Ciena (NYSE:CIEN) announced net income for the fourth quarter of $ 1160.06 million or $ 7.32 per share. The company generated total revenue of $ 744.40 million for the same period. While earnings per share grew 7 percent from the year-ago quarter, revenue advanced 4 percent.
On an adjusted basis, Ciena revealed adjusted net income of 32 cents a share for the fourth quarter. This missed analysts estimate by $ 0.18 a share while total revenue exceeded street analysts expectation by $ 7 million.
Street analysts are looking for income of $ 0.50 per share on total revenue of $ 736.91 million for the fourth quarter. Analysts estimates are from Thomson Reuters, excludes one time gain or loss.
Gary B. Smith, president and CEO, commented: Our fourth quarter and fiscal 2017 results reinforce our continued ability to adapt to changing market conditions by growing revenue and expanding profitability as we outperform the industry. We are confident that our long-term strategy to scale and diversify our existing business and to expand our addressable market will enable us to continue to grow and generate cash.
For the twelve months period, CIEN disclosed net income of $ 1.26 billion or $ 7.53 per share from the total revenue of $ 2.80 billion.
At the same time, Ciena recorded twelve months adjusted earnings of $ 177.68 million or $ 1.14 per share.
Further, CIEN board of directors have authorized new stock buyback program by $ 300 million.
The CEO, added, Our share repurchase program reflects the strength of our balance sheet, the stability of our business today and the confidence we have in our future. It also demonstrates our intent to incorporate the return of capital to shareholders in our strategic and operating plans as the business continues to grow and generate cash.