Stock Hideout - View Single Post - Biff--BDC & BGC Earnings Play for July 25 07

Biff Nixon · Fri, 07-27-2007, 08:27 PM

Belden sees Q2 profit hike 40%
advertisement
Related information

* E-mail this article
* Print-friendly version
* Discuss this article

bizjournals.comAll bizjournals.com News

Belden Inc. saw its second-quarter profit rise nearly 40 percent despite charges and accounting effects related to restructuring and acquisitions, respectively.

The company reported that for the second quarter ended June 24, its net income rose to $30.1 million from $21.5 million in last year's quarter. During the recent quarter, Belden recorded $2.9 million in pretax charges associated with its previously announced restructuring activities in North America and Europe and $12.2 million pretax in nonrecurring purchase accounting effects related to acquired businesses, according to a release.

Belden's second-quarter revenue grew 34 percent to $549.94 million from $409.57 million in last year's quarter. Revenue in the recent quarter included $149.3 million from acquisitions during the quarter and $8.1 million of favorable currency translation, the company said in a release.

"We attribute our strong results in the second quarter to the ongoing execution of our strategic priorities announced less than one year ago," John Stroup, Belden's president and chief executive, said in a statement.

"We are pleased that all three of our strategic acquisitions -- LTK, Hirschmann Automation and Control, and Lumberg Automation -- posted strong financial results in the quarter. Moreover, we are encouraged by the progress being made on the various commercial and cost synergies identified in the acquisition process."

Belden completed the purchase of Hirschmann Automation and Control for about $260 million on March 26, the purchase of LTK Wiring for about $195 million on March 27, and acquired Lumberg Automation for about $115 million on April 30.

Stroup said the company now expects 2007 revenue to exceed $2 billion and earnings per diluted share to be between $2.80 and $2.95 for the year, excluding certain charges and nonrecurring costs. The company's previous guidance called for 2007 revenue of about $2 billion and earnings per diluted share of between $2.50 and $2.70 for the year.

St. Louis-based Belden (NYSE: BDC) designs, manufactures and markets signal transmission products for data networking and specialty electronics applications.

Fri, 07-27-2007, 08:27 PM	#7 (permalink)
Biff Nixon Member Join Date: Jul 2005 Location: Alexandria, VA Posts: 337	EARNINGS Belden sees Q2 profit hike 40% advertisement Related information * E-mail this article * Print-friendly version * Discuss this article bizjournals.comAll bizjournals.com News Belden Inc. saw its second-quarter profit rise nearly 40 percent despite charges and accounting effects related to restructuring and acquisitions, respectively. The company reported that for the second quarter ended June 24, its net income rose to $30.1 million from $21.5 million in last year's quarter. During the recent quarter, Belden recorded $2.9 million in pretax charges associated with its previously announced restructuring activities in North America and Europe and $12.2 million pretax in nonrecurring purchase accounting effects related to acquired businesses, according to a release. Belden's second-quarter revenue grew 34 percent to $549.94 million from $409.57 million in last year's quarter. Revenue in the recent quarter included $149.3 million from acquisitions during the quarter and $8.1 million of favorable currency translation, the company said in a release. "We attribute our strong results in the second quarter to the ongoing execution of our strategic priorities announced less than one year ago," John Stroup, Belden's president and chief executive, said in a statement. "We are pleased that all three of our strategic acquisitions -- LTK, Hirschmann Automation and Control, and Lumberg Automation -- posted strong financial results in the quarter. Moreover, we are encouraged by the progress being made on the various commercial and cost synergies identified in the acquisition process." Belden completed the purchase of Hirschmann Automation and Control for about $260 million on March 26, the purchase of LTK Wiring for about $195 million on March 27, and acquired Lumberg Automation for about $115 million on April 30. Stroup said the company now expects 2007 revenue to exceed $2 billion and earnings per diluted share to be between $2.80 and $2.95 for the year, excluding certain charges and nonrecurring costs. The company's previous guidance called for 2007 revenue of about $2 billion and earnings per diluted share of between $2.50 and $2.70 for the year. St. Louis-based Belden (NYSE: BDC) designs, manufactures and markets signal transmission products for data networking and specialty electronics applications.