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Ciena Corp.’s annual profit up; $300M stock buyback authorized

Ciena Corp.’s annual profit up; $300M stock buyback authorized

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A Ciena 5160 service aggregation switch. (Ciena photo)
A Ciena 5160 service aggregation switch. (Ciena photo)

, a network and technology company based in , announced its annual results Thursday.

The company showed a profit of $1.26 billion, or $7.53 per share, including a tax benefit of $1.13 billion related to the reversal of a deferred tax asset valuation allowance. Not counting the tax benefit, the annual profit was $260.5 million, or $1.68 per diluted common share, an increase from the prior year’s earnings of $214.6 million, or $1.38 per share, reported on the same basis.

Additionally, the company’s board of directors authorized a stock buyback program. Up to $300 million of the company’s stock can be repurchased using cash on hand or earnings through the end of fiscal year 2020.