Leading optical transport network developer, Infinera Corp. INFN reported mixed results for the first quarter of 2016, with the bottom line outpacing the Zacks Consensus Estimate and revenues missing the same. Infinera Corporation (INFN) Street EPS & Surprise Percent - Last 5 Quarters | FindTheCompany The company reported adjusted earnings per share of 14 cents, which were above the Zacks Consensus Estimate of 11 cents, backed by higher gross profit. Quarterly GAAP net income stood at $12 million or 8 cents a share, compared with the year-ago net income of $12.4 million or 9 cents.On the other hand, quarterly revenues came in at $244.8 million, down 5.8% year over year, and lagged the Zacks Consensus Estimate of $246 million. Segment-wise, product revenues were $216.1 million, up 34.3% year over year. Services revenues soared 10.4% to nearly $28.7 million. Domestic revenues contributed 82% to the total revenue, while the remaining 18% was generated from international markets.In the first quarter of 2016, Infinera generated cash of $9.98 million from operations, compared with roughly $19.84 million recorded in the year-ago quarter. Free cash flow in 2015 had stood at $30.9 million.At the end of the first quarter, Infinera had $179.98 million of cash and cash equivalents, compared with $149.1 million as of Dec 26, 2015. Total debt at the end of the first quarter was $125.8 million, compared with $123.3 as of Dec 26, 2015. Meanwhile, the debt-to-capitalization ratio stood at 0.16, versus 0.18 as of Dec 26, 2015.This Zacks Rank #3 (Hold) company, which provides digital optical networking systems to telecommunication carriers, cable operators and other service providers worldwide, faces direct competition from companies like Ciena Corp. CIEN, Netgear Inc. NTGR and Cisco Systems, Inc. CSCO.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CISCO SYSTEMS (CSCO): Free Stock Analysis Report NETGEAR INC (NTGR): Free Stock Analysis Report INFINERA CORP (INFN): Free Stock Analysis Report CIENA CORP (CIEN): Free Stock Analysis Report To read this article on Zacks.com click here.