HICKORY – CommScope CEO Chuck Treadway chalks up the communications company’s latest quartertly financial results as a “step in the right direction” despite a $61 million loss.
Noting numerous changes made at the company designed to “continue to grow our business and offset inflationary impacts,” Treadway said in a Thursday statement:
“Our second quarter results are a step in that direction, as we have sequentially improved our top-line and profitability, a trend that we expect to continue. Despite supply chain and other macroeconomic challenges, with our robust backlog and solid demand in our key end markets, we believe we are positioned to deliver a stronger second half.”
CommScope delays spinoff of new company; financials top Street expectations
CommScope (Nasdaq: COMM) reported a loss of $61 million in its second quarter.
On a per-share basis, the Hickory, North Carolina-based company said it had a loss of 36 cents. Earnings, adjusted for one-time gains and costs, came to 41 cents per share.
The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 33 cents per share.
The wireless and broadband network technology company posted revenue of $2.3 billion in the period, also topping Street forecasts. Seven analysts surveyed by Zacks expected $2.26 billion.
Read the full earnings report online.
After warning of cost cuts, CommScope names new chief operating officer
