said Wednesday that it beat Wall Street's lowered first-quarter earnings projections by a penny, but the company remains cautious about the outlook for fiscal 2001 and 2002.
The supplier of systems and equipment designed to improve the speed and performance of broadband, multiservice networks said income for the quarter totaled $57 million, or 7 cents a share, excluding charges. Twenty analysts polled by
First Call/Thomson Financial
were calling for the company to earn 6 cents in the quarter. The company earned $54 million, or 7 cents a share, in the year-ago period.
Revenue increased to $804.8 million in the quarter ended Jan. 31 from $593.9 million in the same period last year.
Shares of ADC fell 69 cents, or 6.3%, to $10.31 in regular-session
trading, but rebounded to $11.13 in recent after-hours
The company will record a restructuring charge in the second quarter, but the amount hasn't been determined. For fiscal 2001, ADC said sales should be between $3.5 billion and $3.8 billion. The company projected earnings, excluding charges, of 48 cents to 55 cents a share.
The company also forecast earnings of 9 cents to 10 cents in the second quarter on sales of $825 million to $870 million. Wall Street is expecting earnings of 10 cents in the quarter. ADC expects to earn 13 cents to 16 cents in the third quarter on sales of $895 million to $985 million. Finally, the company forecast earnings of 19 cents to 22 cents on sales of $1.035 billion to $1.140 billion in the fourth quarter. Analysts are calling for a profit at the high end of the range for both the third and fourth quarters.
In 2002, the company expects sales and earnings per share, excluding charges, to grow between 10% and 20%.