NEW YORK (TheStreet) -- Shares of Adtran (ADTN) were spiking 7.53% to $20 on heavy trading volume Wednesday afternoon after the company reported results that topped analysts' estimates for the 2016 third quarter.
Late yesterday, the Huntsville, AL-based networking and communication equipment company posted adjusted earnings of 26 cents per share, above analysts' expectations of 21 cents per share.
Revenue rose 7% to $168.9 million year-over-year and was higher than Wall Street's forecasts of $162.5 million.
"I am particularly pleased to see our international business grow 42% over the previous quarter and 7% year-over-year, driven by stronger broadband access sales in Europe," CEO Tom Stanton said in a statement.
More than 1.11 million of the company's shares changed hands so far today, well above its average 30-day volume of 248,308 shares.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C+ on the stock.
The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its increase in net income, revenue growth and largely solid financial position with reasonable debt levels by most measures.
But the team also finds that the company's cash flow from its operations has been weak overall.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: ADTN