NEW YORK (AP) -- Ciena Corp.'s stock rose to its highest point in nearly two years Thursday after the developer of high-speed networking technology posted strong second-quarter results.
The Hanover, Md., company said sales improved while its research and development and sales costs decreased. Excluding special items Ciena said it turned a profit in the quarter, which Wall Street hadn't expected.
Its sales were $24 million above analyst estimates, and the company also projected stronger sales in the fiscal third quarter.
Ciena shares advanced $2.08, or 12.8 percent, to $18.39 in morning trading. Earlier the stock peaked at $18.83.
Ciena said it lost $27.1 million, or 27 cents per share, over the three months that ended April 30. A year ago it lost $27.8 million, or 28 cents per share. The company said it earned 2 cents per share if one-time items are excluded, down from 4 cents per share a year earlier. Revenue grew 6 percent, to $507.7 million from $477.6 million
Analysts were forecasting a loss of 1 cent per share and $483.7 million in revenue, according to FactSet.
Ciena said is projecting $515 million to $545 million in revenue for the third quarter. On average analysts expect $509.3 million.