ADC Growth Surges

ADC Telecommunications Inc. reported fiscal second-quarter profit that more than doubled and boosted its earnings estimates for the full year. The company also said that Chief Executive William Cadogan will retire by the end of next year and a search has begun for a successor. ADC, whose equipment eliminates bottlenecks in phone networks, said profit surged to $93.7 million, or 29 cents a share, in the latest quarter, from $45.3 million, or 15 cents, a year ago, as sales climbed 55% to $709.2 million. Analysts were expecting 26 cents a share. For the full year, ADC said it now expects earnings to rise by more than 60% this year, double the growth rate of 25% to 30% it previously forecast.