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Benzinga
Benzinga
Business
Anusuya Lahiri

Why CommScope Shares Are Surging Today

COMM CommScope Nasdaq
  • CommScope Holding Company, Inc (NASDAQ:COMM) reported first-quarter FY22 net sales growth of 7.6% year-on-year to $2.23 billion, beating the consensus of $2.08 billion.
  • Core net sales grew 10.3% Y/Y to $1.73 billion due to higher net sales in the Connectivity and Cable Solutions and Outdoor Wireless Networks segments.
  • Connectivity and Cable Solutions' net sales of $838.0 million increased 23.8% Y/Y, driven by outdoor and indoor connectivity and cabling business growth.
  • Outdoor Wireless Networks' net sales of $390.1 million rose 20.3% Y/Y.
  • Non-GAAP EPS of $0.26 beat the consensus of $0.21.
  • Core adjusted EBITDA declined 14.9% Y/Y to $230 million. The non-GAAP adjusted EBITDA margin contracted 260 bps to 11.4%.
  • CommScope held $314.7 million in cash and equivalents.
  • CommScope reiterated 2022 Core adjusted EBITDA outlook of $1.15 billion - $1.25 billion.
  • Price Action: COMM shares traded higher by 12.4% at $7.35 on the last check Thursday.
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