CommScope Holding Company, Inc. reported net sales of $1.082 billion for the third quarter of 2024, an increase of 2.7% year-over-year. The company posted a GAAP loss from continuing operations of $96.7 million, or $(0.52) per share, which improved from a loss of $533.8 million, or $(2.59) per share, in the prior year period.
Core non-GAAP adjusted EBITDA increased by 25.0% year-over-year to $220.4 million, with the Core adjusted EBITDA margin reaching 20.4%. This improvement was primarily driven by strength in the Connectivity and Cable Solutions (CCS) segment, which saw its adjusted EBITDA increase by 115.0% to $173.9 million.
However, the Networking, Intelligent Cellular and Security Solutions (NICS) segment experienced a 22.3% decline in net sales, and the Access Network Solutions (ANS) segment saw a 14.7% decrease. CommScope narrowed its full-year Core adjusted EBITDA guideposts to a range of $700 million to $750 million, reflecting ongoing market uncertainties.
The company ended the quarter with over $1.02 billion in total liquidity, including $456 million in cash. Management indicated constructive conversations were ongoing with creditors to address debt maturities, following an agreement to divest its Outdoor Wireless Networks (OWN) segment and Distributed Antenna Systems (DAS) business unit, expected to close in Q1 2025.
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