Cable Design Technologies Corp. (NYSE: CDT) blew past analysts' estimates in its fourth quarter Wednesday, earning $13.4 million, or 47 cents a share, on sales of $184 million.
First Call consensus expected the maker of specialty electronic data transmission cables and network structured wiring systems to earn 40 cents a share in the quarter.
Its shares closed up 5/16 to 22 7/16 ahead of the earnings report.
In the year-ago period, Cable Design Technologies raked in $12.4 million, or 40 cents a share, on sales of $166 million.
Company officials credited the upside surprise to strong network product sales, including a shift to more enhanced bandwidth cables which is driven in part by the growth in Internet access and e-commerce.
For the year, it earned $43 million, or $1.47 a share, on sales of $684 million compared to a profit of $44.4 million, or $1.42 a share, on sales of $651.7 million in fiscal 1998.
``Fiscal 1999 was a transition year for CDT which ended on a very strong note," said CEO Paul Olson in a prepared release. "We enter fiscal 2000 with one of the highest demands for enhanced bandwidth networking products that we have seen as well as solid demand for our specialty electronic products. In addition, we are also seeing an improved outlook in the European marketplace."
The stock surged to a 52-week high of 24 15/16 in August after falling to a low of 9 5/8 in October.
Four of the seven analysts following the stock maintain either a "buy" or "strong buy" recommendation.>