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ADC Reports Third Quarter 2010 Financial Results
Net sales of $304.4 million. GAAP EPS of $0.68 including previously announced ARS settlement. Adjusted EPS of $0.21
MINNEAPOLIS--(BUSINESS WIRE)--August 4, 2010--ADC (NASDAQ: ADCT) today announced unaudited results for its third quarter ended July 2, 2010.
“We are pleased to announce another quarter of solid results,” said Robert E. Switz, chairman, president and chief executive officer of ADC. “These results were in line with our prior expectations and reflect good progress on previously announced efforts to drive improvements across our operations.”
“We continue executing on our strategy to align ADC’s business with the next generation network trends where customers are investing,” said Switz. “We remain focused on continuing to perform as a standalone business even as we begin planning for the process of bringing together ADC and Tyco Electronics to create a world leader in broadband connectivity.”
Third Quarter Fiscal 2010 Results
Due to a change in our fiscal year to September 30, ADC is comparing third quarter 2010 results announced today with the proforma results for the prior year’s third quarter ended June 26, 2009 and the reported results for the second quarter of fiscal 2010 ended April 2, 2010.
- ADC’s GAAP net earnings from continuing operations for the quarter were $75.9 million, or $0.68 per diluted share. This includes certain items totaling $55.2 million, which comprised, among others, a gain from our previously announced $56.5 million auction rate securities settlement. Excluding these items, non-GAAP (adjusted) net earnings for the quarter were $20.7 million, or $0.21 per share. A reconciliation of GAAP to non-GAAP financial measures and quarterly shares outstanding is provided later in this press release.
- In line with our expectations, net sales for the third quarter rose 4.9% to $304.4 million as compared to $290.3 million for the third quarter of fiscal 2009, and increased 11.1% compared to $274.0 million for the second quarter of 2010. The year-over-year and sequential increases reflect improving economic conditions as well as customer spending trends in many regions of the world.
- Third quarter gross margin was 37.1 percent compared to a gross margin of 35.2 percent during the same quarter of last year and 36.5 percent in the previous quarter. This margin improvement was driven primarily by the company’s ongoing efforts to increase efficiency across its operating cost structure, as well as higher volume and a favorable product mix.
The following information was filed by Adc Telecommunications Inc on Wednesday, August 4, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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