Cable Design Technologies
said Tuesday its fiscal second-quarter earnings beat Wall Street's estimates by a penny.
The company earned $13.5 million, or 30 cents a share, for the quarter, excluding a 4-cent charge for
, a distributor that recently filed for bankruptcy. Three analysts polled by
First Call/Thomson Financial
were calling for earnings of 29 cents in the period. Cable Design earned $10.4 million, or 24 cents a share, in the year-ago period.
Sales for the period totaled $202.6 million, well above the $178.2 million in the same period last year. Network communication segment sales for the second quarter totaled $140.2 million, up 17% over last year.
Two weeks ago the company said it was comfortable with analysts' estimates of 29 cents a share. At the time, Cable Design, which is based in Pittsburgh, said Anicom "may have affected sales to a small extent" in the second quarter, but won't have a "material impact" on the top line in the future.
"After a strong second fiscal quarter, which seasonally is one of our slower quarters, we would typically expect business to accelerate in the spring and summer months," the company said in a statement. "However, we realize that no one company is immune to the more difficult economic conditions in the United States which may, among other things, delay purchases and make customers more cautious."
The company said it was being "conservative" and projecting earnings of 28 cents to 33 cents for the third quarter. A two-analyst consensus is calling for earnings of 36 cents in the period.
Shares of Cable Design fell 55 cents, or 2.7%, to $20.10 in
New York Stock Exchange