Belden Reports Strong Results for Second Quarter 2018
Aug. 01, 2018
ST. LOUIS--(BUSINESS WIRE)--Aug 1, 2018--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 2018 results for the period ended July 1, 2018.
Second Quarter 2018
On a GAAP basis, revenues for the quarter totaled $668.6 million, increasing $58.0 million, or 9.5%, compared to $610.6 million in the second quarter 2017. Net income was $28.9 million, a decrease of $7.1 million from the prior-year period. Net income included after-tax restructuring and acquisition integration costs of $18.8 million, primarily related to the acquisition of Snell Advanced Media (“SAM”), which was completed during the first quarter 2018. Net income as a percentage of revenues was 4.3% compared to 5.9% in the prior-year period. EPS was $0.49 compared to $0.64 in the second quarter 2017.
Adjusted revenues for the quarter totaled $671.4 million, increasing $60.8 million, or 10.0%, compared to $610.6 million in the second quarter 2017. Adjusted EBITDA margin in the second quarter was 18.3%, consistent with the year-ago period. Adjusted EPS was $1.52 compared to $1.29 in the second quarter 2017. Adjusted results are non-GAAP measures, and a non-GAAP reconciliation table is provided as an appendix to this release.
John Stroup, President, CEO, and Chairman of Belden Inc., said, “Second quarter revenues and EPS were above our guided ranges. I am extremely pleased to report record quarterly revenues that exceeded our long-term growth goal and robust adjusted earnings growth.”
“We expect improved organic growth, solid margin expansion, and double-digit EPS growth in the second half of the year. We are on track to meet our commitments for the full year 2018, and we are well-positioned for success longer term,” said Mr. Stroup.
On a GAAP basis, the Company expects third quarter 2018 revenues to be $667 - $687 million and EPS to be $1.73 - $1.83. For the full year ending December 31, 2018, the Company now expects revenues to be $2.633 - $2.663 billion, compared to prior guidance of $2.623 - $2.673 billion, and EPS to be $3.52 - $3.72, compared to prior guidance of $2.44 - $2.69.
The Company expects third quarter 2018 adjusted revenues to be $670 - $690 million and adjusted EPS to be $1.65 - $1.75. For the full year ending December 31, 2018, the Company now expects adjusted revenues to be $2.643 - $2.673 billion, compared to prior guidance of $2.633 - $2.683 billion, and adjusted EPS to be $6.28 - $6.48, compared to prior guidance of $6.23 - $6.48.
Earnings Conference Call
Management will host a conference call today at 8:30 am ET to discuss the results of the quarter. The listen-only audio of the conference call will be broadcast live via the Internet at http://investor.belden.com. The dial-in number for participants in the U.S. is 800-281-7973; the dial-in number for participants outside the U.S. is 323-794-2093. A replay of this conference call will remain accessible in the investor relations section of the Company’s website for a limited time.
Net Income and Earnings per Share (EPS)
All references to Net Income and EPS within this earnings release refer to net income attributable to Belden and income from continuing operations per diluted share attributable to Belden common stockholders, respectively.
Use of Non-GAAP Financial Information
Adjusted results are non-GAAP measures that reflect certain adjustments the Company makes to provide insight into operating results. GAAP to non-GAAP reconciliations accompany the condensed consolidated financial statements included in this release and have been published to the investor relations section of the Company’s website at http://investor.belden.com.
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