CommScope shares rise on strong earnings
Copyright 2005 MarketWatch.com Inc., All Rights ReservedCBS MarketWatchOctober 28, 2005 Friday 12:52 PMBy Michael BaronFrom Lexis Nexis
NEW YORK (MarketWatch) -- Shares of CommScope (ctv) advanced 11.7% to $18.69 on Friday after the Hickory, N.C., maker of communications cable products posted adjusted earnings of $22.7 million, or 34 cents a share, for the third quarter, topping Wall Street's consensus estimate for a profit of 27 cents a share in the September period.
Sales rose 12% year-over-year to $345.6 million for the three months ended Sept. 30. Looking ahead, CommScope said it expects earnings growth of 25% to 30% in calendar 2006.