CommScope Holding Company, Inc. (NASDAQ: COMM), which focuses on infrastructure solutions for communications networks, reported results for the quarter ended June 30, 2018.
The company reported sales of $1.24 billion for the second quarter, compared with $1.17 billion during the same period in the prior year. During the second quarter of 2018, CommScope achieved net income of $66 million, or $0.34 per diluted share, which was an increase from the prior year period’s net income of $55 million, or $0.28 per diluted share. Non-GAAP adjusted net income for the second quarter of 2018 was $133 million, or $0.68 per diluted share, versus $119 million, or $0.60 per diluted share, in the second quarter of 2017.
“We are pleased to deliver solid second quarter results, which reflect our team’s focus on capitalizing on growth opportunities in our core markets while managing costs effectively,” said President and Chief Executive Officer Eddie Edwards. “The strong year-over-year growth in North America in our Mobility segment and Outdoor Network Solutions business reflects our industry-leading technology, scale and customer relationships.”
Second Quarter 2018 Performance
- Sales of $1.24 billion, up 6 percent year over year
- GAAP operating income of $165 million
- Non-GAAP adjusted operating income (excluding special items) of $251 million
- GAAP net income of $0.34 per diluted share
- Non-GAAP adjusted net income (excluding special items) of $0.68 per diluted share, up 13 percent year over year and at high end of guidance range
“We remain committed to identifying and pursuing opportunities to drive solid growth in core and adjacent markets through innovation and accretive acquisitions. We are confident that the continued prudent investment in our business, strategic allocation of capital toward accretive M&A and a focus on operational efficiency will enable us to deliver continued growth and value to shareholders. Our platform of world-class, differentiated solutions and services continues to set CommScope apart.”
August 1, 2018