CommScope Reports Strong Fourth Quarter 2016 Results

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CommScope Holding Company, Inc. (NASDAQ: COMM), a global leader in infrastructure solutions for communications networks, reported sales of $1.18 billion and net income of $54 million, or $0.28 per diluted share, for the quarter ended December 31, 2016. Sales rose 3 percent year over year driven by strength in the North America wireless and fiber-to-the-X (FTTX) markets. Non-GAAP adjusted net income for the fourth quarter 2016 was $121 million, or $0.61 per diluted share. A reconciliation of reported GAAP results to non-GAAP results is attached. 

In comparison, for the quarter ended December 31, 2015, CommScope reported sales of $1.14 billion and a net loss of $75 million, or a loss of $0.39 per share. Non-GAAP adjusted net income for the fourth quarter of 2015 was $83 million, or $0.42 per diluted share.  

“We are very pleased to deliver another quarter of sales growth and outstanding financial results,” said President and Chief Executive Officer Eddie Edwards. “We are equally proud of our full-year 2016 performance.  While integrating a major acquisition, we increased earnings significantly, more than doubled cash flow from operations and repaid nearly $700 million of debt.
“We also successfully met major execution milestones in our BNS integration plan and raised our synergy targets by more than 30 percent. We see growth opportunities ahead and are confident in our long-term market position.” 

Read the full press release.

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