CommScope Beats Q3 Estimates, Shares Rise

11/5/20

By Cole Battershall, NC Biz News

CommScope Holding Company, the global network provider, reported better-than-expected third-quarter earnings on Thursday.

For the third quarter, CommScope reported adjusted earnings per share of 51 cents, beating estimates of 37 cents.

Net sales came in at $2.17 billion, ahead of analysts’ estimates of $2.13 billion.

Net sales decreased 8.9 percent from the prior year due to the lessening demand for its Home Networks and Outdoor Wireless Networks segments. Sales were the highest in the U.S., driven largely by broadband.

“As we look ahead, the Board and management team are focused on growing our business and creating long-term, profitable growth through a combination of investment opportunities and cost-cutting measures,” CEO Chuck Treadway said in the release.

The CEO also shared his enthusiasm for CommScope’s ability “to continue to play a critical role in advancing the 5G and 10G revolutions and shaping our global networks, today and in the future.”

CommScope’s shares were last trading up 35 cents near $10.02 on Thursday.

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