Arris Matches Estimates
Arris (ARRS) shares rose on a solid third-quarter earnings performance.
The Suwanee, Ga., cable networking shop posted adjusted earnings of 21 cents a share, repeating the second-quarter profit number but missing the year-ago quarter's 27 cents.
Sales in the quarter ended last month were $254.7 million, flat with the prior quarter but 11% above the $228.6 million mark last year.
Analysts were looking for pro forma earnings of 21 cents a share on sales of $258 million, according to Yahoo! Finance."As we enter the final quarter of 2007, our business continues strong. Our market focused strategy is working and we look forward to further enhancing our overall position with our recently announced agreement to acquire C-Cor (CCBL)," CEO Bob Stanzione said in a press release. The company says it expects to close the C-Cor deal by year-end. Looking ahead, the company says it expects an adjusted profit of 20 cents to 23 cents a share on sales in the range of $250 million and $265 million, in line with the Thomson Financial analyst consensus estimate. Arris shares were up 26 cents to $12.39 in after-hours trading Wednesday.
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