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Friday, November 20, 2009
ADC Telecommunications Drops on Losses, Outlook
By Darryl R. Isherwood
FOXBusiness
ADC Telecommunications (ADCT) stock dropped Friday after it reported a fourth-quarter loss and forecast lower than expected earnings in the first quarter of the next fiscal year.
The company said it lost $19.2 million, or 20 cents per share, in the fourth quarter, which was shortened to two months after the company changed its fiscal year to close in September instead of October.
Excluding after-tax charges of $25.5 million, ADC earned $6.3 million, or 6 cents per share. The company posted revenue of $183.9 million.
For the first quarter of the next fiscal year, ADC said sales should come in between $250 million and $275 million with a loss of 5 cents to 15 cents per share.
The stock fell 12% to $5.91.
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