Ciena Beats Estimates, Raises 2001 Revenue Guidance

Author:: Yi Ping Ho
Publish date:: Dec 7, 2000 9:02 AM EST

Ciena

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

Nasdaq

trading. This morning, Ciena was quoted at $92.44 in premarket activity on the

Island

ECN.