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Ciena Guides Higher

The company sees 5%-10% sequential revenue growth.

Ciena (CIEN) - Get Report swung to a fiscal first-quarter profit but came up a penny shy of Wall Street estimates.

The Linthicum, Md., optical networking company made $11 million, or 12 cents a share, for the quarter ended Jan. 31, reversing the year-ago loss of $6.3 million, or 8 cents a share. On an adjusted basis, excluding certain items, earnings were 22 cents a share in the latest quarter, against a year-ago 11-cent loss. Revenue rose to $165 million from $120 million a year earlier.

Analysts surveyed by Thomson Financial were looking for a 23-cent profit on sales of $164 million.

Ciena said the first quarter showed overall gross margin of 44.6% and product gross margin of 48.7%.The company ended the quarter with cash, cash equivalents and short- and long-term investments of $1.2 billion.

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The company said it expects to show sequential revenue growth of 5%-10% in the second quarter, putting its target at $172 million to $180 million. Analysts were looking for $172 million.