COMM - CommScope stock jumps 13% amid double-digit gain in core revenues

CommScope (NASDAQ:COMM) is bucking a sharply lower market today, jumping 12.6% after fairly easy beats of expectations on top and bottom lines with its first-quarter earnings. The stock faced a couple of volatility trading halts today, hitting upside triggers. Revenues rose 8% overall to $2.23 billion; core CommScope net sales (mainly excluding Home Networks) rose 10%, to $1.73 billion. On a GAAP basis, net loss widened to $139.9 million from a loss of $97.6 million. Adjusted EBITDA fell about 13% to $253.3 million, and non-GAAP earnings per share fell to 26 cents from 36 cents, which was still about four cents better than expected. "While margins remained under pressure during the quarter, our CommScope team remains focused on the pricing initiatives that are underway to recover inflation, and we expect to see margin improvement for the Core portfolio in the second half of the year," says CEO/President Chuck Treadway. Net

For further details see:

CommScope stock jumps 13% amid double-digit gain in core revenues