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 2016 results for the period ended October 2, 2016.
Third Quarter 2016
On a GAAP basis, revenues for the quarter totaled $601.1 million, increasing $21.8 million, or 3.8%, compared to $579.3 million in the third quarter 2015. Gross profit margin in the third quarter was 40.9%, increasing 190 basis points from 39.0% in the year-ago period. Net income was $35.7 million, increasing from $14.6 million in the prior-year period. Net income as a percentage of revenues was 5.9% in the third quarter, increasing 340 basis points from 2.5% in the prior-year period. EPS totaled $0.68, compared to $0.35 in the third quarter 2015.
Adjusted revenues for the quarter totaled $602.5 million, increasing 2.1%, compared to $590.1 million in the third quarter 2015. Adjusted gross profit margin in the third quarter was 41.6%, increasing 80 basis points from the year-ago period. Adjusted EBITDA margin in the third quarter was 18.5%, increasing 200 basis points from 16.5% in the year-ago period. Adjusted EPS increased by 13.2% to $1.29 from $1.14 in the third quarter 2015. Adjusted results are non-GAAP measures, and a non-GAAP reconciliation table is provided as an appendix to this release.
John Stroup, President and CEO of Belden Inc., said, “We are pleased to deliver another quarter of organic revenue growth, margin expansion and double-digit earnings growth. Our team continues to execute well and our Lean enterprise system is clearly driving sustainable productivity improvements and strong free cash flow.”
“Our balanced portfolio and proven business system allow us to perform well under a variety of market situations. When paired with our strong balance sheet and optimism around acquisition-related opportunities, we feel confident Belden is well-positioned for success,” said Mr. Stroup.
On a GAAP basis, the Company expects fourth quarter 2016 revenues to be $604 – $624 million and EPS to be $0.91 – $1.01. For the full year ending December 31, 2016, the Company now expects revenues to be $2.348 – $2.368 billion compared to the previously guided range of $2.348 – $2.378 billion. The expected range of EPS is now $2.94 – $3.04 compared to the previously guided range of $2.88 – $3.08.
The Company expects fourth quarter 2016 adjusted revenues to be $605 – $625 million and adjusted EPS to be $1.36 – $1.46. For the full year ending December 31, 2016, the Company now expects adjusted revenues to be $2.355 – $2.375 billion compared to the previously guided range of $2.355 – $2.385 billion. The expected range of adjusted EPS is now $5.20 – $5.30 compared to the previously guided range of $5.15 – $5.35.
Earnings Conference Call
Management will host a conference call today at 8:30 am EDT to discuss 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 888-287-5563; the dial-in number for participants outside the U.S. is 719-325-2432. A replay of this conference call will remain accessible in the investor relations section of the Company’s Web site for a limited time.
Belden Inc. delivers a comprehensive product portfolio designed to meet the mission-critical network infrastructure needs of industrial, enterprise and broadcast markets. With innovative solutions targeted at reliable and secure transmission of rapidly growing amounts of data, audio and video needed for today’s applications, Belden is at the center of the global transformation to a connected world. Founded in 1902, the Company is headquartered in St. Louis and has manufacturing capabilities in North and South America, Europe and Asia. For more information, visit us at www.belden.com or follow us on Twitter @BeldenInc.