ARRIS International plcNASDAQ
Wed, Nov. 2, 9:18 AM
- Bryant VanCronkhite, lead manager of the $5 billion Wells Fargo Special Mid Cap Value fund (MUTF:WFPCX), aims to get an edge by buying companies with strong balance sheets, but only when Wall Street is mispricing their stock.
- Among the 60-odd holdings in his fund, he highlights private-label food maker TreeHouse Foods (NYSE:THS), communications outfit Harris (NYSE:HRS), fast-food chain Wendy’s (NYSE:WEN), transaction processor DST Systems (NYSE:DST), and set-top box maker Arris International (NASDAQ:ARRS).
- THS: He expects TreeHouse to throw off $500M-plus in free cash flow over the next five years from $213M last year. Says it's, “Wildly attractive in the consumer-staples space.”
- HRS: Became interesting when CEO Bill Brown took the helm in 2011. He bought rival Exelis for $4.6B and cleaned house. VanCronkhite expects the company’s more-concentrated portfolio of assets to produce higher levels of cash flow over the next three to five years. Notes that Jana Partners acquired two board seats in August, increasing the likelihood of even more value creation. At $89, its shares yield 2.4%.
- WEN: “Everyone knows Wendy’s products, but I don’t think the market prices in the way the business is run.” Management is on a “multiyear, multipronged” program to raise shareholder value, and has almost completed its move to a 95% franchise-owned model.
- DST: “DST rejuvenated their business model under a wealth and health platform.” Over the long term, he expects DST’s investments in technology to pay off. Expects FCF to more than double over the next five years.
- ARRS: The TV set-top-box maker’s customers are some of the biggest names in cable, such as Comcast and Charter Communications. And they’re incentivized to be good customers. “They have access to buy Arris stock at a specific price based on how much revenue they bring in. Says FCC fears are overblown.
- Source: Barron's
Wed, Oct. 26, 5:35 PM
Wed, Oct. 26, 4:54 PM
- Arris (NASDAQ:ARRS) is 10.1% lower after hours following Q3 results that beat expectations but featured downside guidance for Q4.
- Revenues grew 42% on an adjusted basis (revenues saw noncash adjustments, tied to customer warrants).
- Cash from operations came to $297M (vs. a year-ago $208M).
- Order backlog came to $1.034B, vs. a year-ago $559M and Q2's $1.239B; Book-to-bill ratio was 0.88 (vs. last year's 0.92, and Q2's 0.94).
- For Q4, the company's guiding to GAAP revenues of $1.665B-$1.715B and adjusted revenues of $1.675B-$1.725B (vs. consensus for $1.712B), and non-GAAP EPS of $0.68-$0.72 (below consensus for $0.77).
- Conference call to come at 5 p.m. ET.
- Press Release
Wed, Oct. 26, 4:07 PM
Tue, Oct. 25, 5:35 PM
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Wed, Oct. 12, 12:16 PM
- Arris (ARRS +0.3%) will be a key partner in the development of Charter Communications' (CHTR +0.2%) WorldBox 2.0 platform, targeted at traditional TV sets across the Charter footprint.
- The next-gen WorldBox 2.0 is a hybrid video platform that expands on Charter's downloadable conditional access capabilities as well as adding more graphics capabilities and processing power. The platform "gives Charter the flexibility to deploy a single platform across our entire expanded network," says Charter's Jim Blackley.
- The two companies had recently entered into a warrant agreement providing for Charter to acquire Arris shares based on targeted sales of Arris equipment to Charter over the next three years.
Fri, Oct. 7, 7:25 PM
- Stock in set-top box maker Arris (ARRS +6.8%) jumped today after it detailed a warrant agreement with Charter Communications (NASDAQ:CHTR), now the second-largest cable company in the U.S., and analysts came in with bullish takes.
- The agreement gives Charter a warrant to buy up to 6M shares of Arris stock at a strike price of $28.54 (vs. today's close of $29.65) after Charter buys a certain amount of products from Arris.
- Needham reiterated a Buy rating and price target of $32. "While it's difficult to precisely quantify the impact of the Charter agreement, we are qualitatively encouraged by Charter's willingness to sign an agreement that incentivizes it [to] purchase an increasing amount of product from ARRS in two consecutive years," writes analyst Richard Valera.
- Arris had entered a similar arrangement with top cable company Comcast this summer.
Fri, Oct. 7, 3:04 PM
Fri, Sep. 9, 9:43 AM
- With attention in the U.S. set-top box market focused on proposed new FCC rules opening the market, Arris (ARRS -0.1%) is pointing to a global coup, partnering with Telefonica (TEF -0.6%) on a new range of next-gen set-tops worldwide.
- The "Proteus" portfolio will begin rolling out in 2017 for Telefonica's satellite DTH, cable and IPTV services, supporting wired and wireless, and HD and ultra HD.
- The two are building on past partnerships in Brazil and Spain. Telefonica's choice of Arris "represents the progression of a successful partnership that will bring next-generation services to millions of subscribers across Europe and Latin America," says Arris' Steve McCaffery.
- Meanwhile, Arris says Portugal Telecom (OTCPK:ATCEY) has chosen an Arris ultra HD set-top for its recently launched MEO 4K service in Portugal. The wireless box gives subscribers access to MEO's 4K viewing using Wi-Fi and featuring time-shift/DVR capabilities.
Tue, Aug. 23, 4:41 PM
- After looking throughout 2016, Arris (ARRS +0.7%) has set its top leadership, naming Bruce McClelland its new chief executive, effective Sept. 1.
- He'll replace Bob Stanzione, who will remain chairman of the board and add the title of executive chairman.
- McClelland also joins the board along with his appointment.
- McClelland had joined the Arris Interactive joint venture 17 years ago as VP of engineering, following 11 years with Nortel Networks/Bell Northern Research.
Wed, Jul. 27, 5:39 PM
Wed, Jul. 27, 4:54 PM
- Arris International (ARRS -2.4%) is up 8.8% after hours after beating on top and bottom lines in its Q2 earnings report and boosting guidance.
- Comps were affected by the January acquisition of Pace plc, an integration that is mostly complete, Arris says.
- Order backlog was $1.239B, up from a year-ago $651.3M but down sequentially from $1.335B. Book-to-bill ratio was 0.94, flat Y/Y.
- It's now guiding to Q3 revenues of $1.7B-$1.75B (in line) and adjusted EPS of $0.72-$0.77 (vs. consensus for $0.73). For the full year, it expects revenues to be at the high end of guidance while net income is trending above guidance (consensus expectations are for EPS of $2.60 on revenues of $6.76B).
- Cash and equivalents came to $902.9M.
- Conference call to come at 5 p.m. ET.
- Press release
Wed, Jul. 27, 4:47 PM
Tue, Jul. 26, 5:35 PM
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Mon, Jul. 25, 10:59 AM
- Arris (ARRS +0.2%) has its channel program offering support and sales in every major market after an expansion into the U.S. and Canada.
- That will ease provision of a broader set of of offerings to a bigger client base. The program has centralized online resources through single sign-on and added new tools and resources, the company says.
- The expanded program has sales tools, training, incentives and joint marketing programs set to allow value-added resellers to design solutions for cable operators, telecom operators, ISPs, broadcasters, and enterprises, Arris says.
Thu, Jun. 30, 2:29 PM
- Arris (ARRS +1.1%) has sold its Media Analysis Framework unit to digital ad platform Watchwith.
- That move comes a day after Arris unloaded its Whole Home Solution to Canada's Espial (OTC:ESPAF). In that deal, Espial took over management of Arris' WHS server provider customers with Arris continuing to provide media gateways and media players.
- Watchwith's deal adds Arris' machine learning and automated metadata collection to its capabilities. The technology analyzes, tags and describes video to reduce manual tagging needs (and therefore expenses). Watchwith will integrated it into its data-driven advanced ad products.
- Like the move with WHS, the Media Analysis Framework deal involves a transfer of engineers from Arris, and Watchwith will set up an R&D office in Chicago.