ADTRAN reported financial results for the first quarter ended March 31, 2017, as follows:
1. Revenue for the first quarter of 2017 of $170.28 million, up 4.5% compared to $162.99 million in the fourth quarter and up 19.7% from $142.20 million for the first quarter of 2016.
2. Gross profit for the first quarter of $73.71 million, up 4.1% compared to $70.79 million in the fourth quarter and up 12.0% from $65.79 million for the first quarter of 2016.
3. R&D expenditure for the first quarter of $31.92 million, down 0.5% compared to $32.08 million in the fourth quarter and up 8.2% from $29.49 million for the first quarter of 2016.
4. SG&A expenditure for the first quarter of $34.77 million, up 1.0% compared to $34.44 million in the fourth quarter and up 13.0% from $30.78 million for the first quarter of 2016.
5. Total operating expenditure for the first quarter of $66.68 million, up 0.2% compared to $66.51 million in the fourth quarter and up 10.6% from $60.27 million for the first quarter of 2016.
6. Net income for the first quarter of 2016 of $6.65 million, compared to net income of $7.57 million in the fourth quarter and net income of $5.01 million for the first quarter of 2016.
7. Cash, cash equivalents and short-term investments as of March 31, 2017 of $125.02 million, versus $123.08 million as at December 31, 2016.
Additional results and notes
ADTRAN reported Network Solutions revenue in the first quarter of $143.60 million, compared with $123.88 million in the fourth quarter 2016, and Services & Support revenue of $26.68 million, versus $18.32 million in the fourth quarter. Access and Aggregation revenue totalled $120.14 million, compared with $93.85 million in the fourth quarter.
For the first quarter, ADTRAN reported domestic revenue totalled $119.26 million, compared with $123.7 million in the fourth quarter, with international revenue of $51.02 million, compared with $39.3 million in the fourth quarter.
Commenting on the results, ADTRAN chairman and CEO Tom Stanton said, "… first quarter revenue (was) driven by increasing momentum in ultra-broadband product sales and continuing strength in the services area… most notably, ADTRAN had very strong performances in FTTP and vectoring products in both domestic and international markets".
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