Investopedia: ADTRAN Looks To Rebound From A Pretty Miserable 2012

It's almost cliché to talk about how bad of a year 2012 was for communications equipment vendors dependent on American and European carrier spending. With core broadband access product sales down 13% in 2012, ADTRAN (Nasdaq:ADTN) definitely found itself among the laggards, with shares down more than 30% over the past year and well below the S&P 500.

But 2013 is a new year, and hope springs eternal in the hearts of tech investors. While investors should not discount the competitive risks from rivals like Calix (NYSE:CALX) and Alcatel Lucent (NYSE:ALU), there is reason for at least cautious optimism that carrier infrastructure deployments will lead to better results for ADTRAN. At a minimum, it certainly doesn't seem like the Street has priced this stock for particularly breathtaking performance.

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Investopedia: Adtran And Its Peers Are Back To "Show Me" Status

I'll often get emails from readers that ask me "if you think this stock is cheap, why don't you own it?" Adtran (Nasdaq:ADTN) is a great example of why I often wait to pull the trigger - while I do like the company's management and I think there's potential for the business to grow, no single boat can fight the tide and I'd rather wait to see signs of stabilization (or recovery) in the carrier spending market before stepping up with my own money.

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Seeking Alpha : Should Investors Add Adtran After Fourth Quarter Earnings?

Such is the state of business for companies that supply equipment to carriers like Verizon (VZ) like AT&T (T) that not missing numbers is greeted with the enthusiasm usually reserved for beat-and-raise stories. Certainly these are challenging times for last-mile equipment vendor Adtran (ADTN), but increased home and business demand for broadband and ongoing wireless backhaul buildout could spell better times ahead.

Q4 Results - Good Enough Will Do
Adtran's results weren't great, but the performance at other carrier equipment vendors like Alcatel-Lucent (ALU) and Acme Packet (APKT) wouldn't give any reason to expect them to be so. Nevertheless, a sequential revenue drop of 9% (and a 6% gain from last year) was good enough to meet expectations.

Adtran saw year-on-year growth in both broadband access (up 49%) and internetworking (up 37%), but sequential comparisons were not so exciting (down almost 15% and up about 2%, respectively). Optical access was outright bad, though, as sales dropped 17% from last year and 25% from the third quarter.

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Should Investors Add Adtran After Fourth Quarter Earnings?