Adtran (ADTN) - Get Report missed its recently reduced third-quarter earnings target, as a shift in broadband gear trends punished sales.

The Huntsville, Ala., telecom-equipment maker posted latest-quarter net income of $18.8 million, or 23 cents a share, on sales of $115 million. That is up from year-ago earnings of $17.2 million, or 21 cents a share, on sales of $106 million, but down sequentially from the second quarter's 26 cents a share on $120 million in sales.

Analysts had been looking for a profit of 24 cents on $115 million in sales, according to a Reuters Estimates tally.

Last week, Adtran

warned that demand for old gear was slowing as customers waited for a new generation of digital subscriber line, or DSL, aggregation equipment. Before the company lowered projections, analysts had been expecting third-quarter earnings of 27 cents a share on revenue of $123 million.

"We announced last week that weakness during the latter half of September centered around outside plant and remote terminal DSLAMs as we transitioned technologies, and integrated access devices," CEO Mark Smith said in a press release.

Early Tuesday, Adtran was flat at $20.47.