ST. LOUIS--(BUSINESS WIRE)--
Belden Inc. (NYSE: BDC), a global leader in high quality, end-to-end
signal transmission solutions for mission-critical applications, today
reported fiscal third quarter 2013 results for the period ended
September 29, 2013.
Improved adjusted income from continuing operations per diluted share
to $0.95, up 43.9% over last year’s $0.66;
Expanded adjusted gross margin to 36.0% on adjusted revenues of $525.6
million, increasing 290 basis points from 33.1% in the year-ago period;
Grew adjusted operating income margin to 14.2%, increasing 270 basis
points from 11.5% in the year-ago period;
Purchased 514,738 shares of Belden common stock for $31.25 million
during the calendar quarter; and
Confirmed the higher-end of full-year guidance range for fiscal 2013
adjusted income from continuing operations per diluted share of $3.64
Third Quarter Highlights
Third Quarter 2013
Revenue for the quarter totaled $522.5 million, up $57.3 million, or
12.3%, compared to $465.2 million in the third quarter 2012. Gross
margin in the third quarter was 35.0%, increasing 520 basis points from
29.8% in the year-ago period. Operating income margin in the third
quarter was 10.3%, increasing from negative 2.9% in the year-ago period.
Income from continuing operations per diluted share totaled $0.65,
compared to a loss of $1.24 in the third quarter 2012.
Adjusted revenue for the quarter totaled $525.6 million, up $57.6
million, or 12.3%, compared to $468.0 million in the third quarter 2012.
Adjusted gross margin in the third quarter was 36.0%, increasing 290
basis points from 33.1% in the year-ago period. Adjusted operating
income margin was 14.2%, increasing 270 basis points from 11.5% in the
year-ago period. Adjusted income from continuing operations per diluted
share totaled $0.95, compared to $0.66 in the third quarter 2012. A
reconciliation of non-GAAP (adjusted) financial measures to comparable
GAAP financial measures is provided as an appendix to this release.
John Stroup, President and CEO of Belden Inc., said, “The quarter
evolved as anticipated, with revenue and margins within our expected
range. Strength from our broadcast and industrial platforms offset
weakness in the enterprise market. We are pleased with our adjusted
gross and operating income margins of 36.0% and 14.2%, respectively; a
direct result of our improved business portfolio and robust business
“Macroeconomic uncertainty in combination with lower commodity prices
has led us to slightly reduce our expectations for full-year revenue;
however, we are confirming the high-end of our earnings outlook for the
year. We remain focused on market share capture and margin expansion.
When paired with our strong balance sheet and optimism around
acquisition-related opportunities, we feel confident that Belden is well
positioned for success,” said Mr. Stroup.