ADTRAN's Q1 revenues jump 3% to $147M on strong carrier segment sales
ADTRAN reported that first-quarter 2014 revenues rose 3 percent year-over-year to $147 million, with lower U.S. sales offset by a 50 percent increase in international sales.
The company's operating profit nearly doubled to $11.3 million from $6.6 million in the fourth quarter of 2013 due to higher gross margins at both the U.S. and international operations. Sales in the U.S. were $92.7 million, while international sales were $54.3 million.
Non-GAAP earnings per share (EPS) rose to 21 cents, up from 17 cents.
"Lower sales in the U.S. were offset by international sales which grew 56% over the same period last year," said Tom Stanton, CEO of ADTRAN, in the earnings release. "Operating income increased 72% buoyed by higher gross margins in both our U.S. and international businesses."
Similar to earlier quarters, its three core product areas--broadband access, internetworking and optical--continued to show progress with more than $131 million in total revenues. Broadband access again led the group with $81.5 million in revenues, while optical and internetworking reported $12.7 million and $36.9 million, respectively.
Overall carrier networks and enterprise networks segment sales were $118 million and $28.8 million, respectively.
ADTRAN also announced that its board of directors declared a cash dividend for the first quarter of 2014. The quarterly cash dividend is 9 cents per common share to be paid to holders of record on May 1, 2014.
Shares of ADTRAN were trading at $24.11, down 56 cents or 2.27 percent, in morning trading on the Nasdaq stock exchange.
- see the earnings release
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