Belden Inc. has announced a decrease in its earnings for the first quarter compared to the previous year. However, it still managed to outpace predictions made by Wall Street.
The firm’s profits settled at $37.3 million, equivalent to $0.90 per share, a tumble from last year's first quarter earnings of $63.2 million or $1.45 per share.
When special items are excluded, Belden Inc.'s adjusted earnings for the quarter were reported at $51.3 million or $1.24 per share. On average, analysts had forecasted that the company would earn $1.06 per share, as per figures curated by Thomson Reuters. However, this projection typically excludes special items.
In terms of revenue for the quarter, the company saw a 16.5% decline, accumulating $535.7 million compared to $641.8 million from last year.
Here's a snapshot of Belden Inc.'s earnings (following GAAP):
- Earnings for Q1: $37.3 million vs. $63.2 million last year.
- EPS for Q1: $0.90 vs. $1.45 last year.
- Revenue for Q1: $535.7 million vs. $641.8 million last year.
Looking ahead, Belden Inc. foresees its EPS for the next quarter between $1.30 to $1.40 with a revenue guidance of $565 million to $580 million.
