Belden Turns To Profit In Q3, Sees Full-year Earnings At High End Of Range

(RTTNews) - Network equipment maker Belden Inc. (BDC) reported a turnaround to profit in the third quarter on higher revenues, while the prior-year quarter's results were impacted by asset impairment charges.

Looking ahead, the company forecast fourth-quarter results below analysts' estimates and also lowered its adjusted revenue outlook for fiscal 2013. However, the company now forecasts full-year adjusted earnings at the high end of its guidance range.

Belden's net income for the third quarter was $29.07 million or $0.65 per share, compared to net loss of $38.78 million or $0.87 per share in the year-ago period. Adjusted income from continuing operations per share were $0.95, compared to $0.66 in the year-ago period.

On average, seven analysts polled by Thomson Reuters expected earnings of $0.93 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter climbed 12 percent to $522.48 million from $465.23 million a year ago. Adjusted revenue grew 12 percent to $525.6 million. Analysts had a consensus estimate of $530.83 million.

John Stroup, President and CEO of Belden said, "The quarter evolved as anticipated, with revenue and margins within our expected range. Strength from our broadcast and industrial platforms offset weakness in the enterprise market."

Looking ahead, Belden forecast fourth-quarter income from continuing operations per share of $0.56 to $0.61 and revenues of $506 million to $516 million. The company also forecast adjusted income from continuing operations per share of $0.86 to $0.91 and adjusted revenues of $510 million to $520 million. Analysts expect earnings of $0.92 per share for the quarter on revenues of $531.33 million.

For fiscal 2013, Belden now expects reported revenues of $2.065 billion to $2.075 billion and income from continuing operations per share of $2.36 to $2.41. Previously, the company expected full-year reported revenues of $2.08 billion to $2.11 billion and income from continuing operations per share of $2.11 to $2.26.

The company now expects full-year adjusted revenues of $2.078 billion to $2.088 billion and adjusted income from continuing operations per diluted share of $3.64 to $3.69. Previously, the company forecast full-year adjusted revenues of $2.09 billion to $2.12 billion and adjusted income from continuing operations per share in a range of $3.54 to $3.69.

Analysts expect the company to report earnings of $3.68 per share for the year on revenues of $2.10 billion.

Stroup added, "Macroeconomic uncertainty in combination with lower commodity prices has led us to slightly reduce our expectations for full-year revenue; however, we are confirming the high-end of our earnings outlook for the year. We remain focused on market share capture and margin expansion."