This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Andrew Surges on Antenna Sale

Andrew (ANDW) surged Thursday after the wireless company posted a fourth-quarter profit and agreed to sell its mobile antenna product line.

For its fourth quarter ended Sept. 30, the Orland Park, Ill., company earned $569,000, or less than a penny a share. That reverses the year-ago loss of $1.2 million, or a penny a share. Sales surged to $488 million from $345 million a year earlier.

The latest-quarter profit was reduced to the tune of a dime a share by one-time charges and amortization. Excluding those costs, earnings beat the Thomson First Call analyst consensus estimate by a nickel a share.

Andrew cited increased wireless infrastructure market demand and growth in satellite communications for the latest-period gains.

"We are pleased that operating results exceeded our previously revised guidance. During the final two weeks of the quarter, we experienced greater-than-anticipated sales across most major product groups," said CEO Ralph Faison. "Our high degree of order flexibility and fast response times, once again, demonstrate the strength of our scalable manufacturing model."

For the first quarter, Andrew expects to post earnings of 3 to 6 cents a share on sales of around $455 million. Earnings will include costs of around 4 cents a share. Analysts had projected a 10-cent profit on sales of $468 million.

"Our sales guidance for the first quarter anticipates normal seasonality," said Faison. "Driven by continued wireless operator capital expenditure for network upgrades and expansion, we believe we are strategically positioned to grow faster than the overall wireless infrastructure market, improve operational performance and generate significant positive cash flow from operations in fiscal 2005."

The results came as Andrew definitively agreed to sell its mobile antenna product line to PcTel (PCTI) for $10 million in cash. The line includes global positioning satellite, consumer and professional antenna products, and posted fiscal 2004 sales of $29 million. The deal is expected to close within the next 30 days.

Andrew said it expects to record a $7.1 million pre-tax loss in its fiscal fourth quarter related to exiting the automotive and mobile antenna product lines. Combined sales for the automotive and mobile antenna product lines were $29 million in fiscal 2004.

On Thursday, Andrew rose $1.33 to $14.03.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7890 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs