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Belden Q4 Profit Beats Estimates; To Buy Grass Valley For $220 Mln

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Belden Inc. (BDC: Quote) reported that its fourth-quarter income from continuing operations declined year-over-year to $23.93 million or $0.54 per share, from $39.48 million or $0.88 per share. Income from continuing operations decreased largely as a result of favorable discrete tax items in the year-ago period. Net income per share was $0.51, compared to $3.70, prior year. Adjusted income from continuing operations per share was $0.91, for the quarter.

On average, seven analysts polled by Thomson Reuters expected the company to report profit per share of $0.90 for the quarter. Analysts' estimates typically exclude special items.

On a GAAP basis, revenue totaled $509.8 million, up 6.7%, from $477.7 million in the fourth quarter 2012. Adjusted revenue for the quarter totaled $515.9 million, up 7.2%, compared to $481.2 million in the fourth quarter 2012. Analysts expected revenue of $518.24 million for the quarter.

Belden also announced it has submitted a binding offer to purchase privately held Grass Valley for $220 million. The binding offer is subject to consultation with Grass Valley's foreign labor works council. Grass Valley provides technologies including production switchers, cameras, servers, and editing solutions within the mission critical applications of broadcast customers.

On a GAAP basis, the company expects first quarter 2014 revenues to be $491 million-$501 million and income from continuing operations per share to be $0.55 - $0.60. The company expects its first-quarter adjusted revenues to be $495 million-$505 million and adjusted income from continuing operations per share to be $0.77 - $0.82. Analysts expect the company to report first-quarter profit per share of $0.88 on revenue of $516.37 million.

For the full year ending December 31, 2014, the company expects revenues to be $2.096 billion-$2.136 billion and income from continuing operations per share to be $2.95 - $3.25. For the full year ending December 31, 2014, the company expects adjusted revenues to be $2.11 billion-$2.15 billion and adjusted income from continuing operations per share to be $3.81 - $4.11. Analysts expect the company to report fiscal 2014 profit per share of $4.05 on revenue of $2.15 billion.

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by RTT Staff Writer

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