ARRIS Q3 falls 13%
October 29, 2015
ARRIS Group has announced preliminary and unaudited financial results for the third quarter 2015.
“Our third quarter results were in line with our expectations and are lower than the third quarter of last year when we were launching an unprecedented number of new products. We continue to encounter headwinds, in particular, those related to telco capex, industry consolidations and the strong US dollar. With respect to the fourth quarter 2015, we expect revenues will be in the range of $1.1 billion to $1.15 billion, with adjusted net income per diluted share in the range of $0.40 to $0.45, ” said Bob Stanzione, ARRIS Chairman and CEO.
“I remain confident about our future business prospects as we weather through the current cycles. I am looking forward to closing the pending Pace acquisition which will make us even better positioned for future growth. Last week the shareholders of both ARRIS and Pace approved the combination and we continue to work to satisfy the remaining regulatory conditions to close the transaction,” he added.
Revenues in the third quarter 2015 of $1.221 billion were down $184 million, or 13.1 per cent as compared to third quarter 2014 revenues of $1.405 billion. Third quarter revenues were down $38.7 million or 3.1 per cent, as compared to second quarter 2015 revenues of $1.26 billion.