ADC Telecom drops 22% on lowered FY08 guidance
ADC Telecommunications Inc. (Nasdaq:ADCT) has sunk 22% in pre-market trading today after the company lowered its 2008 full-year guidance after Tuesday’s close. The company expects earnings per share between $0.18 and $0.26 per share, compared with previous estimates of $0.31 to $0.39 a share. Sales from continuing operations should be in the range of $1.5 billion and $1.52 billion versus previous estimates of $1.52 billion and $1.54 billion. ADC supplies products and services for broadband communications network infrastructure. The Eden Prairie, Minn.-based company said it lowered its guidance because of lower copper and fiber connectivity product sales.
Before today’s opening, shares are at $10.45, down $2.92 from Tuesday’s close.
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