Ciena reported revenue of $968.0 million for 2019Q4, up by 7.6% from $899.4 million for the same period last year. For fiscal year 2019, Ciena reported revenue of $3.57 billion, as compared to $3.09 billion for fiscal year 2018.
Ciena’s adjusted (non-GAAP) net income for the fiscal fourth quarter 2019 was $90.4 million, or $0.58 per diluted common share, which compares to an adjusted net income of $81.0 million, or $0.53 per share, for the fiscal fourth quarter 2018. However, this missed the analyst’s earnings consensus estimate of $0.63 per share.
For fiscal year 2019, Ciena’s adjusted (non-GAAP) net income was $331.8 million, or $2.11 per diluted common share, as compared to an adjusted (non-GAAP) net income of $210.6 million, or $1.39 per diluted common share for fiscal year 2018.
Perhaps surprisingly, even with the earnings miss compared to analysts’ estimates, the shares of Ciena shot up 12% at the time of this writing. Perhaps in comparison to Cisco’s recent muted results, Ciena’s solid growth was still a pleasant surprise.
“Our outstanding Q4 financial performance rounded out an extraordinary year of industry-leading growth and profitability,” said Gary Smith, President and CEO, Ciena. “Our innovation, diversification and scale uniquely position us to continue taking share while delivering improved operating margin and driving sustained EPS growth in 2020.”
On a regional basis, annual revenues were up around the world, with the large exception of Asia Pacific, were they down 16.8% YoY.
For Ciena’s earnings press release, see https://investor.ciena.com/news/press-release-details/2019/Ciena-Reports-Fiscal-Fourth-Quarter-2019-and-Year-End-Financial-Results/default.aspx