Belden Issues 2Q Outlook Below Street Estimates
ST. LOUIS (AP) ¿ Belden Inc., an electronics-components maker, said Wednesday its sales and profit for the second-quarter will miss analyst expectations as customers struggle with the effects of the global recession.
The company expects earnings per share, adjusted to exclude one-time items, to range from 25 cents to 30 cents. Analysts polled by Thomson Reuters expect, on average, 33 cents per share.
Belden forecast revenue for the period between $340 million and $350 million. Wall Street expects $390 million in sales.
"While still difficult, we have seen some stabilization in our markets, and we expect our channel partners to continue carefully managing their inventory levels as we jointly work our way through this difficult period," John Stroup, chief executive, said in a statement released by the company.Belden also said it lost $32.5 million, or 70 cents per share in the first quarter, 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, beating analysts' target of 10 cents per share. Revenue dropped to $328.5 million from $511.8 million, and came up shy of Wall Street's expectation of $342.9 million. In midday trading, shares jumped $1.13, or 7.3 percent, to $16.58.
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