ADTRAN trimmed its revenue and earnings estimates for the first quarter ending March 31, 2014, saying it now expects revenue to range from $146.0 million to $147.0 million. GAAP earnings per share for the quarter, assuming dilution, are expected to range from $0.16 to $0.17. Non-GAAP earnings per share for the quarter are expected to range from $0.20 to $0.21. Non-GAAP earnings per share exclude the effect of acquisition related expenses, amortizations and adjustments, and stock compensation expense.
ADTRAN Chief Executive Officer Tom Stanton stated, “Although revenue for the quarter came in lower than expected, operating income increased approximately 74% over the same period last year driven by significant improvements in gross margin. Our domestic revenues were negatively impacted by a slower start to spending with our tier 2 and tier 3 service provider customers. International revenues were strong for the quarter, increasing approximately 56% over the same period last year. We saw a notable acceleration in bookings later in the quarter, but the timing precluded us from meeting our prior revenue expectations. The significant acceleration we saw in bookings exiting the quarter leads us to anticipate revenue in the second quarter of 2014 to be in the range of $172 million to $180 million.”