UPDATE: ADTRAN Q3 Profit Tops Street View

ADTRAN

reported stronger-than-expected profit for the third quarter. The Huntsville, Alabama-based company posted a quarterly profit of $11.3 million, versus a year-ago profit of $16.2 million. On a per-share basis, the company posted earnings of $0.21 versus $0.28. Adtran's adjusted earnings came in at $0.25 per share. Its revenue fell to $162.9 million from $177.40 million. However, analysts were expecting earnings of $0.22 per share on revenue of $162.75 million. Adtran declared a quarterly cash dividend of $0.09 per share. ADTRAN Chief Executive Officer Tom Stanton stated, “Revenue came in as we anticipated in our press release of October 2, 2014 with a sequential decrease in our European business and a soft enterprise spending environment. Our domestic carrier business saw a sequential revenue increase. We believe our company is well positioned to take advantage of a re-acceleration of carrier spending in both Europe and the US we expect to begin in 2015.” Adtran shares closed at $18.88 yesterday.