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Ciena tops 3Q estimates as its telecommunication sales rise in North America

North American sales accounted for 60% of the telecommunication equipment maker’s third-quarter revenue
Ciena building
Ciena’s board announced a $500 million share repurchase plan

Ciena Corporation (NYSE:CIEN) shares were on the rise following better-than-expected third-quarter results and the announcement of a $500 million stock buyback plan.

The telecommunications-equipment maker reported adjusted earnings of $0.53 per share, surpassing analyst expectations of $0.48 per share.

Shares rose nearly 10% higher to $35.33 in Thursday morning trading.

READ: Photronics zips past Wall Street's fiscal 4Q revenue estimate thanks to robust photomask sales

Quarterly revenue totaled $899.4 million, a 20% increase compared with $744.4 million a year ago, topping Wall Street estimates of $862.4 million.

North American sales accounted for more than 60% of its revenue, or $555.3 million.

"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,” said CEO Gary B. Smith.

Its board also gave the green light to repurchase up to $500 million of its common stock.

Ciena distributes hardware, software and other services that support the infrastructure of telecommunication networks.

 

Contact Lenore Fedow at [email protected]

Follow her on Twitter@LenoreMariee

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Ciena Timeline

Newswire
September 04 2013
Newswire
December 13 2012

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