Adtran Cuts Q3 Revenue Outlook

(RTTNews) - Adtran, Inc. (ADTN) said Thursday that it now expects third quarter revenue of $162.0 million to $163.0 million, with earnings of $0.19 to $0.20 per share and adjusted earnings of $0.23 to $0.24 per share.

Analysts polled by Thomson Reuters currently expect the company to report earnings of $0.27 per share on revenue of $177.35 million for the third quarter. Analysts' estimates typically exclude special items.

Adtran Chief Executive Officer Tom Stanton said, "Although we did see a sequential increase on our domestic carrier business, that increase was not enough to overcome the more than expected sequential decrease in our European business and a softer enterprise spending environment. We expect a material improvement in results beginning in 2015 as we see a re-acceleration in carrier spending both in Europe and the US."

During the second quarter earnings conference call in August, the company said it expected third quarter revenue to be flat or slightly up on a sequential basis. For the second quarter, the company reported revenue of $176.13 million.