ORLAND PARK, Ill.-Andrew Corp. said results for the first quarter of fiscal-year 2004 are estimated to exceed its previously provided guidance. The company’s stock was up nearly 25 percent on the news to about $16.50 per share.
The communications equipment supplier said it now estimates revenues for the first quarter will be in the range of $400 million to $410 million and earnings before non-cash intangible amortization and restructuring costs to range from 6 cents to 8 cents per diluted share. This compares with the company’s previous guidance for revenues ranging from $320 million to $350 million and earnings before amortization and restructuring of 1 cent to 4 cents per diluted share.
“Our increased guidance reflects a continuation of the encouraging overall industry trends that began in the prior quarter,” said Ralph Faison, president and chief executive officer of Andrew. “The strong operating leverage of our business model is delivering a positive start to the fiscal year.”
