Belden Q2 Earnings Beat Estimates - Quick Facts

(RTTNews) - Belden Inc. (BDC), a maker of transmission equipment for broadcasting, Wednesday reported second-quarter net earnings which fell sharply, as acquisition-related restructuring expenses and productivity enhancement programs eclipsed revenues growth. Earnings, however, topped analysts' estimates.

For the three months to June, net earnings stood at $15,000 or breakeven earnings per share, down from $29.49 million or $0.66 per share a year earlier. SG&A expenses surged to $145.9 million from $93.5 million last year.

Excluding certain items, earnings totaled $46.46 million or $1.05 per share, compared with $44.17 million or $0.99 per share a year ago.

On average, seven analysts polled by Thomson-Reuters estimated the company's earnings to be $1.01 for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly revenues rose to $600.9 million, from $529.5 million in the corresponding period last year. Analysts expected revenues of $595.88 million.

The company further said it acquired ProSoft, a technology provider to the industrial automation . "The integration of Grass Valley is progressing well, and we look forward to the benefits of ProSoft joining the company. We remain committed to our strategic plan as we shift our focus and resources towards higher value products and services, and believe the best is still before us," said CEO John Stroup.

Looking ahead, the company expects third quarter adjusted earnings of $1.05 to $1.15 per share from continuing operations on revenues of $599 million to $619 million.

For the full-year, Belden expects adjusted earnings of $4.10 to $4.30 per share from continuing operations on revenues of $2.28 billion to $2.33 billion.

Analysts expect third-quarter earnings of $1.15 per share on revenues of $620.48 million, and annual earnings of $4.21 per share on revenues of $2.33 billion.