Shares of Ciena Corp. (CIEN) were surging in premarket trading Thursday after the telecommunications equipment company topped Wall Street's earnings estimates.
The stock was rising 10.18% to $35.40 a share.
Earnings per share in Ciena's fiscal fourth were 53 cents a share on an adjusted basis, better than analysts' expectations of 48 cents. Net income was $63.9 million. Sales were $899.4 million, beating Wall Street estimates of $862.4 million.
Sales rose 20% year over year increase while earnings increased 66%.
"We achieved outstanding financial results in our fourth quarter and fiscal 2018 due to continued execution of our proven strategy," said President and CEO Gary B. Smith. He added, "The combination of our innovation strength, successful interception of market trends and sustained ability to take share and outperform the market, along with a thriving industry environment, gives us tremendous confidence in both the near and longer term outlook for our business."
Ciena, a global company, relied more heavily on North America for sales in the fourth quarter than it did last year. North America represented 61.7% of sales in Ciena's 2018 fourth quarter, compared to 59.2% in the fourth quarter of 2017.
The stock has risen 68.32% year to date, crushing the broader market.