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CommScope Holding Company, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports net sales of $1,082.2 million for the quarter, a 2.7% increase from $1,053.4 million in the same quarter the previous year. This increase was primarily driven by higher sales volumes in the Connectivity and Cable Solutions segment.
Operating income for the quarter was $102.2 million, compared to an operating loss of $408.4 million in the previous year. The improvement was attributed to higher sales volumes and favorable product mix.
Net loss for the quarter was $33.0 million, a significant improvement from a net loss of $828.7 million in the previous year. Loss from continuing operations was $96.7 million, compared to $533.8 million in the previous year.
Cash and cash equivalents decreased to $456.4 million as of September 30, 2024, from $543.8 million at the end of 2023. The decrease was mainly due to cash paid for the acquisition of certain assets of Casa Systems, Inc.
CommScope reported a restructuring credit of $0.9 million for the quarter, compared to restructuring costs of $22.0 million in the previous year, reflecting ongoing cost-saving initiatives.
The company continues to focus on its transformation initiative, CommScope NEXT, aimed at driving operational efficiencies and portfolio optimization.
CommScope entered into a definitive agreement with Amphenol Corporation (APH-2.85%) to sell its Outdoor Wireless Networks segment and the Distributed Antenna Systems business unit for approximately $2.1 billion. The transaction is expected to close in the first quarter of 2025.
The company completed the sale of its Home Networks segment to Vantiva SA on January 9, 2024, and has recast its financial statements to reflect this as a discontinued operation.
CommScope is negotiating with creditors to refinance its $1.27 billion senior unsecured notes due June 2025, as it does not currently have sufficient liquidity to repay them at maturity.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CommScope Holding Company Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.