CommScope’s profit plunges 46%, beats views
HICKORY, N.C. (AP) – CommScope Inc.'s profit plunged by 46 percent in the latest quarter as the maker of telecommunications cables was hurt by weaker spending and the slowdown in home and business construction.
Still, the profit beat Wall Street's forecasts, while sales fell well short. The stock rose 82 cents, or 3 percent, to $28.59.
The company said Tuesday that net income fell to $45.8 million, or 45 cents per share, from $84.7 million, or $1.05 per share, a year ago.
Excluding one-time items, profit was 61 cents per share.
Revenue fell 29 percent to $750.4 million.
Analysts expected profit of 56 cents per share and $784.3 million in revenue.
The profit forecast generally excludes one-time items.
CommScope said it expects revenue of $740 million to $790 million in the fourth quarter, which was in the range of analysts' expectations.