Belden Q2 Adj. Profit Tops View, Cuts 2015 Adj. EPS, Revenue Outlook

(RTTNews) - Networking products maker Belden Inc. (BDC) reported that second-quarter net income was $21.6 million or $0.50 per share, compared to $15 million or break-even per share in the prior-year quarter.

Excluding items, adjusted income from continuing operations was $1.21 per share, compared to $1.05 per share in the year-ago quarter. On average, six analysts polled by Thomson Reuters expected the company to report earnings of $1.19 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter grew 12.2 percent to $585.76 million from $600.89 million in the comparable quarter last year. Adjusted revenue for the quarter totaled $598.51 million, compared to $605.05 million a year ago. Analysts expected revenue of $608.44 million for the quarter.

Looking ahead to the third quarter, the company expects adjusted income from continuing operations in a range of $1.05 to $1.15 per share, on projected adjusted revenues between $580 million and $600 million. On a GAAP basis, the Company expects loss from continuing operations per share to be $0.16 to $0.06 and revenues to be $567 million to $587 million.

Analysts expect the company to report third-quarter earnings of $1.49 per share on quarterly revenue of $628.84 million.

For fiscal 2015, the company now expects adjusted income from continuing operations in the range of $4.70 to $4.90 per share, on projected adjusted revenues between $2.36 billion and $2.39 billion. On a GAAP basis, the Company expects loss from continuing operations per share to be $0.94 to $1.14 and revenues to be $2.30 billion to $2.33 billion.

Street is currently looking for full-year 2015 earnings of $5.30 per share on annual revenue of $2.45 billion.

Previously, the company expected adjusted income from continuing operations in the range of $5.28 to $5.48 per share on adjusted revenues between $2.45 billion and $2.50 billion.