Ciena Corporation (NYSE: CIEN) shares were on the move in late-day trading on Wednesday, after the company reported better-than-expected results for its first quarter.
The Hanover, Maryland-based network strategy and technology company announced first-quarter reported revenue of $646.1 million as compared to $621.5 million for the fiscal first quarter 2017. Ciena's fiscal first quarter 2018 GAAP results include a non-cash $476.9 million charge related to the enactment of the Tax Cuts and Jobs Act.
As a result, Ciena's GAAP net loss for the fiscal first quarter 2018 was $(473.4) million, or $(3.29) per diluted common share, which compares to a GAAP net income of $3.9 million, or $0.03 per diluted common share, for the fiscal first quarter 2017.
Said CEO Gary Smith, "We demonstrated a strong start toward achieving our long-term financial goals with our fiscal first quarter results, including year-over-year top-line growth, continued cash generation and a strengthening balance sheet."
Last December, Ciena announced that its Board of Directors had authorized a program to repurchase up to $300 million of the Company’s common stock through the end of fiscal 2020. The Company commenced repurchases late in the fiscal first quarter 2018, and through March 5, has repurchased approximately 874,000 shares of its common stock, for an aggregate purchase price of $19.5 million at an average price of $22.34 per share.
Shares hoisted themselves $2.33, or nearly 10%, as the clock approached the closing bell on Tuesday, to $25.69, within a 52-week range of $19.40 to $27.98.
