October 29, 2014
Belden Inc today reported revenues for the quarter totaling US$610.8 million, a company record. Revenues were up US$88.3 million, or 16.9%, compared to US$522.5 million in the third quarter 2013. Gross profit margin in the third quarter was 36.3%, increasing 130 basis points from 35.0% in the year-ago period.
Operating profit margin in the third quarter was 9.5%, increasing 740 basis points from the previous quarter and decreasing 80 basis points from the year-ago period. Income from continuing operations per diluted share was US$0.77, compared to US$0.65 in the third quarter 2013, an increase of 18.5% year over year.
Adjusted revenues for the quarter totaled US$613.1 million and were also a company record. Adjusted revenues were up US$87.5 million, or 16.7%, compared to US$525.6 million in the third quarter 2013. Adjusted gross profit margin in the third quarter was 37.6%, increasing 160 basis points from 36.0% in the year-ago period.
“Sequential operating profit margin improvement was a highlight and a result of the progress made within Grass Valley,” said John Stroup, president and CEO of Belden. “Overall, the business performed as expected, with revenue growth in our Broadcast and Industrial platforms offsetting the portfolio improvement initiatives within our Enterprise Connectivity business.”
The company expects fourth quarter 2014 adjusted revenues to be US$590-$610 million, which incorporates the impact of both a stronger US dollar and lower commodity prices.