CommScope Inc. (CTV) reported a plunge in third quarter net income to $45.83 million or $0.45 per share from $84.69 million or $1.05 per share in the year-ago period.
Meanwhile, adjusted net income for the latest quarter plummeted to $63.3 million or $0.61 per share from $135.6 million or $1.49 petr share in the previous year. On average, 12 analysts polled by Thomson Reuters expected earnings per share of $0.56 on revenues of $784.39 million for the quarter. Analysts' estimate typically excludes one-time items
Net sales for the third quarter of 2009 dropped to $750.43 million from $1.06 billion in the comparable period.
Looking ahead to the fourth quarter of 2009, CommScope expects adjusted operating income in the range of $95 million - $115 million, excluding amortization of purchased intangibles and other special items. Fourth-quarter revenues are expected to lie between $740 million and $790 million. Twelve analysts estimate earnings per share of $0.51 on revenues of $760.45 million for the fourth quarter.
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