CommScope Holding Company (NASDAQ: COMM), an infrastructure solutions company for communications networks, reported sales of $1.17 billion and net income of $55 million, or $0.28 per diluted share, for the quarter ended June 30, 2017. Non-GAAP adjusted net income for the second quarter of 2017 was $119 million, or $0.60 per diluted share.
Second Quarter Highlights:
- Sales of $1.17 billion
- Operating income of $138 million and adjusted operating income (excluding special items) of $242 million
- Net income of $0.28 per diluted share
- Adjusted net income (excluding special items) of $0.60 per diluted share
In comparison, for the quarter ended June 30, 2016, CommScope reported sales of $1.31 billion and net income of $62 million, $0.32 per share. Non-GAAP adjusted net income for the second quarter of 2016 was $145 million, or $0.74 per diluted share.
“Our results for the second quarter reflect the continued impact of the challenging industry environment,” said President and Chief Executive Officer Eddie Edwards. “We expect certain North American service providers to spend cautiously over the next few quarters due primarily to industry consolidation, competitive dynamics and timing of certain large projects. In the interim, we will continue to stringently manage our costs and work to position CommScope for long-term success.”
“We believe that our recent acquisition of Cable Exchange and our new high-speed migration platform will enhance our position in the data center market over the longer term. We expect to return to overall growth in 2018,” he said.
August 7, 2017
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