Adtran Q2 Profit Down - Quick Facts

(RTTNews) - Networking and communications equipment provider Adtran Inc. (ADTN) reported that its net income for the second quarter 2015 declined to $2.54 million from $14.40 million in the second quarter of 2014. Earnings per share were $0.05 down from $0.26 prior year.

Earnings per share on a GAAP basis was reduced due to one-time restructuring charges as it continues to focus on the opportunities that are ahead. During the quarter, it saw an increase in broadband infrastructure activity in its domestic markets as carriers seek to position themselves competitively and utilize CAF funding to accelerate their deployment plans, the company said.

Non-GAAP earnings per share were $0.10 compared to $0.30 for the second quarter of 2014.

Quarterly sales dropped to $160.14 million from $176.13 million last year.

ADTRAN Chief Executive Officer Tom Stanton stated, "Revenue for the quarter came in higher than expected, driven by the timing of CAF-related orders in our domestic business."

Analysts polled by Thomson Reuters expected the company to report earnings of $0.07 per share and revenues of $153.36 million for the quarter. Analysts' estimates typically exclude special items.

The Company also announced that its Board of Directors declared a cash dividend for the second quarter of 2015. The quarterly cash dividend is $0.09 per common share to be paid to holders of record at the close of business on July 30, 2015. The ex-dividend date is July 28, 2015 and the payment date is August 13, 2015.