ADTRAN warns of sluggish 1Q revenues
ADTRAN (Nasdaq: ADTN) is feeling the pain of delayed orders and sluggish seasonal service provider spending patterns.
The Huntsville, Ala.-based vendor has forecast revenue for the first quarter of 2012 to be between $130 million to $135 million.
Initially, ADTRAN forecast first-quarter sales to remain flat at the same level it reported in the last quarter of 2011. ADTRAN reported $175.3 million in revenues for that quarter.
However, Tom Stanton, CEO of ADTRAN, said that he is now seeing sales pick up.
"Order rates for the month of March have substantially improved and we are encouraged that the prior slowdown that we experienced is behind us," he said in a statement.
It expects to take a reduction of 2 cents per share on its adjusted earnings due to acquisition related expenses related to its purchase of Bluesocket and the planned acquisition of NSN's Broadband Access business.
ADTRAN's stock was trading at $32.26 on the Nasdaq Thursday morning.
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