Stock Monitor: EXFO Inc. Post Earnings Reporting
LONDON, UK / ACCESSWIRE / April 17, 2018 / Active-Investors.com has just released a free earnings report on Ciena Corp. (NYSE: CIEN)). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=CIEN. Ciena reported its first quarter fiscal 2018 operating and financial results on March 07, 2018. The developer of high-speed networking technology's revenue grew 4% on a y-o-y basis. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Ciena most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
For the fiscal first quarter ended January 31, 2018, Ciena reported revenue of $646.1 million, up 4% compared to revenue of $621.5 million for the fiscal first quarter 2017. The Company's reported numbers topped analysts' estimates of $643.2 million. In the reported quarter, two customers each accounted for greater than 10% of revenue and in aggregate represented 25% of total revenue.
Ciena's GAAP net loss was $473.4 million, or $3.29 per diluted common share, for Q1 FY18 compared to a GAAP net income of $3.9 million, or $0.03 per diluted common share, for Q1 FY17. The Company's reported quarter GAAP results included a non-cash $476.9 million charge related to the enactment of the Tax Cuts and Jobs Act.
Ciena's non-GAAP net income was $21.9 million, or $0.15 per diluted common share, for Q1 FY18 compared to non-GAAP net income of $24.6 million, or $0.17 per diluted common share, for Q1 FY17. The Company's earnings beat Wall Street's estimates of $0.12 per share.
Ciena's Segment Results
During Q1 FY18, total Networking Platforms' revenue came in at $496.0 million, and represented 76.7% of overall revenue compared to $490.0 million in Q1 FY17, reflecting 78.8% of overall revenue. The Company's Software and Software-related Services came in at $53.5 million compared to $39.3 million in the prior year's same quarter. For Q1 FY18, total Global services revenue was $96.6 million versus $92.2 million in Q1 FY17.
As of January 31, 2018, Ciena's cash and investments totaled $986.8 million. For the reported quarter, the Company's cash flow from operations totaled $35.7 million and free cash flow came at $10.0 million. For Q1 FY18, Ciena's average days' sales outstanding (DSOs) were 77 and accounts receivable balance was $553.7 million. The Company's inventories totaled $255.3 million, including, raw materials of $47.7 million, work-in-process of $16.5 million, and finished goods worth $176.5 million. The Company's product inventory turns were 4.9 in the reported quarter.
Share Repurchase Program
On December 07, 2017, Ciena announced that its Board of Directors had authorized a program to repurchase up to $300 million of its common stock through the end of fiscal 2020. The Company commenced repurchases late in Q1 FY18, and through March 05, 2018, has repurchased approximately 874,000 shares of its common stock, for an aggregate purchase price of $19.5 million at an average price of $22.34 per share.
Stock Performance Snapshot
April 16, 2018 - At Monday's closing bell, Ciena's stock marginally climbed 0.35%, ending the trading session at $25.70.
Volume traded for the day: 2.21 million shares.
Stock performance in the last three-month - up 17.14%; previous six-month period - up 18.05%; past twelve-month period - up 18.65%; and year-to-date - up 22.79%
After yesterday's close, Ciena's market cap was at $3.71 billion.
Price to Earnings (P/E) ratio was at 3.89.
The stock is part of the Technology sector, categorized under the Communication Equipment industry. This sector was up 0.7% at the end of the session.
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