ADTRAN announced updated financial guidance for Q3 2014 say it now expects revenue to range from $162.0 million to $163.0 million. GAAP earnings per share for the quarter, assuming dilution, are expected to range from $0.19 to $0.20. Non-GAAP earnings per share for the quarter are expected to range from $0.23 to $0.24. Non-GAAP earnings per share exclude the effect of acquisition related expenses, amortizations and adjustments, and stock compensation expense.
ADTRAN Chief Executive Officer Tom Stanton stated, “Although we did see a sequential increase on our domestic carrier business, that increase was not enough to overcome the more than expected sequential decrease in our European business and a softer enterprise spending environment. We expect a material improvement in results beginning in 2015 as we see a re-acceleration in carrier spending both in Europe and the US. We believe the shortfall in enterprise spending was influenced by inventory corrections which we expect to be resolved as we enter 2015.”
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