CommScope Holding Co. beats analysts’ expectations with earnings of 81 cents per share in the third quarter, according to a filing with the Securities and Exchange Commission Thursday.
Net income was $94 million, up from a loss of $81 million [Screen Shot 2016-08-30 at 5.44.19 PM] for the same period last year. Wall Street analysts expected earnings of 71 cents per share.
“We are pleased to deliver year-over-year revenue growth and strong bottom-line results, which exceeded our expectations,” said Chief Executive Officer Eddie Edwards in a statement. “Our fiber-to-the-X and wireless technologies were catalysts for this strong performance, especially in North America,”
The company reported revenue of $1.29 billion, up from $973 million for the same period last year. The revenue was in line with expectations.
CommScope, a telecommunications company, has been based in Hickory since its founding in 1976. The company boasts a patent portfolio consisting of approximately 2,700 patents and patent applications.
Shares of CommScope rose more than 5 percent Thursday morning, peaking at $32.03.
Note: This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism