CommScope Eliminates COO Position; Projects Q3 Results Below Estimates

(RTTNews) - CommScope (COMM) said Bruce McClelland is no longer with the company as it has decided to eliminate the position of chief operating officer. The responsibilities will be split among other members of the executive team. Also, CommScope said its second quarter results were in-line with its expectations.

For the second-quarter, non-GAAP adjusted net income (excluding special items) was $0.66 per share, down 2.9% from prior year. On average, 13 analysts polled by Thomson Reuters expected the company to report profit per share of $0.56, for the quarter. Analysts' estimates typically exclude special items.

Second-quarter net sales were $2.59 billion, up 108.5% year over year primarily due to the contribution of $1.38 billion from the ARRIS acquisition. On a pro forma basis, net sales decreased 11.9% year over year. Analysts expected revenue of $2.57 billion for the quarter.

For the third-quarter, the company expects: adjusted EPS in a range of $0.37 to $0.47, and revenue in a range of $2.3 billion - $2.5 billion. Analysts polled by Thomson Reuters expect the company to report profit per share of $0.63 on revenue of $2.68 billion.

Shares of CommScope were down more than 6% in pre-market trade on Thursday.