Belden Inc. (BDC) has reported a 31.61 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $33.98 million, or $0.59 a share in the quarter, compared with $49.68 million, or $1.17 a share for the same period last year. On the other hand, adjusted income from continuing operations for the quarter stood at $70.25 million, or $1.42 a share compared with $69.29 million or $1.63 a share, a year ago.
Revenue during the quarter went up marginally by 2.54 percent to $612.44 million from $597.24 million in the previous year period. Gross margin for the quarter expanded 87 basis points over the previous year period to 42.74 percent. Total expenses were 90.42 percent of quarterly revenues, down from 90.45 percent for the same period last year. This has led to an improvement of 3 basis points in operating margin to 9.58 percent.
Operating income for the quarter was $58.67 million, compared with $57.01 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $122.48 million compared with $114.62 million in the prior year period. At the same time, adjusted EBITDA margin improved 81 basis points in the quarter to 20 percent from 19.19 percent in the last year period.
John Stroup, president, chief executive officer and Chairman of Belden Inc., said, "We are pleased to deliver another quarter of organic growth and margin expansion as our team continues to generate share capture and drive sustainable productivity improvements."
For financial year 2017, the company forecasts diluted earnings per share to be in the range of $3.35 to $3.60. The company forecasts diluted earnings per share to be in the range of $4.95 to $5.20 on adjusted basis.
For the first-quarter, The company forecasts diluted earnings per share to be in the range of $0.41 to $0.51. On an adjusted basis, the company forecasts diluted earnings per share to be in the range of $0.83 to $0.93.
Operating cash flow improves significantly
Belden Inc. has generated cash of $314.79 million from operating activities during the year, up 30.37 percent or $73.33 million, when compared with the last year.
The company has spent $73.26 million cash to meet investing activities during the year as against cash outgo of $746.25 million in the last year. It has incurred net capital expenditure of $53.58 million on net basis during the year, down 1.57 percent or $0.85 million from year ago.
Cash flow from financing activities was $401.70 million for the year as against cash outgo of $11.07 million in the last year period.
Cash and cash equivalents stood at $848.12 million as on Dec. 31, 2016, up 291.29 percent or $631.36 million from $216.75 million on Dec. 31, 2015.
Debt comes down
Belden Inc. has recorded a decline in total debt over the last one year. It stood at $1,620.16 million as on Dec. 31, 2016, down 6.23 percent or $107.62 million from $1,727.78 million on Dec. 31, 2015. Total debt was 42.56 percent of total assets as on Dec. 31, 2016, compared with 52.11 percent on Dec. 31, 2015. Debt to equity ratio was at 1.11 as on Dec. 31, 2016, down from 2.09 as on Dec. 31, 2015. Interest coverage ratio improved to 2.54 for the quarter from 2.14 for the same period last year.
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