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CommScope Beats On Q2; Predicts Stronger 2H

·1 min read
  • CommScope Holding Company, Inc (NASDAQ: COMMreported second-quarter FY22 net sales growth of 5.3% year-on-year to $2.30 billion, beating the consensus of $2.26 billion.

  • Core net sales grew 8.5% Y/Y to $1.88 billion due to higher net sales in the Connectivity and Cable Solutions and Outdoor Wireless Networks segments.

  • Connectivity and Cable Solutions' net sales of $986.7 million increased 26% Y/Y, driven by growth in Network Cable and Connectivity.

  • Outdoor Wireless Networks' net sales of $390.9 million rose 8.6% Y/Y.

  • Non-GAAP EPS of $0.41 beat the consensus of $0.29.

  • Core adjusted EBITDA declined 2.1% Y/Y to $286.8 million. The core adjusted EBITDA margin contracted 170 bps to 15.3%.

  • CommScope held $229.3 million in cash and equivalents.

  • CommScope reiterated the 2022 Core adjusted EBITDA outlook of $1.15 billion - $1.25 billion.

  • "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," said CEO Chuck Treadway.

  • Price Action: COMM shares traded higher by 2.48% at $9.92 in the premarket on the last check Thursday.

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