Optical transport equipment supplier Ciena reported a net income of $0.34 a share on quarterly (GAAP) revenues of $899.36 million, which was an increase from its year-ago revenues of $744.45 million, or fiscal year 2018, Ciena reported full year 2019 revenue of $3.09 billion, as compared to $2.80 billion for fiscal year 2017.
The company has topped consensus revenue estimates four times over the last four quarters.
“We achieved outstanding financial results in our fourth quarter and fiscal 2018 due to continued execution of our proven strategy,” said Gary B. Smith,president and CEO, Ciena. “The combination of our innovation strength,successful interception of market trends and sustained ability to take share and outperform the market, along with a thriving industry environment, gives us tremendous confidence in both the near and longer term outlook for our business.”
After repurchasing $111 million worth of stock during fiscal 2018, management also announced it has authorized up to $500 million more for share buybacks.
Ciena’s outlook for 2019 looks strong. One of the unknowns is the impact of the US-China Trade war, the US Government’s attempt to limit the spread of Huawei technology, and of course the detention of Huawei CFO Meng Wanzhou on suspicion of violating the US export ban to Iran. The trade/legal conflicts have the potential to be positive for Ciena in 2019, but only time will tell for sure.
To see details on the Ciena announcement, go to https://investor.ciena.com/news/press-release-details/2018/Ciena-Reports-Fiscal-Fourth-Quarter-2018-and-Year-End-Financial-Results/default.aspx