Adtran (ADTN) reported late Tuesday it swung to a Q1 adjusted net loss of $0.29 per share from an adjusted profit of $0.18 per share. Analysts were expecting adjusted net loss per diluted share of $0.14.
Sales were $120.8 million, down from last year’s $170.3 million, and falling short of Street view of $126.8 million.
For the company’s outlook, CEO Tom Stanton said: “Looking ahead, we expect continued strength in our European business in the second quarter and a rebound in our North American business in the second half. Our level of engagement with domestic and international Tier 1 customers remains at all-time highs, and our recent acquisition of the market leadership in EPON for the North American cable/MSO market positions us for further growth moving forward.”
The company will be paying an unchanged quarterly dividend of $0.09 per common share on May 16 to holders of record at the close of business on May 2. The ex-dividend date is May 1.