Belden Inc. (NYSE: BDC), a global leader in signal transmission solutions for mission-critical applications, today reported second quarter 2012 results for the period ended July 1, 2012.
Second Quarter Highlights
- Generated record gross profit margin of 31.4%, increasing 220 basis points from 29.2% in the year-ago period;
- Achieved operating profit margin of 12.1%, increasing 260 basis points sequentially and 120 basis points year over year;
- Successfully completed the acquisition of Miranda Technologies, Inc. in July 2012;
- Purchased 776,240 shares of Belden common stock for $25.0 million during the quarter, bringing the total program-to-date shares retired to 3.05 million under the previously announced share repurchase program; and
- Guided full year 2012 adjusted revenue, inclusive of Miranda, to a range of $1.95 – $1.97 billion and adjusted income from continuing operations per diluted share to a range of $2.95 – $3.05.
Second Quarter Results
Revenue for the quarter totaled $484.0 million, up 4% compared to $464.3 million in the first quarter 2012. Income from continuing operations per diluted share for the quarter totaled $0.92, compared to $0.52 per diluted share in the first quarter 2012 and $0.72 per diluted share in the second quarter 2011. The effective tax rate for the quarter was less than the 25.0% rate estimated in the Company’s previous guidance due to the timing within the year of favorable discrete tax items, which had a positive impact of $0.17 per diluted share.John Stroup, President and CEO of Belden Inc., commented, "I am pleased with our second quarter results, including margin expansion both sequentially and year over year in all segments. Our ability to improve financial results in this challenging macroeconomic environment is a testament to our improved business portfolio, robust business systems and a talented team. Weakness in southern Europe and China was partially offset by strong performance in the Americas and Germany. We believe we’re navigating the current business climate well, and we are implementing responsible cost measures to ensure a strong position going forward.”