UPDATE: CommScope Q4 Earnings Top Expectations
CommScope Holding Company, Inc. (NASDAQ: COMM) reported better-than-expected earnings for the fourth quarter.
The Hickory, North Carolina-based company posted quarterly net income of $48 million, or $0.25 per share, versus a year-ago loss of $9 million, or $0.05 per share. Non-GAAP adjusted net income climbed to $0.38 per share from $0.30 per share.
Its sales slipped 2.2% to $828 million. However, analysts were expecting earnings of $0.36 per share on revenue of $828.98 million.
Enterprise segment sales rose 4% to $213 million, while Broadband segment sales climbed 20% to $131 million.
Operating income jumped 27% to $76 million in the quarter.
"CommScope had an outstanding year by nearly all financial and operational measures," said President and Chief Executive Officer Eddie Edwards. "We're proud of our team's accomplishments in 2014, in which we delivered 10 percent sales growth, generated record gross and operating margins and increased adjusted earnings per share by 39 percent. Our track record and the numerous strategic initiatives underway give us confidence that CommScope remains well-positioned for sustainable growth and success over the long-term."
Commscope now expects Q1 earnings of $0.33 to $0.38 per share on revenue of $800 million to $850 million. It projects FY15 earnings of $1.95 to $2.05 per share on revenue of $3.65 billion to $3.80 billion.
Commscope shares fell 2.86% to close at $30.24 yesterday.
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