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ARRIS sees Q2 profit

ARRIS Group, the communications technology company, has published preliminary and unaudited financial results for the second quarter of 2015.

Commenting on the results, Bob Stanzione, ARRIS Chairman and CEO said: “Sales, margins, and Non-GAAP earnings were all up quarter over quarter, although not as much as we originally thought. These results, as expected, are down compared with the second quarter of last year when we were launching an unprecedented number of new products.  As we have highlighted, we are encountering headwinds which we expect to continue through 2015, in particular those related to industry consolidations and the strong US dollar.  With respect to the third quarter 2015, we expect revenues will be in the range of $1,210 million to $1,260 million, with adjusted net income per diluted share in the range of $0.52 to $0.58 and GAAP net income per diluted share in the range of $0.17 to $0.23.

“I remain confident about our future business prospects and the pending Pace acquisition. The combination is proceeding as expected and we continue to anticipate closing the transaction in the fourth quarter of 2015,” he concluded.

Revenues in the second quarter 2015 of $1,260.1 million were down $169.0 million, or 11.8 per cent as compared to second quarter 2014 revenues of $1,429.1 million.  Second quarter revenues were up $44.9 million or 3.7 per cent, as compared to first quarter 2015 revenues of $1,215.2 million.

Through the first two quarters of 2015, revenues of $2,475.2 million were down $178.9 million, or 6.7 per cent as compared to the first two quarters of 2014 revenues of $2,654.1 million.

Adjusted net income (a non-GAAP measure) in the second quarter 2015 was $0.53 per diluted share, as compared to $0.70 per diluted share for the second quarter 2014, a decrease of $0.17 per diluted share, or 24.3 per cent.   Adjusted net income increased $0.09 per diluted share, or 20.5 per cent as compared to the first quarter 2015 adjusted net income of $0.44 per diluted share.

Year to date, adjusted net income of $0.97 per diluted share for 2015 is a decrease of $0.20, or 17.1 per cent, as compared to the first six months of 2014 adjusted net income of $1.17 per diluted share.

GAAP net income in the second quarter 2015 was $0.11 per diluted share, as compared to the second quarter 2014 GAAP net income of $0.26 per diluted share, a decrease of $0.15 per diluted share, or 57.7 per cent.  GAAP net income decreased $0.02 per diluted share, or 15.4 per cent, as compared to the first quarter 2015 GAAP net income of $0.13 per diluted share.  Year to date, GAAP net income of $0.24 per diluted share for 2015 is a decrease of $0.30, or 55.6 per cent, as compared to the first six months of 2014 GAAP net income of $0.54 per diluted share.

Cash & Cash Equivalents – The Company ended the second quarter 2015 with $622.8 million of cash resources, which includes $619.8 million of cash, cash equivalents and short-term investments, and $3.0 million of long-term marketable securities, as compared to $631.6 million at the end of the first quarter 2015, in the aggregate.  The Company generated $69.2 million of cash from operating activities during the second quarter 2015, as compared to $220.3 million generated during the second quarter 2014.  Through the first six months of 2015, the Company generated $5.9 million of cash from operating activities. This compares to $247.3 million generated during the same period in 2014.

Order backlog at the end of the second quarter 2015 was $651.3 million as compared to $787.6 million and $725.7 million at the end of the second quarter 2014 and the first quarter 2015, respectively. The Company’s book-to-bill ratio in the second quarter 2015 was 0.94 as compared to the second quarter 2014 of 0.85 and the first quarter 2015 of 1.08.

 

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