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ADC Telecom zips past estimates in third quarter

ADC Telecommunications Inc. (Nasdaq: ADCT) topped analysts' estimates in its third quarter Wednesday, earning $52 million, or 37 cents a share, on sales of $444 million.

Its shares closed off 1/4 to 43 7/8 ahead of the earnings report.

First Call consensus pegged it for a profit of 34 cents a share in the quarter.

The $444 million in sales represents 23 percent jump versus the year-ago quarter when it earned $41 million, or 30 cents a share, on sales of $362 million.

In the quarter, ADC took a one-time charge for purchased in-process research and development expenses of $58 million in connection with the acquisitions of Spectracom and Pathway.

"The combination of rapidly growing, new competitive communications service providers in deregulated markets and the insatiable global demand for broader bandwidths in communication networks is driving ADC's growth," said CEO William Cadogan in a prepared release.

ADC Telecom shares hit a 52-week high of 53 5/8 in June after plummeting to a low of 15 3/4 in October.

Nineteen of the 24 analysts following the stock rate it either a "buy" or "strong buy."

First Call consensus expects it to earn $1.34 a share in the fiscal year. >