skidded 14% after the networking gearmaker trimmed third-quarter and 2004 revenue guidance.
The Huntsville, Ala., company posted second-quarter earnings that were in line with expectations late Monday. Adtran said earnings jumped 73% from a year earlier to $21.5 million, or 26 cents a share. Sales rose 33% to $120.6 million.
"Continued expansion of new product revenues significantly contributed to record second-quarter sales and earnings for our company," CEO Mark Smith said. "We anticipate new product revenues will persist in providing our primary growth towards record revenues and operating earnings this year."
But the company's shares dropped after Adtran trimmed guidance in a Tuesday morning conference call.
The company forecast third-quarter earnings of 26 cents to 27 cents a share on revenue of around $121.5 million. That's at the low end of the Thomson First Call analyst consensus estimate, which called for earnings of 27 cents a share on revenue of $125 million.
For fiscal 2004, the company said earnings would be $1.05 a share on revenue of around $480 million. That's above prior guidance of $1 a share but shy of the $1.06 a share on revenue of $490 million that Wall Street expected.
Adtran fell $4.05 to $25.62.