Communications equipment maker
said its first-quarter earnings rose 130% from the year-ago period, led by price hikes.
The Hickory, N.C.-based company earned $12.7 million, or 19 cents a share, in the quarter, compared with $5.5 million, or 9 cents a share, a year ago. Excluding restructuring costs, earnings were 22 cents a share. On that basis, analysts surveyed by Thomson First Call were expecting earnings of 16 cents a share in the most recent quarter.
First-quarter revenue rose 14% from a year-ago period to $352.3 million as against analysts' expectation of $337.2 million.
The rise in sales was driven by price hikes in response to higher raw material costs and improved broadband and carrier segment sales volumes, the company said.
The company is expecting second-quarter revenue of $390 million to $410 million and the full year revenue of $1.48 billion to $1.53 billion while analysts forecast second-quarter revenue of $364.7 million and full-year revenue of $1.47 billion.
"Despite rising raw material costs, we delivered a strong start to the year," the company said. "We are encouraged by the positive order trends across each of our segments. While we continue to face a challenging commodity cost environment, we intend to continue adjusting pricing to recover our costs."
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