CommScope reported net sales of $2.168 billion up 3% the preceding quarter but down 8.9% from a year earlier. Net sales declined primarily due to year over year decreases in the Home Networks and Outdoor Wireless Networks segments.
CommScope generated a net loss of $(116.3) million, or $(0.66) per basic share, in the third quarter, compared to the prior year period's net loss of $(156.5) million, or $(0.88) per basic share. Non-GAAP adjusted net income for the third quarter of 2020 was $123.1 million, or $0.51 per diluted share, versus $126.9 million, or $0.55 per diluted share, in the third quarter of 2019.
“Since joining CommScope in October, I have been impressed by the team’s relentless focus on executing against our strategic objectives and delivering for our customers around the world,” said Chuck Treadway, president and chief executive officer. “Communication networks are essential to our economies, education system and for keeping us connected on a personal level. I couldn’t be happier to be a part of a company providing such critical network connectivity.
“As we look ahead, the Board and management team are focused on growing our business and creating long-term, profitable growth through a combination of investment opportunities and cost-cutting measures. While there remains much to do, we are confident in our ability to deliver enhanced profitability and unlock even greater value for CommScope and our shareholders. I am excited for CommScope to continue to play a critical role in advancing the 5G and 10G revolutions and shaping our global networks, today and in the future.”
