logo
Plus   Neg
Share
Email

Belden Slips To Loss In Q1; Increases SG&A Cost Reduction Program To $60 Mln

Belden Inc. (BDC), a supplier of specialty networking solutions, on Wednesday reported attributable net loss for the first quarter of $11.19 million or $0.25 per share, compared to net income of $16.47 million or $0.42 per share in the year-ago period.

Adjusted earnings from continuing operations were $0.67 per share, compared to $0.84 per share in the prior-year quarter.

Revenues for the quarter declined to $463.53 million from $500.14 million in the prior-year period.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.67 per share for the quarter on revenues of $473.6 million. Analysts' estimates typically exclude special items.

Looking ahead, Belden said it looks forward to providing revenue and earnings per share guidance again as soon as visibility returns.

Belden added that it has identified a number of incremental savings opportunities, and is increasing the $40 million SG&A cost reduction program to $60 million. The company also said it is maintaining its direct labor force and capacity levels in anticipation of improving demand trends in the second half of fiscal 2020.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The U.S. Food and Drug Administration granted emergency use authorization (EUA) for the first and only clinical T cell-based test for patients to detect the unique T-cell signature specific to SARS-CoV-2, the virus that causes COVID-19. The test confirms recent or prior COVID-19 infection. Developed by Adaptive Biotechnologies, T-Detect COVID Test is a next generation sequencing based (NGS) test. AstraZeneca's one batch of Covid vaccine has been suspended by Austrian health authorities following reports of a death and an illness after receiving vaccination, reports said. The issues were reported in the district clinic of Zwettl in Lower Austria province. The Federal Office for Safety in Health Care in the country said the remaining stocks of the affected AstraZeneca/Oxford Covid-19 vaccine DuPont (DD) announced Monday that it has agreed to acquire Laird Performance Materials from with private equity firm Advent International for $2.3 billion. The company will use existing cash balances for the acquisition. The transaction is expected to close in the third quarter of 2021, subject to regulatory...
RELATED NEWS
Follow RTT