Posts Tagged ‘PPC’

Belden Eyes Improvement in Broadcast Business in Second Half of 2013 After “Tepid” First Six Months

Broadcast technology vendor financials, Quarterly Results | Posted by Joe Zaller
Aug 12 2013

Belden said its broadcast revenue for the second quarter of 2013 was $169.7m,   up 7.1% versus last quarter.  The company said the sequential growth in broadcast was “driven largely by typical seasonal patterns.”

Broadcast operating profit margins were 14.2%, up from 4.7% last year (prior to the acquisitions of Miranda and PPC), and up 90 basis points sequentially, which the company said was in line with its overall results.

Belden management said that “broadcast markets in 2012 benefited from the Olympic Games and U.S. election cycle, with an unfavorable impact to the second quarter of approximately $2 million to $4 million on a year-over-year basis.”

On the company’s conference call with equity analysts, Belden CEO John Stroup described the broadcast market as cyclical, saying “2012 had a lot of demand as a result of the Olympic Games as well as the U.S. presidential election. And as a result, I think the first half (of 2013) was a little tepid (for broadcast), and I think we’ll see improvement in the second half (of 2013).

Although Belden did not break our revenue figures for Miranda, which it acquired last year, it did say that the Miranda business performed in-line with its expectations.

 

Outlook

“The global macroeconomic environment in 2013 is generally as we anticipated, and we remain confident in our ability to deliver consistent operating results in the second half of the year,” said Stroup.  “Therefore, we are increasing the midpoint of both our revenue and earnings outlook for the full year.”

Belden says expects third quarter 2013 adjusted revenues to be in the range of $525m – $535m and adjusted income from continuing operations per diluted share to be in the range of $0.90 – $0.95. For the full year ending December 31, 2013, the Company now expects adjusted revenues to be the range of $2.09 billion – $2.12 billion and adjusted income from continuing operations per diluted share to be in the range of $3.54 – $3.69.

Previously, the company said it expected full year adjusted revenues to be in the range of $2.07 billion – $2.12 billion and adjusted income from continuing operations per diluted share to be in the range of $3.49 – $3.69.

On a GAAP basis, Belden expects third quarter 2013 revenues to be in the range of $522m – $532m and income from continuing operations per diluted share to be in the range of $0.55 – $0.60. For the full year ending December 31, 2013, the company expects revenues to be in the range of $2.08 billion – $2.11 billion and income from continuing operations per diluted share to be in the range of $2.11 – $2.26.

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Related Content:

Press Release: Belden Reports Solid Results in Second Quarter 2013

Belden Q2 2013 Earnings Call Transcript

Belden Creates Broadcast Business Unit, Discloses Broadcast Revenue and Profitability

Belden Presentation (April 25, 2013) — Explanation of New Business Unit Reporting Structure

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