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Belden Boosts FY21 Outlook As Q2 Results Top Estimates - Quick Facts

While reporting financial results for the second quarter on Wednesday, networking solutions provider Belden Inc. (BDC) raised its earnings and revenue guidance for the full year 2021, based on better than expected performance in the second quarter and an improved outlook for the remainder of the year. The company also provided outlook for the third quarter.

For fiscal 2021, the company now projects earnings in a range of $2.83 to $3.03 per share and adjusted earnings in the range of $4.37 to $4.57 per share on revenues between $2.318 billion to $2.348 billion and adjusted revenues between $2.32 billion to $2.35 billion.

Previously, the company expected earnings in a range of $1.97 to $2.27 per share and adjusted earnings in the range of $3.50 to $3.80 per share on revenues between $2.13 billion and $2.18 billion.

On average, seven analysts polled by Thomson Reuters expect the company to report earnings of $3.68 per share on revenues of $2.17 billion for the year. Analysts' estimates typically exclude special items.

For the third quarter, the company expects earnings in a range of $0.56 to $0.66 per share and adjusted earnings in a range of $1.11 to $1.21 per share on revenues between $589 million and $604 million and adjusted revenues between $590 million and $605 million.

The Street expects the company to report earnings of $0.89 per share on revenues of $541.69 million for the quarter.

For the second quarter, the company reported net income of $44.0 million or $0.46 per share, sharply higher than $3.2 million or $0.07 per share in the prior-year quarter. Excluding items, adjusted earnings were $1.21 per share, compared to $0.46 per share in the year-ago quarter.

Revenues for the quarter grew 41.7 percent to $602.0 million from $424.8 million in the same quarter last year. Adjusted revenues for the quarter totaled $602.8 million.

Analysts expected earnings of $0.93 per share on revenues of $542.76 million for the quarter.

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