UPDATE: Adtran Posts Upbeat Q2 Net Profit

Adtran

reported a 53% drop in its second-quarter earnings. Adtran's quarterly profit fell to $9.9 million, or $0.17 per share, from $21.1 million, or $0.33 per share, in the year-ago period. Excluding one-time items, its earnings fell to $0.21 per share from $0.38 per share. Its sales declined 12% to $162.2 million. However, analysts were projecting earnings of $0.16 per share on revenue of $154 million. Adtran's gross margin shrank to 49.2% from 51.7%. Adtran shares closed at $25.21 yesterday.