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Adtran tops Street 2Q forecasts

HUNTSVILLE, Ala. (AP) _ Adtran Inc. (ADTN) on Tuesday reported second-quarter profit of $12.4 million.

On a per-share basis, the Huntsville, Alabama-based company said it had net income of 26 cents. Earnings, adjusted for stock option expense and costs related to mergers and acquisitions, came to 30 cents per share.

The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 22 cents per share.

The networking equipment maker posted revenue of $184.7 million in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $183 million.

Adtran shares have dropped slightly more than 8 percent since the beginning of the year. The stock has risen 14 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ADTN at https://www.zacks.com/ap/ADTN

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