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Tech Industry

Cable Design Technologies hurdles 4Q targets

Cable Design Technologies easily topped analysts' estimates in its fourth quarter Wednesday, raking in $17.4 million, or 39 cents a share, on sales of $227.1 million.

First Call Corp. consensus expected the maker of high-speed network connectivity products to earn 34 cents a share in the quarter.

Cable Design Technologies (NYSE: CDT) closed off 6 cents to $25.06 ahead of the earnings report.

In the year-ago quarter, Cable Design Technologies earned $13.4 million, or 31 cents a share, on sales of $183.9 million.

"Our fiscal year 2000 was the best in the history of our company, both operationally and strategically," said CEO Paul Olson in a prepared release. "We were able to achieve company records in sales and profitability by intensifying our focus on providing innovative connectivity products for the central office, local loop, and networking markets along with automation and process control cables."

In the fiscal year, CDT earned $54.8 million, or $1.24 a share, on sales of $797.8 million. In fiscal 1999, it raked in $$42.9 million, or 98 cents a share, on sales of $684 million.

The stock surged to a 52-week high of $29.75 in August after falling to a low of $11.31 in October.

Two of the four analysts following the stock rate it a "strong buy."

Analysts expect it to earn $1.36 a share in fiscal 2001.