Set-top giant ARRIS reported revenues of $1.615 million for the first quarter of 2016, up $399.5 million, or 33%, year-over-year.
ARRRISFirst quarter revenues were also up $513 million, or 47%, as compared to fourth quarter 2015 revenues of $1.102 million; and the company had adjusted net income of $0.47 per diluted share.
“We are off to a good start to 2016. Our first quarter came in stronger than our non-GAAP guidance and we entered the second quarter with positive momentum,” said Bob Stanzione, ARRIS chairman and CEO.
In January, the company completed the acquisition of Pace plc, and the Q1 results include several acquisition related items that significantly impact GAAP earnings and cash flow, the company noted. Specifically, GAAP net income in the first quarter 2016 was a loss of $1.06 per diluted share, which includes the impact of: withholding tax of $55 million; restructuring costs of $51 million; integration/other deal costs of $40 million; and the impact of revaluing Pace's inventory from historical cost to fair market value as required in purchase accounting of $30 million.
With respect to the second quarter 2016, ARRIS expects sales momentum to mean that revenues will be in the range of $1.675 million to $1.725 million, with adjusted net income per diluted share in the range of $0.65 to $0.70 and GAAP net income per diluted share in the range of $0.09 to $0.14.
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