Ciena 3Q loss narrows, results top Street view
Posted: 9:15 am Wed, September 4, 2013
Ciena, a developer of high-speed networking technology, said Wednesday that its fiscal third-quarter loss narrowed as it posted double-digit revenue growth and its restructuring costs declined.
The company’s adjusted earnings and its revenue beat analysts’ estimates. Its stock surged in premarket trading.
For the period ended July 31, Ciena Corp. lost $1.2 million, or 1 cent per share. That compares with a loss of $29.8 million, or 30 cents per share, in the prior-year period.
Restructuring costs dropped to $202,000 from $2.3 million.
Removing certain items, Ciena earned 23 cents per share for the latest quarter. That compares with an adjusted loss of 4 cents per share for the year-ago period.
Analysts expected earnings of 16 cents per share, according to a FactSet survey.
Shares of Ciena jumped $1.81, or 8.8 percent, to $22.49 in premarket trading about 30 minutes before the market opening.
Revenue rose 14 percent to $538.4 million from $474.1 million. Overseas customers made up 37 percent of total revenue, the company said. Wall Street predicted revenue of $533.7 million.
Looking ahead, Ciena foresees fourth-quarter revenue between $550 million and $580 million. Analysts expect $551 million in revenue.
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