Adtran Shares Advance 8 Percent On 1Q Results

HUNTSVILLE, Ala. (AP) — Shares of the communications equipment maker Adtran Inc. soared Wednesday after the company's first-quarter earnings and sales came in slightly above Wall Street forecasts.

The Huntsville, Ala. company posted earnings of $15.2 million, or 24 cents per share, late Tuesday, down 11 percent from $17 million, or 26 cents per share, a year earlier. Sales fell 8 percent to $110.4 million from $119.9 million.

Analysts polled by Thomson Reuters were looking for 23 cents on sales of $109 million.

Cost controls and consequently higher margins helped results, Adtran Chief Executive Tom Stanton said in a statement.

Shares surged $1.48, or 8.1 percent, to $19.78 in Wednesday afternoon trading.