ARRIS has announced preliminary and unaudited financial results for the second quarter 2016.
GAAP revenues in the second quarter 2016 of $1.730 billion (€1.561) were up $470 million, or 37 per cent, as compared to second quarter 2015 revenues of $1.260 billion. Second quarter revenues were also up $115 million, or 7 per cent, as compared to first quarter 2016 revenues of $1.615 billion. The second quarter 2016 revenues reflect a reduction of $4.3 million related to outstanding warrants.
Through the first two quarters of 2016, revenues of $3.345 billion were up $870 million, as compared to the first two quarters of 2015 revenues of $2.475 billion.
On January 4th, the Company completed the acquisition of Pace and say that, as a result, comparisons to prior year periods are materially affected and the results include several restructuring and acquisition related items.
“We entered the second quarter with great momentum as reflected in results that came in stronger than our guidance. The integration of Pace continues to be on track and is mostly complete. With respect to the third quarter 2016, we expect revenues will be in the range of $1.700 billion to $1.750 billion, with GAAP net income per diluted share in the range of $0.28 to $0.33 and adjusted net income per diluted share in the range of $0.72 to $0.77. As a result, we are now estimating our full year 2016 revenue to be at the high end of our annual guidance while net income per diluted share is trending above our annual guidance,” said Bob Stanzione, ARRIS Chairman and CEO.