While reporting financial results for the first quarter on Wednesday, Belden Inc. (BDC) raised its earnings, adjusted earnings and revenue guidance for the full year 2022, to reflect better than expected performance in the quarter, an improved outlook for the remainder of the year, and recent accretive capital deployments.
For fiscal 2022, the company now projects earnings in a range of $4.31 to $4.61 per share and adjusted earnings in a range of $5.55 to $5.85 per share on revenues between $2.48 billion and $2.53 billion.
Previously, the company expected earnings in the range of $4.10 to $4.45 per share and adjusted earnings in the range of $5.00 to $5.35 per share on revenues between $2.39 billion and $2.44 billion.
On average, seven analysts polled by Thomson Reuters expect the company to report earnings of $5.19 per share on revenues of $2.43 billion for the year. Analysts’ estimates typically exclude special items.
For the second quarter, the company expects earnings in a range of $0.98 to $1.08 per share and adjusted earnings in a range of $1.35 to $1.45 per share on revenues between $625 million and $640 million.
The Street expects the company to report earnings of $1.28 per share on revenues of $605.93 million for the quarter.
For the first quarter, the company reported net income of $35.84 million or $0.79 per share, compared to net income of $28.67 million or $0.64 per share in the prior-year quarter. Net income from continuing operations was $0.97 per share, up from $0.64 per share last year. Excluding items, adjusted net income from continuing operations were $1.31 per share, compared to $0.90 per share in the year-ago quarter.
Revenues for the quarter grew 20 percent to $610.37 million from $508.68 million in the same quarter last year.
Analysts expected earnings of $1.10 per share on revenues of $571.65 million for the quarter.
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