HICKORY – CommScope Holding Co. (COMM) on Wednesday reported fourth-quarter net income of $23.9 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Hickory-based company said it had profit of 5 cents. Earnings, adjusted for one-time gains and costs, were 59 cents per share.
The results topped 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 $2.13 billion in the period, which did not meet Street forecasts. Five analysts surveyed by Zacks expected $2.2 billion.
“We delivered strong results for the fourth quarter despite the continued market uncertainty related to the pandemic,” said Chuck Treadway, CommScope’s chief executive officer, in a statement. “While 2020 was a year of change, our dedicated team, resilient supply chain and agile operations allowed us to quickly adapt and innovate across all aspects of our business, and achieve solid financial results while serving our customers around the world.
“Connectivity has never been more vital to businesses and our society,” Treadway added. “Customers are relying on us to help them build connections that meet today’s needs while planning for tomorrow’s demand. Though our portfolio of solutions and expertise is extensive,
we see meaningful opportunities to capitalize on our commitment to customers and take CommScope to the next level of success. With that in mind, this quarter we announced a company-wide initiative, CommScope NEXT, which is a multi-faceted program to drive growth that outpaces the market and drives significant shareholder and stakeholder value. While there is a lot of work ahead, I am inspired by the passion of our CommScope team to build a business that is driven to deliver lasting connectivity for customers and solid results for shareholders.”
For the year, the company reported that its loss narrowed to $573.4 million, or $3.20 per share. Revenue was reported as $8.44 billion.
CommScope shares have increased 18% since the beginning of the year. The stock has increased 10% in the last 12 months.
Read the full earnings report online.