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Belden Reports Solid Results In Second Quarter 2013

Stocks in this article: BDC

Belden Inc. (NYSE: BDC), a global leader in high quality, end-to-end signal transmission solutions for mission-critical applications, today reported fiscal second quarter 2013 results for the period ended June 30, 2013.

Second Quarter Highlights

  • Increased adjusted income from continuing operations per diluted share to $0.99, up 11.2% over last year’s $0.89 per diluted share;
  • Expanded adjusted gross margin to 35.2% on adjusted revenues of $532.6 million, increasing 360 basis points from 31.6% in the year-ago period;
  • Grew adjusted operating income margin to 14.2%, increasing 210 basis points from 12.1% in the year-ago period;
  • Purchased 584,198 shares of Belden common stock for $31.25 million during the quarter; and
  • Raised the midpoint of full-year guidance for fiscal 2013 adjusted revenue to $2.09 – $2.12 billion and adjusted income from continuing operations per diluted share to $3.54 - $3.69.

Second Quarter 2013

Revenue for the quarter totaled $529.5 million, up $71.3 million, or 15.6%, compared to $458.2 million in the second quarter 2012. Gross margin in the second quarter was 33.8%, increasing 220 basis points from 31.6% in the year-ago period. Operating income margin in the second quarter was 10.2%, decreasing 140 basis points from 11.6% in the year-ago period. Income from continuing operations per diluted share totaled $0.66, compared to $0.86 in the second quarter 2012.

Adjusted revenue for the quarter totaled $532.6 million, up $74.4 million, or 16.2%, compared to $458.2 million in the second quarter 2012. Adjusted gross margin in the second quarter was 35.2%, increasing 360 basis points from 31.6% in the year-ago period. Adjusted operating income margin was 14.2%, increasing 210 basis points from 12.1% in the year-ago period. Adjusted income from continuing operations per diluted share totaled $0.99, compared to $0.89 in the second quarter 2012. A reconciliation of non-GAAP (adjusted) financial measures to comparable GAAP financial measures is provided as an appendix to this release.

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