CommScope shares plunge after Q2 results
HICKORY, N.C. (AP) – Network infrastructure company CommScope Inc. said Wednesday its second-quarter profit plunged 61 percent, due to hefty charges related to acquisitions, debt, litigation and restructuring.
Net profit for the three months ended June 30 fell to $15 million, or 18 cents per share, from $40 million, or 50 cents, a year earlier. But excluding one-time charges, profit would have totaled 67 cents per share in the latest period.
Revenue fell 28 percent to $784 million, as tech spending dropped amid the global downturn and the stronger dollar hurt overseas sales.
Analysts surveyed by Thomson Reuters expected the company to earn 61 cents per share, excluding one-time items, and post higher revenue of $835 million.
The company predicted revenue between $750 million and $800 million in the third quarter -- below Wall Street's average $878 million estimate.
CommScope shares plunged $2.52, or 9.8 percent, to $23.23 in after-hours trading Wednesday, after closing the regular session down 51 cents, or 1.9 percent, at $25.75.