Ciena Corp. (NYSE: CIEN) reported its fiscal fourth-quarter results Thursday before the market open as -$0.08 in earnings per share and $591 million in revenue. That was against Thomson Reuters consensus estimates of $0.13 in earnings per share and $589.44 million in revenue. In the fourth quarter of the previous year, Ciena posted $0.16 in earnings per share and $583.38 million in revenue.

The company described its outlook for the first quarter as revenue in the range of $540 million to $570 million, gross margin near 40% and operating expense of roughly $210 million. The consensus estimates for the first quarter are $0.12 in earnings per share and $566.58 million in revenue.

A few main points from the earnings report:

• Non-U.S. customers contributed 47.8% of total revenue.
• One 10%-plus customer represented a total of 12.2% of revenue.
• Cash and investments totaled $777.0 million.
• Inventories totaled $254.7 million.

Gary B. Smith, president and CEO of Ciena, said:

We delivered strong revenue growth and improved profitability in fiscal 2014 as we benefited from a more diversified customer base and the strong alignment of our solutions with the increasing on-demand needs of our customers. As we continue to expand Ciena’s role and reach, we are well positioned to drive continued growth and increased profitability in 2015.

Zacks had reiterated a Neutral rating for Ciena with a price target of $17 on December 5.

Shares of Ciena closed Wednesday down 3.5% at $16.96. Following the release of the earnings report, the initial response in the premarket was negative and shares were down another 3% at $16.41.

The consensus analyst price target is $24.50, and the 52-week trading range is $13.77 to $27.16. Ciena has a market cap of almost $2 billion.

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