ARRIS Results In Line With Estimates; Q3 Guidance Weak

(RTTNews) - ARRIS Group Inc (ARRS), a provider of media entertainment and data communications solutions, on Wednesday reported second-quarter net earnings of $16.8 million or $0.11 per share compared with $39 million or $0.26 per share last year.

Excluding items, adjusted earnings for the quarter were $0.53 per share compared with $0.70 per share a year ago.

Revenues for the quarter were down 11.8% at $1.26 billion compared with $1.43 billion in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.53 per share on revenues of $1.26 billion for the quarter. Analysts' estimates typically exclude special items.

ARRIS said it is encountering headwinds that are expected to continue through 2015, in particular those related to industry consolidations and the strong US dollar.

For the third quarter, the company expects adjusted earnings of $0.52 to $0.58 per share on revenues of $1.21 billion to $1.26 billion. Analysts estimate earnings of $0.64 per share on revenues of $1.30 billion.