24/7 Market News Snapshot 29 Jul 2024 – CommScope Holding Company, Inc. (NASDAQ: COMM)

July 29, 2024 6:02

Press Release

DENVER, Colo., 29 July, 2024 (247marketnews.com) – (NASDAQ:COMM) are discussed in this article.
CommScope Holding Company, Inc. (NASDAQ:COMM) experienced a significant surge in its stock price, opening at $2 and rising to $2.31, representing a 20.52% increase from the opening. The previous closing was at $1.92, indicating strong upward momentum. With a trading volume of 6.7 million, this spike reflects heightened investor interest and robust buying activity, suggesting bullish sentiment possibly driven by favorable news or an improved financial outlook. Resistance levels are observed around $2.50, while support remains near $2.

Additionally, CommScope has announced its preliminary financial results for Q2 2024, highlighting a strong performance. Projected consolidated net sales are at $1.39 billion, with core net sales at $1.05 billion. Expected GAAP income from ongoing operations stands at $75 million, and consolidated non-GAAP adjusted EBITDA is forecasted at $302 million, with core non-GAAP adjusted EBITDA at $201 million. These core financials exclude the Outdoor Wireless Networks (OWN) segment and the Distributed Antenna Systems (DAS) unit from Networking, Intelligent Cellular, and Security Solutions (NICS).

CommScope’s Connectivity and Cable Solutions and OWN segments outperformed expectations, supported by inventory normalization and increased demand in pivotal areas. Meanwhile, the NICS and Access Network Solutions segments reported weaker performance. President and CEO Chuck Treadway noted the company’s effective navigation through challenging market conditions in the first half of the year, driven by robust datacenter and cloud business in the CCS segment and stabilizing customer inventories.

CommScope plans to engage with lenders and bondholders in Q3 to optimize its capital structure, reduce debt, and address upcoming maturities. Furthermore, the company has entered an agreement to divest its OWN segment and the DAS unit to Amphenol Corporation (NYSE:APH) for $2.1 billion in cash, expected to close in H1 2025.

These financial results are preliminary and subject to adjustments upon completion of quarter-end reviews. CommScope will discuss these results further in a conference call on August 8th, which will be webcast on their Investor Relations website.

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