On Tuesday, Shares of Commscope Holding Company Inc (NASDAQ:COMM), lost -0.23% to $27.79.
Comm Scope Holding Company, stated sales of $973 million and a net loss of $81 million, or $0.42 per share, for the quarter ended September 30, 2015. The stated net loss comprises impairment charges, costs associated with the Broadband Network Solutions (BNS) acquisition and other special items. Not Taking Into Account these items, non-GAAP adjusted net income for the third quarter of 2015 was $103 million, or $0.53 per diluted share. A reconciliation of stated GAAP results to non-GAAP results is attached.
For the quarter ended September 30, 2014, Comm Scope stated sales of $1.0 billion and net income of $96 million, or $0.50 per diluted share. Non-GAAP adjusted net income for the third quarter of 2014 was $119 million, or $0.62 per diluted share.
As formerly declared, Comm Scope accomplished its acquisition of BNS from TE Connectivity on August 28, 2015. The results of the BNS business are comprised in Comm Scope’s results of operations from the date of the acquisition through September 25, 2015, its fiscal period end.
“We are happy to welcome the talented BNS team to Comm Scope. This transformational acquisition broadens our leading position across diverse and growing markets, significantly expands our platform for innovative solutions and creates complementary market opportunities. Also, we continue to expect to realize noteworthy synergy opportunities,” said President and Chief Executive Officer Eddie Edwards. “We are executing integration activities as planned and are excited about the market position of the new Comm Scope.
CommScope Holding Company, Inc., together with its auxiliaries, provides connectivity and infrastructure solutions for wireless, business enterprise, and residential broadband networks worldwide. The company operates through three segments: Wireless, Enterprise, and Broadband.
Shares of Energy Transfer Equity LP (NYSE:ETE), declined -0.77% to $19.27, during its last trading session.
Energy Transfer Equity, and Energy Transfer Partners, declared that effective recently, Marshall (Mackie) S. McCrea, formerly President and Chief Operating Officer of ETP, has been promoted to Group Chief Operating Officer and Chief Commercial Officer for ETE. Also effective recently is the appointment of long-time ETE board member, Matthew S. Ramsey as President and Chief Operating Officer of ETP.
In his new role, Mr. McCrea, who has been instrumental in ETP’s success, is responsible for the oversight and development of all commercial and planned opportunities for the entire family of midstream partnerships. Prior to his appointment as ETP president in 2008, McCrea held a number of senior administration positions within the partnership counting President of Energy Transfer Company, a partner of ETP, and Senior Vice President of business development. McCrea began his career in the energy industry in 1983.
Mr. Ramsey, who has more than 35 years of experience in the energy industry, has served on the board of directors of ETE since 2012 and as Chairman of the board of Energy Transfer-owned Sunoco LP (SUN) since 2014. He now leads ETP’s commercial activities together with the operations, engineering, construction, and compression business segments, all of which will benefit from his track record of building and managing successful companies and his extensive knowledge of the Energy Transfer family. Prior to joining ETP, Ramsey served as president of Houston-based RPM Exploration Ltd., a private oil and gas exploration partnership.
Energy Transfer Equity, L.P., through its auxiliaries, provides diversified energy-related services in the Unites States. It owns and operates about 7,700 miles of natural gas transportation pipelines and 3 natural gas storage facilities located in the state of Texas; and about 12,800 miles of interstate natural gas pipeline.
Finally, Shares of American Express Company (NYSE:AXP), ended its last trade with -0.15% loss, and closed at $73.31.
American Express and the National Trust for Historic Preservation, declared $1 million in funding to support the restoration and preservation of five National Treasure sites, in or adjacent to National Parks. National Treasures are endangered buildings, neighborhoods, communities and landscapes that reveal the vibrancy of the American story.
These grants complement a $5 million commitment made earlier this year by American Express to improvement volunteerism and encourage people of all backgrounds to rediscover their parks – particularly in urban areas. These accessible sites represent a unique perspective on the American experience.
“The parks receiving these generous grants from American Express reflect important chapters in our nation’s rich history, from Negro League Baseball to architectural Modernism, and the railroad boom to the Civil Rights Era,” said Stephanie K. Meeks, president and CEO, National Trust for Historic Preservation. “American Express’ timely support of these preservation projects at such diverse places will give more Americans access to appreciate these National Treasures for generations to come.”
American Express Company, together with its auxiliaries, provides charge and credit payment card products and travel-related services to consumers and businesses worldwide. The company operates through four segments: U.S. Card Services, International Card Services, Global Commercial Services, and Global Network & Merchant Services.