ST. LOUIS (AP) ¿ Belden Inc., an electronics-components maker, said Wednesday it lost more than $30 million in the first quarter as the global recession slashed its revenue by more than a third.
However the company, which also issued second-quarter guidance below Wall Street estimates, easily beat expectations for the three months ended March 29.
Belden lost $32.5 million, or 70 cents per share, compared with a profit of $12.9 million, or 27 cents per share, in the year-earlier period.
Excluding one-time items for restructuring, the company posted adjusted earnings per share of 16 cents. The restructuring included closing German connector manufacturing facilities and moving their production to Eastern Europe.Analysts polled by Thomson Reuters expected, on average, more modest earnings per share of 10 cents. Analyst estimates typically exclude one-time items. The average number of shares in the recently completed quarter fell to 46.5 million from 48.4 million. Revenue dropped to 36 percent $328.5 million from $511.8 million. Analysts expected $342.9 million in revenue. In midday trading, shares jumped $1.09, or 7.1 percent, to $16.53.