Wednesday, signal transmission solutions provider Belden Inc. (BDC) slipped to a loss in the second quarter that primarily reflected asset sale and restructuring charges. On an adjusted basis, earnings plunged from last year on lower revenues.
The St. Louis, Missouri-based company reported a second-quarter net loss of $4.89 million or $0.10 per share, compared to net income of $41.81 million or $0.88 per share in the same quarter last year.
On an adjusted basis, net income was $15.84 million or $0.34 per share, compared to $45.83 million or $0.97 per share in the previous year quarter.
On average, seven analysts polled by Thomson Reuters expected the company to earn $0.29 per share for the quarter. Analysts' estimates typically exclude special items. During the quarter, Belden recorded pre-tax operating charges of $17.18 million for loss on the sale of assets associated with the divestiture of HEW, a German cable business, non-cash asset impairment charges of $1.45 million and other costs of $6.2 million, which include costs associated with the company's global restructuring plan.
Revenue for the quarter was $343.82 million, down from $556.30 million in the comparable quarter last year. Analysts expected the company to report revenue of $345.16 million for the quarter. Revenue in the most recent quarter included $19.4 million of unfavorable currency translation as compared to the prior year second quarter.
For the six-month period, the company reported a net loss of $37.34 million or $0.80 per share, compared to net income of $54.69 million or $1.14 per share in the same period last year. On an adjusted basis, net income was $23.10 million or $0.49 per share, compared to net income of $78.01 million or $1.63 per share in the prior-year period.
Revenues for the period was $672.33 million, down from $1.07 billion in the comparable period last year.
Looking ahead to the third quarter, the company expects to report revenue, excluding the impact of the deferral of revenues and cost of goods sold with respect to its wireless segment and the impact of charges associated with already announced restructuring actions, in the range of $335 million - $345 million.
Earnings, excluding items, is expected to be in the range of $0.20 - $0.25 per share. Analysts currently anticipate the company to report revenue of $361.97 million for the third quarter.
BDC is currently trading at $18.42, down $0.78 or 4.06%, on a volume of 0.17 million shares on the NYSE.
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