posted fourth-quarter earnings that exceeded analysts' expectations by 2 cents and raised its revenue expectations for 2001.
The networking equipment maker earned $41.3 million, or 14 cents a share, excluding provisions for doubtful accounts and payroll tax on stock option exercises, compared with earnings of $4.7 million, or 2 cents a share, in the same period last year. According to
First Call/Thomson Financial
, analysts expected earnings of 12 cents a share for the quarter.
Fourth-quarter revenue rose to $287.6 million from $141.4 million last year.
Ciena also forecast 2001 revenue growth of 75% to 85% over fiscal 2000 based on expectations that its business will continue to grow faster than the overall market. Analysts on average expect revenue of $1.4 billion in 2001. The company reported revenue of $858.8 million for 2000, while revenue for 1999 was $482.1 million.
Shares of Ciena closed the regular session at $95.31 on Wednesday in
trading. This morning, Ciena was quoted at $92.44 in premarket activity on the