shares surged to take back their steep November losses after the communication-equipment maker ratcheted up its fourth-quarter outlook.
The Hickory, N.C., company starting losing substantial ground in late October after cutting its full-year guidance while setting a fourth-quarter sales range that dipped below the lower end of Wall Street's consensus.
Wednesday, however, CommScope lifted the low end of that range by $15 million, and the high end by $5 million, to between $435 and $445 million. That situates it just above the average analyst estimate of $434.2 million, according to Thomson Financial.
The company also raised its operating-margin view by a half-percentage point to between 11.5% and 12.5%, excluding items, and estimated that operating income will climb 30% to 45% from a year earlier. That translates into $47.2 million to $52.6 million. Analysts are expecting $51.2 million.
CommScope attributed the boost to upward trends in sales, orders and operations.
Shares were recently up $6.52, or 16.2%, to $46.71.