Adtran reports preliminary Q2 adjusted EPS 14c, consensus 8c
Reports preliminary Q2 revenue $156.4M, consensus $156.11M. The company said in a statement that its reported results for the quarter and year to date ended June 30 are preliminary due to the company's ongoing assessment of the reasonableness of its current and previously reported excess and obsolete inventory reserves. "The Company is working diligently to finalize its assessment and evaluate the materiality of adjustments to the reserve, if any, and determine the appropriate method of correction to its current and previously reported financial results, as necessary. In addition to assessing the reasonableness of its E&O reserves, the Company is also assessing inventory related internal control deficiencies which may result in the identification of material weaknesses. If material changes to our preliminary results do occur, an updated press release will be issued." CEO Tom Stanton commented: "We are pleased with our continued progress and solid performance for the second quarter of 2019. Revenue for the quarter grew 22% year-over-year and 9% over the previous quarter. Our execution continues to be strong across North America, LATAM, EMEA, and the Pacific Rim with diverse and well-balanced material revenue contributions from each of these regions. This sustained progress underscores the Company's global impact as we help our customers build their best networks."