Ciena Corporation has announced its unaudited financial results for the fiscal first quarter (Q1) ended January 27, 2024. For fiscal Q1 2024, Ciena reported revenue of $1.04 billion as compared to $1.06 billion for the fiscal Q1 2023.
Ciena’s GAAP net income for the fiscal Q1 2024 was $49.5 million, or $0.34 per diluted common share, which compares to a GAAP net income of $76.2 million, or $0.51 per diluted common share, for the fiscal Q1 2023.
Meanwhile, Ciena’s adjusted (non-GAAP) net income for the fiscal Q1 2024 was $96.8 million, or $0.66 per diluted common share, which compares to an adjusted (non-GAAP) net income of $95.6 million, or $0.64 per diluted common share, for the fiscal Q1 2023.
Additional performance metrics for Q1 FY24, include:
- Two customers represented 10 per cent-plus of revenue combining for a total of 26.5 per cent of revenue
- Cash and investments totaled $1.48 billion
- Cash flow from operations totaled $266.1 million
- Average days’ sales outstanding (DSOs) were 88
- Accounts receivable, net balance was $865.2 million
- Unbilled contract asset, net balance was $151.6 million
- Inventories totaled $984.9 million, including:
- Raw materials: $571.7 million
- Work in process: $60.6 million
- Finished goods: $369.8 million
- Deferred cost of sales: $36.8 million
- Reserve for excess and obsolescence: $54 million
- Product inventory turns were 1.9
Commenting on the results, Gary Smith, president and chief executive officer (CEO), Ciena, said, “We delivered solid fiscal Q1 results, including strong profitability, as we continue to expand our relationships and gain share with cloud providers. While we remain very confident in the strength and durability of bandwidth demand as a long-term driver of our business, it is taking longer than expected for service providers to work through high levels of inventory.
