Ciena Vaulted on This autumn Numbers

Ciena (NYSE:CIEN) shares climbed Thursday, after a considerable prime and backside line beat in its newest quarter. Ciena earned an adjusted 61 cents per share for its newest quarter, in contrast with a consensus estimate of eight cents. The corporate additionally mentioned it sees “outsized” income progress in 2023.

“Our sturdy fiscal fourth quarter monetary outcomes have been higher than anticipated as we benefited from some favorable provide chain developments within the second half of the quarter,” mentioned CEO Gary Smith. “Trying forward, we anticipate to ship outsized income progress in fiscal 2023 given our vital backlog and continued indicators of gradual provide enchancment. And we stay assured that the sturdiness of secular demand drivers and our strategic investments to increase our addressable market place us to ship sturdy income progress over the subsequent a number of years.”

For fiscal fourth quarter 2022, Ciena reported income of $971.0 million as in comparison with $1.04 billion for the fiscal fourth quarter 2021. For fiscal yr 2022, Ciena reported income of $3.63 billion, as in comparison with $3.62 billion for fiscal yr 2021.

Ciena’s GAAP web earnings for the fiscal fourth quarter 2022 was $57.6 million, or $0.39 per diluted widespread share, which compares to a GAAP web earnings of $103.5 million, or $0.66 per diluted widespread share, for the fiscal fourth quarter 2021. For fiscal yr 2022, Ciena’s GAAP web earnings was $152.9 million, or $1.00 per diluted widespread share, as in comparison with GAAP web earnings of $500.2 million, or $3.19 per diluted widespread share, for fiscal yr 2021.

CIEN shares jumped $8.70, or 19.2%, Thursday to $51.54.