Ciena (CIEN, $41.00) beat fiscal Q1 expectations on earnings and sales
Ciena Corp. topped analysts’ estimates on both earnings and revenue for its fiscal first quarter.
Raking in earnings of 21 cents a share, the telecom networking equipment and software company beat FactSet consensus estimate of 14 cents a share. Profit of $33.6 million was a marked improvement from the year-ago quarter’s loss of -$473.4 million, which included a substantial tax-related expense that was absent in the latest quarter. Adjusted earnings of 33 cents a share were also higher than analysts’ expected 30 cents a share (based on data published in The Street).
The company's quarterly sales increased +21% year-over-year to $778.5 million, surpassing analysts’ estimate of $761 million (based on FactSet data). A major contributor to the revenue growth was Ciena's converged packet optical unit, whose sales surged +71% surge to reach $548.9 million.
Ciena bought back around 600,000 common shares worth $21.2 million during the quarter.
CIEN sees its 50-day moving average cross bullishly above its 200-day moving average
The 50-day moving average for CIEN moved above the 200-day moving average on July 12, 2024. This could be a long-term bullish signal for the stock as the stock shifts to an upward trend.
Show more
Notable companies
The most notable companies in this group are Cisco Systems (NASDAQ:CSCO), Hewlett Packard Enterprise Company (NYSE:HPE), Nokia Corp (NYSE:NOK), Ericsson (NASDAQ:ERIC), Juniper Networks (NYSE:JNPR), Ciena Corp (NYSE:CIEN), Lumentum Holdings (NASDAQ:LITE), CommScope Holding Company (NASDAQ:COMM).
Industry description
The Telecommunications Equipment industry produces voice and data communications equipment, which includes fiber optic delivery products, digital signal processors, high-speed voice, data and video delivery. Additionally, satellite systems, global positioning systems, wireless data systems, personal communications equipment, telephone handsets and payload equipment for satellites also fall into this category. Apple Inc., QUALCOMM Incorporated and Nokia are major global players in this segment.
Market Cap
The average market capitalization across the Telecommunications Equipment Industry is 4.65B. The market cap for tickers in the group ranges from 1.59K to 202.5B. CSCO holds the highest valuation in this group at 202.5B. The lowest valued company is ABILF at 1.59K.
High and low price notable news
The average weekly price growth across all stocks in the Telecommunications Equipment Industry was 2%. For the same Industry, the average monthly price growth was 5%, and the average quarterly price growth was 11%. SIMTF experienced the highest price growth at 78%, while CAMPQ experienced the biggest fall at -84%.
Volume
The average weekly volume growth across all stocks in the Telecommunications Equipment Industry was -40%. For the same stocks of the Industry, the average monthly volume growth was 35% and the average quarterly volume growth was 47%
Fundamental Analysis Ratings
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
Valuation Rating: 49
P/E Growth Rating: 60
Price Growth Rating: 55
SMR Rating: 83
Profit Risk Rating: 87
Seasonality Score: 1 (-100 ... +100)