ADTRAN Q2 Profit Falls

(RTTNews) - ADTRAN, Inc. (ADTN) reported net income for the second quarter of $9.9 million or $0.17 per share, compared to $21.1 million or $0.33 per share for the year-ago quarter.

Excluding items, adjusted earnings per share for the quarter were $0.21, compared to $0.38 in the prior year quarter.

Sales for the second quarter fell to $162.23 million from $184.00 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.16 per share on revenue of $154.16 million for the second quarter.

The company also declared a cash dividend for the second quarter of $0.09 per common share to be paid to holders of record at the close of business on July 25, 2013. The ex-dividend date is July 23, 2013 and the payment date is August 8, 2013.