CommScope Holding Company, Inc. (NASDAQ:COMM) Q3 2023 Earnings Conference Call November 9, 2023 8:30 AM ET
Company Participants
Massimo DiSabato - Vice President, Investor Relations
Chuck Treadway - President and Chief Executive Officer
Kyle Lorentzen - Executive Vice President and Chief Financial Officer
Conference Call Participants
Simon Leopold - Raymond James
Meta Marshall - Morgan Stanley
Tal Liani - Bank of America
George Notter - Jefferies
Joe Cardoso - JPMorgan
Matt Niknam - Deutsche Bank
Steven Fox - Fox Advisors
Operator
Good day and thank you for standing by. Welcome to the CommScope Third Quarter 2023 Earnings Conference Call. [Operator Instructions] Please be advised today’s conference is being recorded. I would now like to hand the conference over to your speaker today, Massimo DiSabato, Vice President of Investor Relations. Please go ahead.
Massimo DiSabato
Good morning and thank you for joining us today to discuss CommScope’s 2023 third quarter results. I am Massimo DiSabato, Vice President of Investor Relations for CommScope. And with me on today’s call are Chuck Treadway, President and CEO; and Kyle Lorentzen, Executive Vice President and CFO.
You can find the slides that accompany this report on our Investor Relations website. Please note that some of our comments today will contain forward-looking statements based on our current view of our business, and actual future results may differ materially. Please see our recent SEC filings which identify the principal risks and uncertainties that could affect future performance.
Before I turn the call over to Chuck, I have a few housekeeping items to review. Today, we will discuss certain adjusted or non-GAAP financial measures, which are described in more detail in this morning’s earnings materials. Reconciliations of non-GAAP financial measures and other associated disclosures are contained in our earnings materials and posted on our website. All references during today’s discussion will be to our adjusted results. All quarterly growth rates are described during today’s presentation are on a year-over-year basis, unless otherwise noted.
I will now turn the call over to our President and CEO, Chuck Treadway.
Chuck Treadway
Thank you, Massimo and good morning everyone. I will begin on Slide 2. CommScope delivered core net sales of $1.35 billion and core adjusted EBITDA of $245 million for the third quarter of 2023. Our third quarter continues to be impacted by lower customer orders, driven by larger-than-expected customer inventory corrections, customer CapEx reductions and the macroeconomic uncertainty. The consolidated CommScope, which includes our Home Networks business, we reported net sales of $1.6 billion, down 33% year-over-year and adjusted EBITDA of $249 million down 28% year-over-year.