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07.11.2019 19:10:20

Why CommScope Stock Surged Today

Shares of CommScope (NASDAQ: COMM) have surged today, up by 21% as of 12:10 p.m. EST, after the company reported third-quarter earnings. The telecommunications supplier missed revenue estimates but beat on the bottom line.Revenue came in at $2.38 billion. That was up 107% from the prior-year period, but mostly due to the acquisition of ARRIS, a deal that was announced a year ago and closed in April. Analysts were expecting $2.42 billion in sales. That all translated into adjusted net income of $126.9 million, or $0.55 per share, easily ahead of the consensus estimate of $0.44 per share in adjusted profit. Adjusted EBITDA increased 55.5% to $369.8 million.Image source: Getty Images.Continue reading
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