- CommScope Holding Co Inc COMM reported first-quarter FY21 net sales growth of 1.9% year-on-year to $2.1 billion, beating the analyst consensus of $2.01 billion.
- Core net sales rose 10.5% Y/Y to $1.6 billion from higher net sales in the Broadband Networks segment.
- U.S. revenue declined 2.3% Y/Y to $1.2 billion, EMEA declined 2.4% Y/Y to $385.7 million, Asia Pacific rose 27% Y/Y to $225.4 million, Caribbean and Latin America rose 21.3% Y/Y to $192.1 million, while Canada declined 5.9% Y/Y to $76.9 million.
- Broadband revenue rose 28.9% Y/Y to $790.7 million from growth in both Network Cable & Connectivity and Network & Cloud. Outdoor Wireless revenue declined 7.6% Y/Y to $322.5 million from a decline in Metro Cell Solutions and Macro Tower Solutions.
- Venue and Campus revenue was flat at $469.6 million from growth in RUCKUS Networks, offset by moderate declines in Indoor Copper Enterprise, Indoor Fiber Enterprise, and DAS and Small Cell. Home revenue declined 18.7% Y/Y to $489.2 million from a decrease in Home Media Solutions and Broadband Connectivity Devices.
- Adjusted EBITDA rose 25.3% Y/Y to $289.7 million, and Core adjusted EBITDA increased 24.6% Y/Y to $273.3 million.
- Non-GAAP adjusted net income was $88.3 million, with an adjusted EPS of $0.36, beating the analyst consensus of $0.29.
- The company used $124 million in operating cash flow and held $325.9 million in cash and equivalents.
- The company will be better able to reinvest in core strategic markets and technologies to capitalize on the growth opportunities in our Broadband, Outdoor Wireless, and Venue and Campus segments following the planned Home Networks business spin-off, CFO Alex Pease said.
- Price action: COMM shares traded higher by 3.18% at $17.21 on the last check Thursday.
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