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Adtran

(ADTN) - Get ADTRAN, Inc. Report

said its third-quarter profit fell.

The network gear company earned $24.21 million, or 33 cents a share, in the quarter, compared with $33.02 million, or 42 cents a share, a year ago. Adjusted for stock based expenses, earnings were 35 cents a share, in the most recent quarter. On that basis, analysts surveyed by Thomson First Call were expecting earnings of 32 cents a share in the most recent quarter.

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Third-quarter revenue fell 11.1% from a year ago to $132.65 million, missing the analysts estimate of $133.89 million.

"During the quarter, we continued to see sequential revenue increases in both our traditional and primary growth areas," the Huntsville, Ala.-based company said. "Our market position improved through market share expansion within existing customers along with key customer approvals in our primary growth product areas."

GAAP operating profit dropped 30.4% from a year ago to $34.28 million and operating margin fell 715 basis points to 25.8%.

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