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Adtran tracks low
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December 7, 1998: 10:56 a.m. ET
Stock dips after company warns of disappointing fourth quarter
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NEW YORK (CNNfn) -Adtran's stock fell Monday, following word that the telecommunications-equipment maker expected fourth-quarter revenue and earnings to fall short of expectations.
Adtran (ADTN) was down 2-3/4 at 20-11/16 in early morning trading. The company had expected to earn 32 cents per share in the fourth quarter, according to First Call Corp.
The Huntsville, Ala.-based company has more than 500 high-speed digital transmission products that are used to transmit digital signals over existing copper lines.
Adtran cited a reduction in purchases by most major telephone companies for the expected shortfall.
Mark C. Smith, the company's chairman and chief executive officer, said in a statement last week that the telephone companies are probably reducing inventories on hand prior to year-end.
About 60 percent of the company's revenue comes from local telephone companies.
--with staff and wire reports.
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Adtran
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