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Belden revenue down slightly, but profit up in Q1


May 2, 2014  


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Belden Inc. on Thursday reported fiscal first quarter 2014 results for the period ended March 30.

On a GAAP basis, revenues for the quarter totaled US$487.7 million, down US$19.8 million, or 3.9%, compared to $507.5 million in the first quarter 2013. Gross profit margin in the first quarter was 36%, increasing 300 basis points from 33% in the year-ago period. Operating profit margin in the first quarter was 10.2%, increasing from 8.7% in the year-ago period. Income from continuing operations per diluted share totaled US$0.57, compared to US$0.49 in the first quarter 2013, a year-over-year increase of 16.3%.

Adjusted revenues for the quarter totaled US$488.3 million, down US$22.1 million, or 4.3%, compared to US$510.4 million in the first quarter 2013. Adjusted gross profit margin in the first quarter was 36.1%, increasing 160 basis points from 34.5% in the year-ago period.

“Despite a reduction in revenue, due to difficult prior year comparisons and unforeseen adjustments in channel inventory, I am pleased with gross margin expansion of 160 basis points,” said John Stroup, president and CEO of Belden.

The company expects second quarter 2014 adjusted revenues to be US$585-$605 million and adjusted income from continuing operations per diluted share to be US$0.95-$1.05. For the full year ending December 31, 2014, it now expects adjusted revenues to be US$2.30-$2.35 billion and adjusted income from continuing operations per diluted share to be US$4.05-$4.35.


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