ADTRAN, Inc. ADTN reported solid first-quarter 2021 results, wherein both the bottom and the top lines beat the respective Zacks Consensus Estimate.This Huntsville, AL-based networking equipment maker saw record product order bookings in the quarter.Net IncomeOn a GAAP basis, net income in the March quarter was $0.9 million or 2 cents per share against a net loss of $10 million or loss of 21 cents per share in the prior-year quarter. The significant improvement was largely driven by narrower operating loss and a gain from investments.Non-GAAP net income came in at $6.3 million or 13 cents per share against a net loss of $2.2 million or loss of 5 cents per share in the year-ago quarter. Also, the bottom line beat the Zacks Consensus Estimate by 9 cents.ADTRAN, Inc. Price, Consensus and EPS Surprise ADTRAN, Inc. price-consensus-eps-surprise-chart | ADTRAN, Inc. QuoteRevenuesQuarterly total revenues grew to $127.5 million from $114.5 million in the prior-year quarter, reflecting the increased demand for ADTRAN’s network solutions. Also, the top line surpassed the consensus estimate of $126 million.The company’s business continues to be driven by strong demand for its fiber access platforms, in-home service delivery platforms and software platforms with regional service providers across the United States and Europe.Sales of network solutions were $113.8 million compared with $97.4 million in the year-ago quarter. ADTRAN’s end-to-end solutions simplify the deployment of fiber-based broadband services and provide a better customer experience. Services and support sales were $13.7 million, down from $17.2 million.Other DetailsThe total cost of sales increased from $62.9 million to $73.9 million. Gross profit came in at $53.6 million compared with $51.6 million in the prior-year quarter. Operating loss in the quarter was $1.3 million compared with a loss of $4.9 million in the year-ago quarter.The company announced that its board of directors approved a cash dividend of 9 cents per share for the first quarter of 2021. The amount is payable on Jun 3 to shareholders on record as of May 20.Cash Flow & LiquidityDuring the first quarter, ADTRAN generated $10.7 million of net cash from operating activities.As of Mar 31, 2021, the company had $63.8 million in cash and cash equivalents with $26.7 million of deferred compensation liability compared with the respective tallies of $60.2 million and $25.9 million at the end of the previous quarter.Zacks Rank & Stocks to ConsiderADTRAN currently carries a Zacks Rank #3 (Hold).Some better-ranked stocks in the broader industry are Vicor Corporation VICR, Cogent Communications Holdings, Inc. CCOI and Western Digital Corporation WDC, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Vicor delivered a trailing four-quarter earnings surprise of 80.6%, on average.Cogent delivered a trailing four-quarter earnings surprise of 29%, on average.Western Digital delivered a trailing four-quarter earnings surprise of 26.3%, on average.Zacks Top 10 Stocks for 2021In addition to the stocks discussed above, would you like to know about our 10 best buy-and-hold tickers for the entirety of 2021?Last year's 2020 Zacks Top 10 Stocks portfolio returned gains as high as +386.8%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.Access Zacks Top 10 Stocks for 2021 today >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ADTRAN, Inc. (ADTN): Free Stock Analysis Report Western Digital Corporation (WDC): Free Stock Analysis Report Cogent Communications Holdings, Inc. (CCOI): Free Stock Analysis Report Vicor Corporation (VICR): Free Stock Analysis Report To read this article on Zacks.com click here.