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Pin to quick picksVodafone Share News (VOD)

Share Price Information for Vodafone (VOD)

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Share Price: 69.40
Bid: 69.30
Ask: 69.34
Change: 1.32 (1.94%)
Spread: 0.04 (0.058%)
Open: 68.48
High: 69.78
Low: 68.48
Prev. Close: 68.08
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UPDATE 1-Ciena reports surprise adjusted profit, sees strong 2013

Thu, 07th Mar 2013 14:50

* Expects second-quarter revenue $465 mln-$495 mln vs est$482.8 mln

* First-quarter adjusted profit/share $0.12 vs estloss/share $0.13

* First-quarter revenue $453.1 mln vs est $449.1 mln

* Shares up 16 pct (Adds details from conference call)

March 7 (Reuters) - Network equipment maker Ciena Corp said it expected a strong 2013, helped by majorcustomer wins, after reporting a surprise adjusted profit onincreased margins and higher revenue, driving its shares up asmuch as 16 percent.

Telecom expenditure is expected to rise in 2013, after ayear of weak capital spending by telecom carriers faced with aweak global economy and stiff competition.

"We expect to begin deployment of some new internationaltransport wins and other projects that we won in 2012 in thesecond quarter," Chief Financial Officer James Moylan said on aconference call with analysts.

Significant budget flushes from operators in Europe, Chinaand Latin America buoyed the market towards the end of 2012,Infonetics Research analyst Michael Howard said last month.

Ciena, whose customers include AT&T Inc, CenturyLinkInc, Sprint Nextel Corp, Verizon CommunicationsInc and Vodafone Group Plc, expects to win morecontracts this year.

Larger rival Cisco Systems Inc said last month there were early signs of stabilization in government spending,but the picture was mixed and parts of Europe remainedchallenging.

Ciena, whose rivals include Huawei Technologies Co Ltd, Juniper Networks Inc and ZTE Corp, forecast second-quarter revenue in the range of$465 million to $495 million.

Analysts on average were expecting revenue of $482.8million, according to Thomson Reuters I/B/E/S.

Net loss narrowed to $47.3 million, or 47 cents per share,in the first quarter from $47.7 million, or 49 cents per share,a year earlier.

The company reported a profit of 12 cents per share,excluding items, for the quarter ended Jan. 31.

Revenue rose 9 percent to $453.1 million.

Analysts had expected a loss of 13 cents per share onrevenue of $448.3 million.

Ciena recorded an adjusted operating margin of 5.6 percent,compared with a negative 0.2 percent a year earlier.

The company said it started seeing the impact of operatingefficiencies, including cost reductions and direct orderfulfillment.

Ciena shares were up 15.5 percent at $17.25 on the Nasdaq onThursday morning after touching a six-month high of $17.38. (Reporting By Aditya Kondalamahanty and Sruthi Ramakrishnan inBangalore; Editing by Joyjeet Das)

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Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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