Early Prime Day Deals Roe v. Wade Overturned Surface Laptop Go 2 Review 4th of July Sales M2 MacBook Pro Deals Healthy Meal Delivery Best TVs for Every Budget Noise-Canceling Earbuds Dip to $100

ADC Telecom plows past 1Q estimates

ADC Telecommunications Inc. (Nasdaq: ADCT) had no trouble impressing the Street in its first quarter Thursday after posting a profit of $84 million, or 18 cents a share, on sales of $544.6 million.

First Call consensus expected the maker of telecommunications software and equipment to earn 17 cents a share in the quarter.

Its shares raced up 3 1/2 to a 52-week high of 45 1/8.

In the year-ago quarter, ADC Telecom earned $57 million, or 12 cents a share, on sales of $404.3 million.

"Being in the early stages of the broadband age of communications, ADC faces tremendous global growth opportunities," said CEO William Cadogan in a prepared release. "Our comprehensive 'triple-play' strategy of supplying network equipment, software and integration services is focused on the fastest growing or 'sweet spot' of capital spending by communications service providers -- building and upgrading the 'last mile/kilometer' of communications networks for broadband, multiservice applications."

In the quarter, the company's broadband connectivity sales improved 52 percent to $267 million from $175 million in the year-ago quarter. Broadband access and transport sales jumped 21 percent to $169 million.

ADC Telecom also beat Street estimates in its fourth quarter, pocketing $71 million, or 46 cents a share, on sales of $582 million.

Its shares fell to a 52-week low of 17 3/16 in August before splitting 2-for-1 in January.

Twenty-one of the 23 analysts tracking the stock maintain either a "buy" or "strong buy" recommendation.

First Call consensus expects it to earn 86 cents a share in the fiscal year.