RTTNews | Dec 10, 2020 08:00AM EST

08:00 Thursday, December 10, 2020 (RTTNews.com) - Ciena Corp. (CIEN) on Thursday reported a profit for the fourth-quarter that declined 19.0 percent from last year. Quarterly revenue decreased 14.4 percent. Adjusted earnings per share for the quarter missed analysts' expectations, while quarterly revenues topped their estimates.

"While we expect current market conditions to persist in the near-term, we are confident in strong secular demand dynamics and our ability to continue to outperform the market," said Gary Smith, President and CEO, Ciena.

The Hanover, Maryland-based company reported that its fourth-quarter net income declined 19.0 percent to $65.04 million from last year's $80.33 million, with earnings per share decreasing to $0.42 from $0.51 in the prior prior year.

Adjusted net income for the fourth quarter was $94.5 million or $0.60 per share, compared to $90.4 million, or $0.58 per share in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.63 per share for the fourth-quarter. Analysts' estimates typically exclude special items.

Revenue for the fourth-quarter decreased 14.4 percent to $828.48 million from $967.99 million in the previous year. Analysts expected revenues of $825.36 million for the fourth-quarter.

The company said it will re-institute repurchases program in first quarter of 2021, after temporarily suspending repurchases of its common stock during fiscal 2020. It targets repurchases in the range of $150 million during fiscal 2021.

In Thursday pre-market trade, CIEN was trading at $45.00, down $2.18 or 4.62 percent.

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