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Analog Devices, Inc. (ADI) - free report >>
ADTRAN Holdings, Inc. (ADTN) - free report >>
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ADTRAN (ADTN) Tops Earnings, Revenues Miss Marginally in Q3
ADTRAN Inc. (ADTN - Free Report) reported third-quarter 2017 results with its bottom line surpassing the Zacks Consensus Estimate, while the top line marginally lagging estimates.
The company’s earnings (excluding 4 cents from non-recurring items) came in at 37 cents per share, conveniently beating the Zacks Consensus Estimate of 27 cents. Earnings soared 42.3% year over year. Total revenue of $185.1 million climbed 9.6% year over year. The top line however, marginally missed the consensus mark of $185.4 million. Product sales increased 6.7% while Service sales rallied 21.5% on a year-over-year basis.
Quarterly gross margin came in at 46.7% compared with 44.9% in the prior-year quarter. Operating income in the reported quarter totaled $18.32 million compared with $10.13 million in the year-ago quarter.
At the end of the third quarter, ADTRAN generated $22.03 million of cash from operations compared with $27.83 million a year ago. ADTRAN exited third-quarter 2017 with cash and cash equivalents of $128.25 million compared with $66.29 million in the year-ago period.
Dividend
The company declared a cash dividend of 9 cents per share in the third quarter, to be paid on Nov 15 to shareholders of record as of Nov 1.
ADTRAN, Inc. Price, Consensus and EPS Surprise
ADTRAN, Inc. Price, Consensus and EPS Surprise | ADTRAN, Inc. Quote
Zacks Rank & Other Key Picks
ADTRAN sports a Zacks Rank #1 (Strong Buy). Other stocks worth considering in the broader Computer and Technology sector are Apple Inc. (AAPL - Free Report) , Adobe Systems Incorporated (ADBE - Free Report) and Analog Devices, Inc. (ADI - Free Report) . While Adobe Systems sports a Zacks Rank of 1, Apple and Analog Devices carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of Apple, Adobe Systems and Analog Devices have surged 34.7%, 66.8% and 22.3% respectively, on a year-to-date basis.
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