CommScope: 3Q Earnings Snapshot
HICKORY, N.C. (AP) _ CommScope Holding Co. (COMM) on Thursday reported a third-quarter loss of $156.5 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Hickory, North Carolina-based company said it had a loss of 88 cents. Earnings, adjusted for one-time gains and costs, were 55 cents per share.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 45 cents per share.
The wireless and broadband network technology company posted revenue of $2.38 billion in the period, falling short of Street forecasts. Five analysts surveyed by Zacks expected $2.43 billion.
For the current quarter ending in December, CommScope expects its per-share earnings to range from 27 cents to 37 cents.
The company said it expects revenue in the range of $2.2 billion to $2.4 billion for the fiscal fourth quarter.
CommScope shares have declined 28% since the beginning of the year. The stock has decreased 53% in the last 12 months.