WESTCHESTER, Ill.—Andrew Corp. reported declining third-quarter net profits as the company covers restructuring costs in preparation for its proposed merger with ADC Telecommunications.
Profits for the quarter fell from last year’s $13 million to this year’s $7 million, while revenues grew from last year’s 487.2 million to this year’s $550.7 million.
Andrew said its wireless infrastructure sales increased 13 percent year over year due to growing demand for network equipment as carriers expand and upgrade their networks.
Andrew’s sale of Precision Antennas Ltd. in April contributed $17 million to the company’s third-quarter wireless revenues.
Looking forward, Andrew forecast fourth-quarter sales to land between $540 million and $570 million, due largely to continued strong sales of wireless infrastructure gear.
Wall Street barely reacted to the earnings news, as Andrew’s stock traded down 6 cents at $8.38 per share.
