ADC lowers guidance, cuts more staff
ADC Telecommunications today revised it revenue guidance for its fiscal third quarter ending July 31 to $235 million to $245 million. ADC also expects pro forma diluted earnings per share in the third quarter to be a $0.05 to $0.07 loss, slightly higher than its previous guidance.
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In May, the company said it expected revenue in the third and fourth quarters to fall somewhere between $275 million and $295 million.
As part of its revised guidance, the company also lowered its breakeven point to $250 million in quarterly sales from approximately $300 million. ADC's goal is to reach this point by Oct. 31.
Additionally, the company plans to lay off an undisclosed number of employees. The company also plans to continue consolidating some facilities.
--Vince Vittore, Executive News Editor
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© 2012 Penton Media Inc.
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