Plus   Neg

Belden Provides Preliminary Q1 Results; Withdraws FY20 Outlook - Quick Facts

Belden Inc. (BDC), a supplier of specialty networking solutions, today announced preliminary results for the fiscal first quarter of 2020. In addition, the company said it is withdrawing its outlook for full-year 2020 revenue and earnings per share that it previously provided, as the prior guidance did not reflect any impact from COVID-19.

Belden now expects first-quarter revenues in a range of $460 million to $465 million, down from the prior range of $485 million to $505 million.

The company expects reported earnings for the quarter of $0.30 to $0.35, compared to the prior range of $0.23 to $0.38. This outlook range is subject to significant adjustments as the company complete an interim asset impairment analysis, which is required primarily due to equity market conditions at the end of the first quarter.

Belden now projects adjusted earnings per share for the first quarter to be $0.64 to $0.69, down from the prior range of $0.70 to $0.85.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $0.72 per share for the quarter on revenues of $484.4 million. Analysts' estimates typically exclude special items.

The company will report first-quarter results before trading begins on Wednesday, April 29, 2020.

John Stroup, President, CEO, and Chairman of Belden said, "Out of an abundance of caution, we proactively drew down $190 million under our revolver at the beginning of Q2, resulting in over $450 million in liquidity. Further, we are taking appropriate steps to manage our expenses and working capital."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Former Google engineer Anthony Levandowski was sentenced by a U.S. judge to eighteen months in prison for stealing trade secrets from Google's self-driving car unit before he defected to Uber's rival unit. Levandowski admitted that from 2009 to 2016, he worked in Google's self-driving car program, known then as Project Chauffer. JetBlue has strengthened its face covering policy, by prohibiting face masks with vents or exhalation valves, starting August 10. It will also no longer allow customers to claim exemptions from wearing a face covering altogether. Home Depot, Inc. is set to open three new distribution centers in Georgia over the next 18 months, which is expected to create an additional 1,000 new jobs in Greater Atlanta, including full-time and part-time positions. The home improvement retailer has already created more than 5,000 new jobs in Georgia over the last five years.
Follow RTT