adc reported quarterly sales of $403 million up 16% from Q2 2007 and 19% from Q1 2008. Gross margin improved to 36.3% in the quarter compared to 34.5% a year earlier.
“We are very pleased with our second quarter results where we again exceeded our financial and operating targets. The momentum and success we achieved in 2007 has not slowed in the first half of 2008,” said Robert E. Switz, president and CEO of ADC. “Our results demonstrate the successful execution of our strategy to position ADC in the high growth segments of fiber-based and wireless communications networks where our customers are investing in the infrastructure that delivers broadband services to business, residential and mobile subscribers.”
ADC also raised its financial guidance. The company currently expects its 2008 sales to be in the range of $1.520-$1.540 billion, an increase of 15%-16% compared to 2007. Previous sales guidance was in the range of $1.480-$1.505 billion. Both the current and previous sales guidance include the results of the LGC Wireless and Century Man acquisitions that closed in the first quarter of 2008.http://www.adc.com
