ADTRAN, Inc (ADTN) has reported 32.65 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $6.65 million, or $0.14 a share in the quarter, compared with $5.01 million, or $0.10 a share for the same period last year. On an adjusted basis, earnings per share were at $0.18 for the quarter compared with $0.14 in the same period last year. Revenue during the quarter grew 19.74 percent to $170.28 million from $142.20 million in the previous year period. Gross margin for the quarter contracted 298 basis points over the previous year period to 43.29 percent. Total expenses were 95.87 percent of quarterly revenues, down from 96.12 percent for the same period last year. This has led to an improvement of 25 basis points in operating margin to 4.13 percent.
Operating income for the quarter was $7.03 million, compared with $5.52 million in the previous year period.
ADTRAN chairman and chief executive officer Tom Stanton stated, "We started 2017 setting a company record for first quarter revenue, driven by increasing momentum in our ultra-broadband product sales and continuing strength in our services area. Most notably, we had very strong performances in our fiber to the premises and vectoring products in both our domestic and international markets. ADTRAN continues to be at the forefront of enabling internet service providers of all types to meet increasing customer demand and decrease their time to market for next generation services."
Operating cash flow drops significantlyADTRAN, Inc has generated cash of $9.04 million from operating activities during the quarter, down 42.35 percent or $ 6.64 million, when compared with the last year period. The company has spent $8.90 million cash to meet investing activities during the quarter as against cash inflow of $5.37 million in the last year period.
The company has spent $8.55 million cash to carry out financing activities during the quarter as against cash outgo of $15.21 million in the last year period.
Cash and cash equivalents stood at $72.56 million as on Mar. 31, 2017, down 20.80 percent or $19.05 million from $91.61 million on Mar. 31, 2016.
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