CommScope: 3Q Earnings Snapshot
HICKORY, N.C. (AP) _ CommScope Holding Co. (COMM) on Thursday reported third-quarter profit of $63.8 million.
The Hickory, North Carolina-based company said it had net income of 33 cents per share. Earnings, adjusted for one-time gains and costs, came to 59 cents per share.
The results fell short of Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 66 cents per share.
The wireless and broadband network technology company posted revenue of $1.15 billion in the period, also missing Street forecasts. Four analysts surveyed by Zacks expected $1.22 billion.
For the current quarter ending in December, CommScope expects its per-share earnings to range from 34 cents to 39 cents.
The company said it expects revenue in the range of $1.01 billion to $1.07 billion for the fiscal fourth quarter.
CommScope expects full-year earnings in the range of $2.09 to $2.14 per share, with revenue ranging from $4.53 billion to $4.58 billion.
CommScope shares have dropped 35 percent since the beginning of the year. The stock has dropped 28 percent in the last 12 months.