Stock Monitor: Black Box Post Earnings Reporting
LONDON, UK / ACCESSWIRE / July 20, 2018 /
If you want access to our free earnings report on ADTRAN, Inc. (NASDAQ: ADTN), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=ADTN. The Company reported its financial results on July 17, 2018, for the second quarter of the fiscal year 2018 (Q2 FY18). The networking and communications equipment worldwide provider’s revenues were in-line with analysts’ estimates and its net loss surpassed analysts’ estimates for Q2 FY18. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the second quarter ended June 30, 2018, ADTRAN’s total revenues declined 30.7% to $128.0 million compared to $184.7 million in the second quarter of the fiscal year 2017. The Company’s revenue numbers were in-line with analysts’ estimates.
During Q2 FY18, ADTRAN incurred cost of sales of $78.1 million versus $100.0 million in Q2 FY17, decreasing 22.0% on a y-o-y basis. The Company’s gross profit dropped 40.9% to $50.0 million in the reported period compared to $84.6 million in the year ago same period.
For the reported quarter, ADTRAN’s selling, general, and administrative expenses (SG&A) were $32.1 million compared to $34.7 million in the year ago corresponding period. During Q2 FY18, the Company incurred research and development (R&D) expenses of $30.7 million versus $33.6 million in Q2 FY17. The Company posted an operating loss of $12.8 million in the reported quarter versus an income of $16.4 million in the year ago comparable period.
ADTRAN posted a net loss of $7.7 million in Q2 FY18 compared to an income of $12.4 million in Q2 FY17. The Company reported a loss per share of $0.16 in Q2 FY18 compared to earnings per share (EPS) of $0.26 in Q2 FY17. The Company’s non-GAAP loss per share was $0.10 in Q2 FY18 versus EPS of $0.30 in Q2 FY17, beating analysts’ projections for a loss of $0.23 per share.
Segment and Category Details
ADTRAN has two reportable segments, namely (i) Network Solutions; and (ii) Services & Support.
During Q2 FY18, ADTRAN’s Network Solutions segment’s revenues declined 26.0% to $115.1 million compared to $155.5 million in Q2 FY17.
For the reported quarter, ADTRAN’s Services & Support segment’s revenues decreased 55.4% to $13.0 million from $29.1 million in the same quarter of last year.
Moreover, ADTRAN generated revenues from three categories, namely (i) Access & Aggregation; (ii) Customer Devices; and (iii) Traditional & Other Products.
For Q2 FY18, ADTRAN generated revenues from the Access & Aggregation category of $84.7 million, down 38.9% from $138.6 million in Q2 FY17.
ADTRAN added revenues from the Customer Devices category of $34.6 million in the reported quarter, up by 2.1% from $33.8 million in the prior year’s corresponding period.
For the reported quarter, ADTRAN’s revenues from the Traditional & Other Products category decreased $8.7 million versus $12.2 million in the comparable period of the prior fiscal year.
During Q2 FY18, ADTRAN’s sales from United States declined to $68.2 million from $146.7 million in Q2 FY17. The Company’s International sales grew to $59.8 million in the reported quarter compared to $38.0 million in year earlier corresponding quarter.
As of June 30, 2018, ADTRAN’s cash and cash equivalents stood at $100.3 million compared to $88.8 million as of June 30, 2017. The Company had inventory of $120.5 million as of June 30, 2018, compared to $122.5 million as of December 31, 2017. For the six months ended June 30, 2018, the Company generated a cash inflow from operating activities of $52.9 million compared to $20.6 million in the six months ended June 30, 2017.
Stock Performance Snapshot
July 19, 2018 - At Thursday’s closing bell, ADTRAN’s stock advanced 2.49%, ending the trading session at $16.45.
Volume traded for the day: 615.10 thousand shares, which was above the 3-month average volume of 394.28 thousand shares.
Stock performance in the last month – up 7.52%; and previous three-month period – up 10.96%
After yesterday’s close, ADTRAN’s market cap was at $793.42 million.
Price to Earnings (P/E) ratio was at 43.75.
The stock has a dividend yield of 2.19%.
The stock is part of the Technology sector, categorized under the Communication Equipment industry.
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