Belden reported that its revenue for the third quarter fiscal 2012 was $490.4m, down 6% versus the same period a year ago, and up 1% versus the previous quarter.
The Q3 net loss was $38.8m, or $1.14 per share, versus net income of $31.2m last year, and a net income of $42.4m during the previous quarter. The operating loss for the quarter was $7.6m, versus operating income of $51.9m last year, and operating income of $58.35m last quarter.
Third-quarter SG&A expenses were $88m, or 17.8% of revenue. R&D expenses for the quarter were $18.1m. The company said that both SG&A and R&D expenses increased sequentially, and year over year, as a result of the addition of Miranda, which was acquired by Belden at the end of July 2012. After adjusting for the impact of foreign currency and Miranda, SG&A and R&D expenses combined were down more than $3m year over year.
The networking and connectivity segments, which include Miranda, contributed $161.8m of consolidated revenues, or 33%, up 3 percentage points versus last year.
Broadcast-related revenue in the quarter was $98.1m, or 20% of total revenue. The company said that broadcast revenue was impacted by the timing of new product launches.
Belden CEO John Stroup said Miranda, which was part of Belden for two months of the quarter, was “off to a slow start, contributing approximately $32m of revenue and $0.08 of earnings per share during the quarter on an adjusted basis.”
This implies that Miranda’s revenue for the full third quarter was approximately $48m, essentially flat with the same period a year ago when Miranda reported a profit of C$13.2m on revenue of C$48.8m. (Miranda did not report results last quarter because their acquisition by Belden closed before the reporting data).
Stroup also said that the company anticipates Miranda to contribute $46m of revenue in the fourth quarter of 2012, implying an 8% decline versus Q4 of 2011 when Miranda reported revenue of $50.1m.
Belden said it expects adjusted revenues for the fourth quarter 2012 to be $500m – $510m and adjusted income from continuing operations per diluted share to be $0.72 – $0.77.
For the full year 2012 Belden expects adjusted revenues to be $1.94Bn – $1.95Bn, down from last quarter when the company said it expected adjusted revenue, inclusive of Miranda, to be in the range of $1.95Bn to $1.97Bn.
The company maintained its full year EPS target of $3.00 – $3.05.
“Clearly, the weak demand environment presents challenges and the uncertainty affects our visibility. We believe this climate is likely to continue, therefore we’ll focus on driving improvements to the business through the implementation of our strategic plan. Despite these pressures, we remain committed to our full year EPS guidance,” said Stroup.
Belden Press Release: Adjusted Earnings up 10% on Solid Operating Results in Third Quarter 2012
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