CommScope Holding Company, Inc. (NASDAQ: COMM), an infrastructure solutions company for communications networks, reported sales of $1.06 billion and a net loss of $(23) million, or $(0.12) per share, for the quarter ended December 31, 2018.
Non-GAAP adjusted net income for the fourth quarter of 2018 was $100 million, or $0.51 per diluted share.
“We are pleased to deliver fourth-quarter results at the high end of our expectations.
Our positive results reflected stronger than anticipated sales volumes and favorable product and geographic mix, as well as our ongoing cost reduction initiatives,” said President and Chief Executive Officer Eddie Edwards.
“While we continue to expect near-term challenges, we remain focused on closing the acquisition of ARRIS and are excited about the value creation potential of this highly strategic combination.”
In the quarter, the company benefited from the positive impact of a lower than expected adjusted effective tax rate. The favorable tax rate in the quarter was primarily due to the lower U.S. federal tax rate, the favorable jurisdictional mix of pretax earnings and the positive impact of new IRS regulations that were released in the fourth quarter of 2018.
In comparison, for the quarter ended December 31, 2017, CommScope reported sales of $1.12 billion and net income of $54 million, or $0.27 per diluted share. Non-GAAP adjusted net income for the fourth quarter of 2017 was $91 million, or $0.47 per diluted share. Comments? Email Us.
February 22, 2019
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