ARRIS grows revenue almost 250% after Moto Home acquisition
| 08 May 2014
ARRIS Group booked first quarter 2014 revenues of $1.23 million, which is up a staggering 246.4% year-over-year and well above the analyst consensus of $1,192 million.
Profit for in the first quarter of 2014 was $40.8 million or 28 cents per share compared with a net loss of $14.7 million or 13 cents per share in the prior-year quarter.
Quarterly domestic revenues accounted for 74.3% of the total revenue while International revenues contributed the remaining 25.7%.
"We had a strong first quarter achieving record revenue levels," said Bob Stanzione, ARRIS chairman and CEO. "As we had anticipated last quarter, 2014 is shaping up to be our best year so far. Continued product deployments, new product acceptances and an expanding international interest will continue to drive overall improved performance."
ARRIS closed the acquisition of Motorola Home on 17 April 2013, and the segment results reflected this: its CPE segment generated $894 million of the total revenue, up a big 378.1% year-over-year. ARRIS' network and cloud segment accounted for $332 million in revenue, up a healthy 84.4% year-over-year.
Other metrics were impressive as well: the company ended the first quarter 2014 with $521.5 million of cash resources, and the order backlog at the end of the first quarter 2014 was $996.1 million.
"We are off to a great start in 2014," said David Potts, ARRIS executive vice president and CFO. "Our revenues were up 2.2% from the previous quarter, and we ended the quarter with a very strong order backlog of $996.1 million."
As for as second-quarter guidance, ARRIS is projecting that revenues will be in the range of $1.41 billion to $1.45 billion. inShare0