Belden Q2 Profit Up, Lifts Q3, FY Projections

(RTTNews) - Belden Inc. (BDC) Tuesday announced 2.7 percent increase in second quarter to $601.6 million from $585.8 million last year. On a per share basis, earnings were $0.98, up from $0.50 in the prior year. Adjusted earnings per share was $1.54. The company said it has recorded income tax benefit for the quarter from tax planning initiatives.

Revenues for the quarter increased 0.8 percent to $603.4 million from $598.5 million in the previous year.

Looking ahead to the third quarter, the company expects earnings per share to be in a range of $0.66 - $0.76. Adjusted earnings per share is expected to be in a range of $1.35 to $1.45. Revenue outlook for the third quarter is in a range of $593 - $613.

For the full year, Belden raised its earnings outlook to $3.23 to $3.43 per share from previous guidance of $2.84 to $3.14 per share. Adjusted earnings per share is expected to be in a range of $5.50 to $5.70, while the earlier guidance was $5.15 to $5.45.

Revenue expectations also is revised upwards to a range of $2.348 to $2.378 billion from the prior outlook range of $2.313 to $2.363 billion. Adjusted revenue is seen in a range of $2.335 to $2.385 billion, up from previous projection of $2.320 to $2.370 billion.

The company also expects its combined Industrial businesses to return to growth in the second half of the year.