Ciena Corporation (CIEN) has reported an 171.67 percent jump in profit for the quarter ended Apr. 30, 2017. The company has earned $38.03 million, or $0.25 a share in the quarter, compared with $14 million, or $0.10 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $72.32 million, or $0.45 a share compared with $52.36 million or $0.34 a share, a year ago.
Revenue during the quarter grew 10.35 percent to $707.02 million from $640.72 million in the previous year period. Gross margin for the quarter expanded 83 basis points over the previous year period to 45.01 percent. Total expenses were 91.82 percent of quarterly revenues, down from 95.59 percent for the same period last year. This has led to an improvement of 377 basis points in operating margin to 8.18 percent.
Operating income for the quarter was $57.82 million, compared with $28.23 million in the previous year period.
However, the adjusted operating income for the quarter stood at $88.67 million compared to $66.14 million in the prior year period. At the same time, adjusted operating margin improved 222 basis points in the quarter to 12.54 percent from 10.32 percent in the last year period.
"We delivered outstanding second quarter performance across all financial metrics, underpinned by positive market dynamics and a growing competitive advantage, " said Gary B. Smith, president and chief executive officer, Ciena. "We continue to win as an innovation powerhouse with global scale and deep customer relationships across a broad set of applications and market segments."
For the third-quarter 2017, Ciena Corporation projects revenue to be in the range of $710 million to $740 million.
Operating cash flow drops significantly
Ciena Corporation has generated cash of $45.75 million from operating activities during the first half, down 39.55 percent or $29.93 million, when compared with the last year period.
The company has spent $63.13 million cash to meet investing activities during the first six months as against cash outgo of $179.88 million in the last year period.
The company has spent $132.10 million cash to carry out financing activities during the first six months as against cash inflow of $235.91 million in the last year period.
Cash and cash equivalents stood at $628.62 million as on Apr. 30, 2017, down 31.82 percent or $293.41 million from $922.03 million on Apr. 30, 2016.
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