Business
ADTRAN, Inc. Reports Earnings for the First Quarter of 2020 and Declares Quarterly Cash Dividend
HUNTSVILLE, Ala.--(BUSINESS WIRE)-- ADTRAN, Inc. (NASDAQ:ADTN) (“ADTRAN” or the “Company”) today announced financial results for the first quarter of 2020.
About this update from Adtran Holdings, Inc.
[{"type":"text","content":" HUNTSVILLE, Ala.--(BUSINESS WIRE)--\nADTRAN, Inc. (NASDAQ:ADTN) (“ADTRAN” or the “Company”) today announced financial results for the first quarter of 2020. For the quarter, revenue was $114.5 million compared to $143.8 million for the first quarter of 2019. Earnings for the first quarter of 2020 were a net loss of $10.0 million compared to net income of $0.8 million for the first quarter of 2019. Earnings per share was a loss of $0.21 per share compared to earnings of $0.02 per share, assuming dilution, for the first quarter of 2019. Non-GAAP earnings were a net loss of $2.2 million compared to a non-GAAP net income of $4.9 million for the first quarter of 2019. Non-GAAP earnings per share was a loss of $0.05 per share compared to a non-GAAP earnings of $0.10 per share, assuming dilution, for the first quarter of 2019. Non-GAAP net income (loss) and non-GAAP earnings (loss) per share exclude stock-based compensation expense, acquisition related expenses, amortizations and adjustments, restructuring expenses, amortization of pension actuarial losses, valuation allowance related to our deferred tax assets, asset impairments and deferred compensation related adjustments. The reconciliations between GAAP net income (loss) and earnings (loss) per share to non-GAAP net income (loss) and non-GAAP earnings (loss) per share are set forth in the table provided below.\n\n\nADTRAN Chairman and Chief Executive Officer Tom Stanton stated, “While COVID-19 has certainly impacted the way we work and live, it has also underscored the value and integral role the telecommunications industry plays in keeping everyone connected. For ADTRAN, the first quarter came in largely as anticipated. We experienced solid demand, and even in a challenging supply chain environment we had solid growth in our domestic regional and emerging service provider market segments. In addition, several Tier 1 operators have recently selected ADTRAN as their software-defined access platform and solution integration partner for their next generation fiber networks.”\n\n\nThe Company also announced that its Board of Directors declared a cash dividend for the first quarter of 2020. The quarterly cash dividend is $0.09 per common share, to be paid to the Company’s stockholders of record as of the close of business on May 21, 2020. The payment date will be June 4, 2020.\n\n\nTh...