NEW YORK (TheStreet) -- CommScope
(COMM) is up big in aftermarket trading after it raised its sales and earnings guidance, citing the strength of its wireless business. Shares were up 12.7% in after-market trading to $24.94.
CommScope expects sales between $900 million and $925 million, a year-over-year increase of 13%. The telecom company also expects its adjusted operating income to increase 36% from last year, plateauing in the $175 million to $185 million range and adjusted earnings between 43 cents a share and 47 cents a share, up 29% from last year.
"We are very pleased to see strength in our wireless business," said Mark Olson, CommScope executive vice president and chief financial officer. "North American wireless operators continue to invest in our macro cell site and small cell distributed antenna system (DAS) solutions to improve network coverage and capacity. We are also seeing ongoing modernization of 3G wireless networks around the globe."
Must read: Warren Buffett's 10 Favorite Stocks
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts