Cable specialist Belden, which recently closed the acquisition of Miranda, and also owns Telecast Fiber Systems, reported that its revenue for the second quarter fiscal 2012 was $484m million, down 10% versus the same period a year ago, and up 4% compared to the previous quarter.
The company said that weakness in southern Europe and China was partially offset by strong performance in the Americas and Germany.
Despite the lower year-over-year revenue in the quarter, the company’s net income for the quarter was up 22% versus the same period a year ago, to $42.4m.
Operating income for the quarter was $58.35m, essentially flat with the previous year. The operating margin for the quarter was 12.1%, up 1.2% versus the same period a year ago, and up 2.6% versus the previous quarter.
The company kept a tight control on costs in the second quarter. SG&A expenses for the quarter were $77.9m, down 8% versus the previous quarter. R&D expenses in the quarter were $15m, up 3% versus the previous quarter.
Broadcast revenue in the quarter was approximately $72m or 15% of total revenue. These results do not include revenue from Miranda, which was acquired by Belden in July 2012.
Guidance for Q3 and Full Year 2012
Belden said it expects its Q3 2012 adjusted revenues to be in the range of $490m to $500m, with adjusted income from continuing operations per diluted share to be in the range of $0.69 – $0.74. For the full year 2012 the company said it expects its adjusted revenue, inclusive of Miranda, to be in the range of $1.95Bn to $1.97Bn, with adjusted income from continuing operations per diluted share in the range of $2.95 – $3.05. The company had previously said that it expected its full year 2012 revenues to be $1.98 – $2.02 billion and income from continuing operations per diluted share to be $2.75 – $2.90.
“I am pleased with our second quarter results, including margin expansion both sequentially and year over year in all segments,” said John Stroup, President and CEO of Belden. “While I’m pleased with our execution, macroeconomic uncertainty is a concern. Therefore, we remain committed to funding our growth initiatives while closely managing our overall cost structure.”
Press Release: Belden Delivers Solid Operating Results in Second Quarter 2012
Previous Quarter: Belden Grows Earnings 13 Percent on Flat Revenue in Q1 2012
Belden Press Release: Belden Enters Into a Definitive Agreement to Acquire Miranda Technologies for C$17.00 Per Share
Miranda Press: Release: Miranda Board Agrees to Recommend Belden Offer of $17.00 per Share
Belden Presentation: Belden Enters Into a Definitive Agreement with Miranda Technologies
Video: Miranda CEO Discusses Purchase of Miranda by Belden
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