COMM - CommScope sinks 18% after Q2 earnings miss

CommScope (COMM -18.3%) the wireless and broadband network technology company slides after reporting a miss on Q2 earnings; revenue was $2.19B in the period, which beat consensus by $20M. Core net sales up 17.8% Y/Y primarily due to higher net sales in the Broadband Networks and Venue and Campus Networks segments. Core adjusted EBITDA of $293.1M up 21.4% Y/Y; Non-GAAP adjusted EBITDA rose 10% to $307.7M, and cash flow from operations was $191.6M. Net loss of $153.8M, or -$0.82 per share decreased 52.1% Y/Y; Non-GAAP adjusted net income was $105.7M, or $0.43 per share versus $76.9M, or $0.32 per share, in the second quarter of 2020. Non-GAAP adjusted free cash flow was $197.8M after adjusting operating cash flow for $33.8M of additions to property, plant and equipment, $24.8M of cash paid for restructuring costs and $15.2M of cash paid for transaction, transformation and integration costs. Ended the quarter with $446.2 million in cash and cash equivalents. Sales

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CommScope sinks 18% after Q2 earnings miss