Belden Inc. (BDC) has reported a 56.09 percent jump in profit for the quarter ended Apr. 02, 2017. The company has earned $25.69 million, or $0.40 a share in the quarter, compared with $16.46 million, or $0.39 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $47.74 million, or $0.92 a share compared with $42.58 million or $1.01 a share, a year ago.
Revenue during the quarter went up marginally by 1.83 percent to $551.38 million from $541.50 million in the previous year period. Gross margin for the quarter contracted 127 basis points over the previous year period to 40.28 percent. Total expenses were 90.69 percent of quarterly revenues, down from 92.44 percent for the same period last year. This has led to an improvement of 175 basis points in operating margin to 9.31 percent.
Operating income for the quarter was $51.34 million, compared with $40.96 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $92.99 million compared with $89.06 million in the prior year period. At the same time, adjusted EBITDA margin improved 42 basis points in the quarter to 16.86 percent from 16.45 percent in the last year period.
John Stroup, president, chief executive officer, and chairman of Belden Inc., said, "The quarter unfolded as expected. Favorable secular trends, solid execution, and our attractive portfolio drove another quarter of organic growth. Furthermore, we continue to expand margins as we benefit from our robust Lean enterprise system."
For financial year 2017, Belden Inc. expects revenue to be in the range of $2,355 million to $2,405 million. It projects diluted earnings per share to be in the range of $3.31 to $3.56. It projects diluted earnings per share to be in the range of $4.95 to $5.20 on adjusted basis for the same period.
For the second-quarter, Belden Inc. expects revenue to be in the range of $595 million to $615 million. It projects diluted earnings per share to be in the range of $0.70 to $0.80. It projects diluted earnings per share to be in the range of $1.15 to $1.25 on an adjusted basis for the same period.
Operating cash flow turns negative
Belden Inc. has spent $12.26 million cash to meet operating activities during the quarter as against cash inflow of $12.61 million in the last year period.
The company has spent $10.40 million cash to meet investing activities during the quarter as against cash outgo of $28.77 million in the last year period.
The company has spent $15.23 million cash to carry out financing activities during the quarter as against cash outgo of $55.56 million in the last year period.
Cash and cash equivalents stood at $815.92 million as on Apr. 02, 2017, up 457.84 percent or $669.66 million from $146.26 million on Apr. 03, 2016.
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