ADC Telecommunications Closes At Multi-Year Low On Quarterly Results

(RTTNews) - Following the release of lowered guidance, ADC Telecommunications Inc. (ADCT | Quote | Chart | News | PowerRating) gapped open lower on Wednesday and held in a range for the remainder of the session.

The stock ended the day at $10.35 down $3.02 from Tuesday's close.

The decline came on strong volume and took the stock to a new multi-year low.

The company now expects earnings per share from continuing operations for 2008, including items, to be between $0.18 and $0.26, compared with ADC's previous guidance of $0.31 to $0.39 a share.

Further, ADC expects sales from continuing operations for fiscal 2008 to be in the range of $1.50 - $1.52 billion, down from its earlier forecast range of $1.52 - $1.54 billion.

Analysts, polled by First Call/Thompson Financial, have a revenue consensus estimate of $1.53 billion for fiscal 2008.

The company currently expects its third quarter 2008 sales will be 3% - 5% lower than the second quarter and expects its fourth quarter 2008 sales to be around the third-quarter level.

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