Stock Monitor: B.O.S Better Online Solutions Post Earnings Reporting
LONDON, UK / ACCESSWIRE / June 29, 2018 /
If you want access to our free earnings report on Ciena Corp. (NYSE: CIEN), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=CIEN. On May 31, 2018, Ciena reported financial results for the second quarter of 2018 ending April 30, 2018. The Company surpassed analysts' estimates for revenue but missed earnings forecasts in Q2 FY18. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
Ciena's net sales reached $729.98 million for Q2 FY18, reflecting an increase of 3.25% from $707.02 million in Q2 FY17. The reported revenue number exceeded analysts' consensus estimates of $728.30 million.
North America region accounted for 59.10% of Ciena's total revenue in Q2 FY18, while Europe, Middle-East, and Africa (EMEA) region accounted for 16.70%, Caribbean and Latin America for 3.40%, and Asia/Pacific for 20.80%. In the quarter under review, Ciena's product revenue jumped 3.35% to $604.23 million on a y-o-y basis, while services revenue increased 2.75% to $125.75 million on a y-o-y basis.
During Q2 FY18, Ciena's cost of goods sold was $436.67 million, 12.32% higher than $388.78 million in Q2 FY17. The Company's cost products sold hiked 13.83% to $372.57 million on a y-o-y basis, while cost of services rendered advanced 4.25% to $64.10 million on a y-o-y basis in Q2 FY18. Ciena's gross profit fell 7.83% to $293.31 million in the quarter under review from $318.24 million in the year ago comparable quarter.
In the reported quarter, Ciena incurred total operating expenses of $261.24 million, up 0.32% from $260.42 million in the previous year's same quarter. In Q2 FY18, the Company's research and development (R&D) expenses fell 3.86% to $116.92 million on a y-o-y basis, while selling and marketing expenses jumped 9.95% to $97.36 million on a y-o-y basis. Ciena reported an income from operations of $32.07 million in Q2 FY18, 44.54% lower than $57.82 million in Q2 FY17. Besides, the Company had an adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) of $77.07 million in the quarter under review compared to $107.55 million in the prior year's corresponding quarter.
Ciena had a net income of $13.86 million in the quarter ending April 30, 2018, compared to $38.03 million in the same period last year. The Company's diluted earnings per share (DEPS) also fell to $0.09 in the reported quarter from $0.25 in the prior year's same quarter. The reported earnings included share-based compensation, amortization of intangible assets, significant asset impairments and restructuring costs, and non-cash interest expense. Ciena's adjusted DEPS, excluding these non-recurring items, was $0.23 in Q2 FY18, down 23.33% from $0.30 in Q2 FY17. This fell behind analysts' consensus estimates of $0.30 per share.
Ciena's Segment Details
The Networking Platforms segment generated revenues of $591.70 million in Q2 FY18, up 3.53% on a y-o-y basis. Within this segment, Converged Packet Optical's revenue advanced 4.49% to $527.90 million on a y-o-y basis while Packet Networking's revenue declined 3.77% to $63.80 million on a y-o-y basis in the reported quarter.
During Q2 FY18, the Software and Software-Related Services segment had revenues of $38.70 million, which was 2.65% higher than prior-year's same quarter. The Software Platforms sub-segment had revenues of $12.50 million, down 4.58% on a y-o-y basis, and Software-Related Services sub-segment had revenue of $26.20 million, up 6.50% on a y-o-y basis.
For Q2 FY18, the Global services segment's revenues advanced 1.84% to $99.60 million on a y-o-y basis. In the quarter under review, the Maintenance Support and Training sub-segment's revenues advanced 4.64% to $60.90 million on a y-o-y basis, while Installation and Deployment sub-segment's revenue declined 1.74% to $28.20 million on a y-o-y basis and consulting and Network Design sub-segment's revenues fell 3.67% to $10.50 million on a y-o-y basis.
Ciena had cash and cash equivalents of $652.10 million as on April 30, 2018, an increase of 1.81% from $640.51 million as on October 31, 2017. The Company had a long-term debt of $585.54 million as on April 30, 2018, up 0.32% from $583.69 million as on October 31, 2017.
Ciena's cash flow from operating activities for the six months ending April 30, 2018, was $73.13 million, 59.85% higher than the $45.75 million in the same period last year.
Ciena spent $31.95 million on purchase of equipment, furniture, fixtures, and intellectual property in Q2 FY18 compared to $60.33 million in Q2 FY17. The Company spent $38.04 million on repurchases of common stock under its share repurchase program in the reported period.
Stock Performance Snapshot
June 28, 2018 - At Thursday's closing bell, Ciena's stock advanced 1.76%, ending the trading session at $26.07.
Volume traded for the day: 2.65 million shares.
Stock performance in the last month – up 8.35%; previous three-month period – up 0.66%; past six-month period – up 20.97%; and year-to-date – up 24.56%
After yesterday's close, Ciena's market cap was at $3.82 billion.
Price to Earnings (P/E) ratio was at 3.86.
The stock is part of the Technology sector, categorized under the Communication Equipment industry. This sector was up 1.0% at the end of the session.
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