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ARRIS lowers guidance

13 July 2015 08:38

ARRIS Group - a global leader in entertainment and communications solutions - has lowered its guidance for the second quarter.

The group now expects revenues of $1,250m-$1,260m compared with previous guidance of $1,270m-$1,310m. Adjusted net income per diluted share is now put at $0.51-$0.55 compared with $0.53-$0.58 previously and GAAP net income per diluted share is now guided at $0.09-$0.13 against $0.17-$0.22 previously.

Chairman and chief executive Bob Stanzione said: "The headwinds we faced in the second quarter were stronger than anticipated resulting in the update to our second quarter 2015 revenue and earnings guidance.

"Our business continues to be impacted by external factors, most notably the various pending industry consolidations and by the strengthening of the US dollar. At this point, we anticipate that these factors will continue to impact us in the second half of 2015. We expect the Pace plc acquisition to help counter some of these industry conditions as a result of anticipated synergies and a more diversified customer base and product portfolio. The combination is proceeding as expected, with regulatory approvals recently received from both Germany and South Africa. We continue to anticipate closing the combination in the fourth quarter of 2015. We will provide additional details and commentary during our upcoming second quarter earnings call on July 29, 2015."

At 8:38am:

(LON:PIC) Pace PLC share price was -7.05p at 366.05p

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