Belden Slips To Loss In Q1; Increases SG&A Cost Reduction Program To $60 Mln

(RTTNews) - Belden Inc. (BDC), a supplier of specialty networking solutions, on Wednesday reported attributable net loss for the first quarter of $11.19 million or $0.25 per share, compared to net income of $16.47 million or $0.42 per share in the year-ago period.

Adjusted earnings from continuing operations were $0.67 per share, compared to $0.84 per share in the prior-year quarter.

Revenues for the quarter declined to $463.53 million from $500.14 million in the prior-year period.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.67 per share for the quarter on revenues of $473.6 million. Analysts' estimates typically exclude special items.

Looking ahead, Belden said it looks forward to providing revenue and earnings per share guidance again as soon as visibility returns.

Belden added that it has identified a number of incremental savings opportunities, and is increasing the $40 million SG&A cost reduction program to $60 million. The company also said it is maintaining its direct labor force and capacity levels in anticipation of improving demand trends in the second half of fiscal 2020.