Ciena Reports Fiscal Second Quarter 2019 Financial Results
Ciena® Corporation (NYSE: CIEN), a networking systems, services and software company, today announced unaudited financial results for its fiscal second quarter ended April 30, 2019.
- Q2 Revenue : $865.0 million, increasing 18.5% year over year
- Q2 Net Income per Share: $0.33 GAAP; $0.48 adjusted (non-GAAP)
- Share Repurchases: Repurchased approximately 1.2 million shares of common stock for an aggregate price of $45.4 million during the quarter
“Today we reported very strong quarterly performance, including continued market share gains, driven by our technology leadership and diversified customer base in high growth markets,” said Gary Smith, President and CEO, Ciena. “We are entering the second half with strong visibility and increased confidence for the full fiscal year supported by favourable industry dynamics and growing competitive advantage.”
For the fiscal second quarter 2019, Ciena reported revenue of $865.0 million as compared to $730.0 million for the fiscal second quarter 2018.
Ciena’s GAAP net income for the fiscal second quarter 2019 was $52.7 million, or $0.33 per diluted common share, which compares to a GAAP net income of $13.9 million, or $0.09 per diluted common share, for the fiscal second quarter 2018.
Ciena’s adjusted (non-GAAP) net income for the fiscal second quarter 2019 was $76.2 million, or $0.48 per diluted common share, which compares to an adjusted (non-GAAP) net income of $33.8 million, or $0.23 per diluted common share, for the fiscal second quarter 2018.
Fiscal Second Quarter 2019 Performance Summary
- Two 10%-plus customers represented a total of 25% of revenue
- Cash and investments totalled $818.5 million
- Cash flow from operations totalled $104.1 million
- Average days’ sales outstanding (DSOs) were 86
- Accounts receivable balance was $756.6 million
- Unbilled contract asset balance was $74.4 million
- Inventories totalled $359.4 million, including:
- Raw materials: $90.3 million
- Work in process: $12.0 million
- Finished goods: $205.4 million
- Deferred cost of sales: $100.6 million
- Reserve for excess and obsolescence: $(48.9) million
- Product inventory turns were 4.6
- Headcount totalled 6,176
About Ciena. Ciena (NYSE: CIEN) is a networking systems, services and software company. We provide solutions that help our clients create the Adaptive Network™ in response to the constantly changing demands of their users. By delivering best-in-class networking technology through high-touch consultative relationships, we build the world’s most agile networks with automation, openness and scale. For updates on Ciena, follow us on Twitter @Ciena, LinkedIn, the Ciena Insights blog, or visit www.ciena.com.