Adtran reported that its revenues fell to $144 million in Q4 2014, from $159 million in Q4 2013, as it reported declines in its key service-provider and enterprise segments.
Company net profit slid to $9.3 million, from $11.8 million in Q4 2013, while diluted earnings per share were 17 cents, down from 20 cents a year earlier. Non-GAAP earnings per share were 19 cents, compared with 25 cents for the fourth quarter of 2013.
In terms of product revenues, Adtran saw declines across the board in its three main divisions: Carrier Systems, Business Networking and legacy Loop Access. Carrier Systems were $100 million, down from $114 million a year earlier, while Business Networking and Loop Access declined to $37.3 million and $6.3 million, respectively.
Contributing to the overall product losses were slow revenues in its Broadband Access, Optical and Internetworking units. Adtran reported that Broadband Access revenues were $82.5 million, down from $96 million in the same period a year earlier. Optical and Internetworking saw revenues of $13 million and $35 million, down slightly from the $13.6 million and $38.6 million they reported in Q4 2013.
From a regional perspective, the United States continued to dominate, with $93 million in revenues, but international revenues were only $51 million. Both regions declined sequentially, from $98.6 million and $64.2 million in Q3 2014.
Despite these declines, Adtran's CEO Tom Stanton said in the earnings release that he was pleased with the company's overall performance.
"Our Company had a solid performance this quarter with most segments meeting or slightly exceeding our expectations," Stanton said. "We continue to see positive trends as we enter 2015 and believe our geographic presence, market share gains and new product introductions position us well for the future."
Shares of Adtran were trading at $22.70, down 35 cents, or 1.52 percent, in Wednesday morning trading on the Nasdaq stock exchange.
- see the release
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