Ciena Climbs the Most Since 2011 as Profit Tops Estimates

Jun 05, 2014 4:32 pm ET

(Updates shares trading in the second paragraph.)

June 5 (Bloomberg) -- Ciena Corp., a provider of fiber- optic networking gear for carriers such as AT&T Inc., rose the most in more than two years after posting second-quarter profit that topped analysts’ estimates.

The shares surged 18 percent to close at $22.48 in New York, their biggest one-day jump since since Sept. 1, 2011.

Adjusted earnings per share in the quarter ended April 30 totaled 17 cents, the Hanover, Maryland-based company said today in a statement. Analysts projected 13 cents, the average of estimates compiled by Bloomberg.

Chief Executive Officer Gary Smith said results were driven by the company expanding into new areas and predicted the rest of the year to be “stronger” than the first half. Ciena projected revenue in the current quarter to be $585 million to $615 million. That compares to the $585.6 million average of analysts’ estimates.