Adtran Posts Solid Top-Line Growth in Fourth Quarter, but Margins Disappoint; Maintaining $15 FVE
Adtran’s  fourth-quarter revenue growth was above our expectations and management's guidance as carriers continued to invest in access network upgrades. A solid rise in international revenue was largely due to a vectoring project rollout with Deutsche Telekom. Adtran seems to be nicely positioned to benefit from increased interest among network operators to reuse old copper infrastructure in lieu of costly greenfield fiber deployments. At the same time, gross margin suffered as the company tries...ADTRAN is a provider of networking and communications equipment. The company's solutions and services enable voice, data, video and internet communications across a variety of network infrastructures. The company has two segments: Network Solutions, which provides solutions supporting fiber-, copper- and coaxial-based infrastructures and a number of wireless solutions, lowering the overall cost to deploy services across a range of applications for Carrier and Cable/multiple-service operator networks; and Services and Support, which provides turn-key suit of services to help operators accelerate deployment of their networks including planning, engineering, construction, installation, test, and turn-up.
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