Arris Shares Surge on Q1 Results - Broadcasting & Cable

Arris Shares Surge on Q1 Results

Quarterly revenues, net income beat expectations
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Arris shares closed down for the day on Tuesday, but were up more than 10% in after-hours trading following the release of first quarter results and a second quarter forecast that beat Wall Street estimates.

Arris, which closed its acquisition of Motorola Home just over a year ago, posted first quarter revenues of $1.23 billion, up 2% from the $1.19 billion posted in the previous quarter, and earnings of 47 cents per share. Analysts were expecting earnings of 45 cents on revenues of $1.18 billion.

Arris ended the quarter with $521 million of cash resources and an order backlog of $996.1 million.

For the full story go to Multichannel.com.

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