal first quarter of 2019.
  • Operating income of $78 million is a 62.8% increase year-over-year from $47.9 million.
  • The Ciena earnings report also includes a net income of $62.3 million.
  • This is an 85.4% gain compared to $33.6 million during the same time last year.

Gary Smith, president and CEO of Ciena, said the following about the CIEN stock earnings:

“We began fiscal 2020 with another quarter of outstanding financial performance, including 7% year-over-year revenue growth and robust operating results. We are well-positioned to continue gaining share by leveraging our financial strength, global scale, diversification and increasing technology leadership.”

The Ciena earnings report doesn’t offer an outlook for fiscal 2020. However, we know what Wall Street is estimating. That includes an adjusted EPS of $2.61 on revenue of $3.8 billion.

CIEN stock was up 3.4% as of Thursday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2020/03/ciena-earnings-boost-cien-stock/.

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