Adtran Shares Jump on Outlook - TheStreet

Shares of

Adtran

(ADTN) - Get Report

jumped Friday morning after the company boosted earnings and revenue estimates.

The telecom-equipment maker said late Thursday that it expects sales to hit $106 million in the third quarter, which would yield a profit of 41 cents to 42 cents a share. That is ahead of average Wall Street estimates of 36 cents a share in net income and $98 million to $100 million in revenue, according to Thomson First Call.

Shares were up $5.41, or 8.5%, at $68.90. Adtran will post its third-quarter results on Oct. 14.

In early September, Adtran had increased its third-quarter earnings estimates to 34 cents to 36 cents a share from earlier guidance of 30 cents to 33 cents a share.

For the fourth quarter, Adtran is forecasting income of 40 cents to 42 cents a share, above analysts' estimates of 39 cents a share. The company sees revenue between $104 million and $107 million for the period.