Networking and technology company Ciena has announced unaudited financial results for its fiscal first quarter ended January 31, 2019. Revenue, at US$778.5 million, increased 20.5% year over year (YoY) compared to US$646.1 million for the fiscal first quarter 2018.
Ciena’s GAAP net income for the fiscal first quarter 2019 was US$33.6 million, or US$0.21 per diluted common share, which compares to a GAAP net loss of US$(473.4) million, or US$(3.29) per diluted common share, for the fiscal first quarter 2018.
Ciena’s adjusted (non-GAAP) net income for the fiscal first quarter 2019 was US$52.8 million, or US$0.33 per diluted common share, which compares to an adjusted (non-GAAP) net income of US$21.9 million, or US$0.15 per diluted common share, for the fiscal first quarter 2018.
The company repurchased approximately 0.6 million shares of common stock for an aggregate price of US$21.2 million during the quarter
Other points of interest included:
- Three 10%-plus customers represented a total of 35% of revenue
- Cash flow used in operations totalled US$14.1 million
- Inventories totalled US$323.1 million
- Reserve for excess and obsolescence was US$49.0 million
- Headcount totalled 6,154.
“We began fiscal 2019 with a very strong first quarter performance, including outstanding top and bottom line growth as well as continued market share gains,” said Gary B. Smith, president and CEO, Ciena (pictured). “We believe that the combination of our leading innovation and positive industry dynamics will enable us to further extend our leadership position.”
For more information, visit www.ciena.com/