ADTRAN, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Provides Earnings Guidance for the First Quarter of 2018
January 16, 2018 at 08:15 pm EST
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ADTRAN, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported total sales of $126,519,000 against $162,986,000 a year ago. Operating loss was $4,068,000 against operating income of $4,272,000 a year ago. Loss before provision for income taxes was $741,000 against income before provision for income taxes of $6,844,000 a year ago. Net loss was $11,117,000 against net income of $7,572,000 a year ago. Loss per share basic and diluted was $0.23 against earnings per share basic and diluted of $0.16 per share a year ago. Non-GAAP earnings per common share diluted were $0.05 against $0.21 per share a year ago. Non-GAAP net income was $2.5 million compared to $10.1 million in the same period last year. Non-GAAP earnings per share excludes the effects of the Tax Cuts Act charges, stock compensation expense, acquisition-related expenses and restructuring expenses.
For the year, the company reported total sales of $666,583,000 against $636,781,000 a year ago. Operating income was $37,730,000 against $34,735,000 a year ago. Income before provision for income taxes was $44,680,000 against $46,895,000 a year ago. Net income was $23,833,000 against $35,229,000 a year ago. Earnings per share basic and diluted were $0.49 against $0.72 per share a year ago. Net cash used in operating activities was $42,370,000 against net cash provided by operating activities of $42,002,000 a year ago. Purchases of property, plant and equipment was $14,719,000 against $21,441,000 a year ago. Non-GAAP earnings per common share diluted were $0.89 against $0.84 per share a year ago.
The company expects current expectations are that first quarter 2018 revenues will be flattish with the quarter just ended. The company expects gross margins on a GAAP basis will be around 40%. The company anticipated that the consolidated tax rate for the first quarter will be in the low 20% range.
ADTRAN Holdings, Inc. is a provider of networking and communications platforms, software, and services focused on the broadband access market. It operates through two segments: Network Solutions segment, which includes hardware and software products, and Services & Support segment, which includes a portfolio of network design and implementation services, support services and cloud-hosted software-as-a-service (SaaS) applications. The two segments span across Subscriber Solutions, Access & Aggregation Solutions, and Optical Networking Solutions. Its Subscriber Solutions portfolio is used by service providers to terminate their access services infrastructure at the customer's premises. Access & Aggregation Solutions are solutions that are used by communications service providers to connect subscribers. Optical Networking Solutions are used by communications service providers, Internet content providers and large enterprises to securely interconnect metro and regional networks over fiber.
ADTRAN, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Provides Earnings Guidance for the First Quarter of 2018