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ADTRAN (ADTN) Earnings & Revenues Surpass in Q4, Down Y/Y
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ADTRAN Inc. (ADTN - Free Report) reported fourth-quarter 2017 results with both the top and the bottom line beating the Zacks Consensus Estimate.
The company’s earnings (excluding 28 cents from non-recurring items) of 5 cents per share compared favorably with the Zacks Consensus Estimate of a loss of 4 cents. The figure excludes the $11.9 million charge pertaining to tax expense from the Tax Cuts and Jobs Act. Earnings however, declined 68.7% year over year.
Total revenues of $126.5 million came in marginally above the consensus mark of $125.9 million. The metric declined 22.4% year over year. Both Product and Service sales decreased 24.2% and 15.8%, respectively, on a year-over-year basis.
As expected, results in the quarter were greatly affected by a merger-related review and a slowdown in its spending at a domestic Tier 1 customer.
The massive year-over-year fall in earnings and revenues seemed to have displeased investors. Consequently, the stock fell 3.3% since the earnings release on Jan 16.
Quarterly gross margin came in at 46.5% compared with 43.4% in the prior-year period. Operating loss in the reported quarter totaled $4,068 million compared with operating income of $4,272 million in the year-ago quarter.
At the end of the fourth quarter, ADTRAN reported $42,370 million of cash used in operations compared with $42,002 million cash generated from operations a year ago. ADTRAN exited the fourth quarter with cash and cash equivalents of $86,433 million compared with $79,895 million in the year-ago period.
Shares of Analog Devices, Analogic Corporation and AMTEK have rallied more than 18%, 17% and 23%, respectively, in the last six months.
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ADTRAN (ADTN) Earnings & Revenues Surpass in Q4, Down Y/Y
ADTRAN Inc. (ADTN - Free Report) reported fourth-quarter 2017 results with both the top and the bottom line beating the Zacks Consensus Estimate.
The company’s earnings (excluding 28 cents from non-recurring items) of 5 cents per share compared favorably with the Zacks Consensus Estimate of a loss of 4 cents. The figure excludes the $11.9 million charge pertaining to tax expense from the Tax Cuts and Jobs Act. Earnings however, declined 68.7% year over year.
Total revenues of $126.5 million came in marginally above the consensus mark of $125.9 million. The metric declined 22.4% year over year. Both Product and Service sales decreased 24.2% and 15.8%, respectively, on a year-over-year basis.
As expected, results in the quarter were greatly affected by a merger-related review and a slowdown in its spending at a domestic Tier 1 customer.
The massive year-over-year fall in earnings and revenues seemed to have displeased investors. Consequently, the stock fell 3.3% since the earnings release on Jan 16.
Quarterly gross margin came in at 46.5% compared with 43.4% in the prior-year period. Operating loss in the reported quarter totaled $4,068 million compared with operating income of $4,272 million in the year-ago quarter.
At the end of the fourth quarter, ADTRAN reported $42,370 million of cash used in operations compared with $42,002 million cash generated from operations a year ago. ADTRAN exited the fourth quarter with cash and cash equivalents of $86,433 million compared with $79,895 million in the year-ago period.
ADTRAN, Inc. Price, Consensus and EPS Surprise
ADTRAN, Inc. Price, Consensus and EPS Surprise | ADTRAN, Inc. Quote
Dividend
The company declared a cash dividend of 9 cents per share in the final quarter, payable on Feb 14 to shareholders of record as of Jan 31.
Zacks Rank & Key Picks
ADTRAN carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the broader Computer and Technology sector are Analog Devices, Inc. (ADI - Free Report) , Analogic Corporation and AMTEK, Inc. (AME - Free Report) . While Analog Devices sports a Zacks Rank #1 (Strong Buy), Analogic Corporation and AMTEK carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of Analog Devices, Analogic Corporation and AMTEK have rallied more than 18%, 17% and 23%, respectively, in the last six months.
Zacks Top 10 Stocks for 2018
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2018?
Last year's 2017 Zacks Top 10 Stocks portfolio produced double-digit winners, including FMC Corp. and VMware which racked up stellar gains of +67.9% and +61%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
Access Zacks Top 10 Stocks for 2018 today >>