Ciena profit more than doubles
Networking hardware and services company continues to 'take share' and gain 'customer traction.'
NEW YORK (CNNMoney.com) -- Shares of network hardware and services provider Ciena Corp. rallied Friday after the company reported that first-quarter net income more than doubled.
Ciena (CIEN) climbed $3.74, or 15%, to $28.68 on the Nasdaq.
New products enabled the Maryland-based company to "take share and gain additional customer traction," said CEO Gary Smith in a statement. That "traction" included a multi-year contract with large networking company AT&T (ATT).
Ciena reported income for the quarter ended Jan. 31 of $49.6 million, or 47 cents per share, in the quarter, up from $20 million, or 22 cents per share, a year earlier.
After accounting for one-time charges, including a $7.7 million patent litigation settlement, Ciena's net income rose to $28.8 million, or 28 cents per share, from $11 million, or 12 cents per share, in the prior year.
Ciena said total revenue grew 38% to $227.4 million from $165.1 million a year earlier.
Analysts polled by Thomson Financial had expected the company to earn 40 cents per share on revenue of $226 million. Analyst estimates usually exclude one-time items.
Smith said Ciena sees "no change in the fundamental drivers" of its business, and expects revenue to grow "up to 27%" over the next year due to increasing demand for network infrastructure technology. 
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