Ciena Corp. (CIEN) reported its fiscal first-quarter financial results before the markets opened on Thursday. The company said it had $0.12 in earnings per share (EPS) on $573.1 million in revenue. That compares to consensus estimates from Thomson Reuters of $0.14 in EPS on revenue of $576.30 million. In the same period of last year, it posted EPS of $0.12 and $576.30 million in revenue.
In terms of the outlook for the second quarter, the company expects revenue in the range of $615 million to $645 million, adjusted gross margin in the mid-40s percentage range and adjusted operating expense of roughly $255 million. The consensus estimates for the fiscal second quarter call for EPS of $0.31 on $644.63 million in revenue.
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Cash flow from operations in this quarter was $15 million. On the books, cash and investments totaled 995.4 million.
The company reported revenue across its segments as follows:
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North America had revenues of $392.7 million.
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Europe, Middle East, Asia (EMEA) had revenues of $80.7 million.
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Caribbean and Latin American had revenues of $43.8 million.
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Asia Pacific had revenues of $55.9 million.
Gary B. Smith, president and CEO of Ciena, commented on earnings:
We delivered strong first quarter business and financial performance, including 8% adjusted operating margin, highlighted by engagement with a more diverse set of customers. Despite some recent volatility in the broader macroeconomic environment, the demand drivers for our business remain firmly in place and we are well positioned to translate our market leadership into continued growth and profitability this fiscal year.
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Shares of Ciena were trading down 18.7% at $16.83 on Thursday, with a consensus analyst price target of $26.10 and a 52-week trading range of $16.55 to $26.50.
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