Belden reports solid third quarter results
October 28, 2015
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Belden Inc. today reported fiscal third quarter 2015 results for the period ended Sept. 27, 2015. The company generated GAAP revenues of $579.3 million and adjusted revenues of $590.1 million; achieved gross profit margins of 39.0%, increasing 270 basis points from 36.3% in the year-ago period; and expanded adjusted EBITDA margins to 16.5%, increasing 80 basis points from 15.7% in the year-ago period;
Revenues for the quarter were down $31.5 million, or 5.2%, compared to $610.8 million in the third quarter 2014; however, gross profit margin in the third quarter was 39.0%, increasing 270 basis points from 36.3% in the year-ago period.
“The quarter was as we expected,” said John Stroup, president and CEO of Belden. Soft demand in our industrial markets, driven by a strong U.S. dollar and lower oil prices, was offset by robust demand for our enterprise, broadband, and network security (offerings). I’m very pleased with our team’s ability to execute in a challenging environment, as evidenced by continued margin expansion and strong free cash flow.
“Despite a challenging economic environment, the business is benefitting from a number of favorable secular trends that we expect will continue the remainder of this year and next.
On a GAAP basis, Belden expects fourth quarter 2015 revenues to be $586-$606 million and income from continuing operations per diluted share to be $1.04-$1.14. For the full year ending December 31, 2015, it now expects revenues to be $2.298 – $2.318 billion compared to the previously guided range of $2.303 – $2.333 billion.
All numbers quoted are in U.S. dollars.