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Cable Design Technologies shatters 3Q estimates

Cable Design Technologies flew past analysts' estimates in its third quarter Wednesday, earning $14 million, or 47 cents a share, on sales of $204.9 million.

First Call Corp. consensus expected the provider of high-speed network connectivity products to earn 41 cents a share in the quarter.

Ahead of the earnings report, Cable Design Technologies (NYSE: CDT) shares closed up 1/8 to 28 3/8.

The $204.9 million in sales marks a 24 percent jump from the year-ago quarter when it pocketed $8.1 million, or 29 cents a share, on sales of $165.6 million.

"We were able to achieve company records in sales and net income by focusing on markets that are currently changing the way the world communicates," said CEO Paul Olson in a prepared release.

In the quarter, gross profit margins grew to 28.8 percent, up from 28.1 percent in the same period last year.

Network communication segment sales rose 31 percent to $138.7 million and represented 68 percent of the company's total sales. Specialty electronic sales for the third quarter were $66.2 million, up 12 percent from the year-ago quarter.

Its shares moved up to a 52-week high of 42 7/8 in March after falling to a low of 12 7/8 last May.

Of the six analysts covering the stock, four rate it a "strong buy" while the other two call it a "hold."

Analysts expect it to earn $1.73 a share in the fiscal year.>