Adtran Inc. (ADTN) reported that its net income for the fourth quarter 2014 declined to $9.29 million from $11.84 million in the fourth quarter of 2013. Earnings per share were $0.17 compared to $0.20 last year.
Non-GAAP earnings per share were $0.19 compared to $0.25 for the fourth quarter of 2013.
Quarterly sales declined to $143.98 million from $159.09 million in the previous year.
ADTRAN Chief Executive Officer Tom Stanton stated, "Our Company had a solid performance this quarter with most segments meeting or slightly exceeding our expectations. We continue to see positive trends as we enter 2015 and believe our geographic presence, market share gains and new product introductions position us well for the future."
Analysts polled by Thomson Reuters expected the company to report earnings of $0.07 per share and revenues of $141.62 million for the quarter. Analysts' estimates typically exclude special items.
The company also announced that its Board declared a cash dividend for the fourth quarter of 2014. The quarterly cash dividend is $0.09 per common share to be paid to holders of record at the close of business on February 5, 2015. The ex-dividend date is February 3, 2015 and the payment date is February 19, 2015.
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