OREANDA-NEWS. Belden Inc. (NYSE: BDC), a global leader in high quality, end-to-end signal transmission solutions for mission-critical applications, today announced that the Company successfully completed its offering of mandatory convertible preferred stock, providing for net proceeds of $501.6 million. As a result of the offering, the Company has provided updated guidance to reflect the impact to EPS, absent any deployment of the capital raised. As described below, the revenue guidance is unchanged.

On a GAAP basis, the Company continues to expect third quarter 2016 revenues to be $593 – $613 million. The expected EPS range is now $0.51 – $0.61 compared to the previously guided range of $0.66 – $0.76. For the full year ending December 31, 2016, the Company continues to expect revenues to be $2.348 – $2.378 billion. The expected range of EPS is now $2.88 – $3.08 compared to the previously guided range of $3.23 – $3.43.

The Company continues to expect third quarter 2016 adjusted revenues to be $595 – $615 million. The expected adjusted EPS range is now $1.20 – $1.30 compared to the previously guided range of $1.35 – $1.45. For the full year ending December 31, 2016, the Company continues to expect adjusted revenues to be $2.355 – $2.385 billion. The expected range of adjusted EPS is now $5.15 – $5.35 compared to the previously guided range of $5.50 – $5.70.

 
BELDEN INC.
RECONCILIATION OF NON-GAAP MEASURES
2016 REVENUES AND EARNINGS GUIDANCE
 
  Year Ended   Three Months Ended
  December 31, 2016   October 2, 2016
Adjusted revenues $2.355 - $2.385 billion   $595 - $615 million
Deferred revenue adjustments ($7 million)   ($2 million)
GAAP revenues $2.348 - $2.378 billion   $593 - $613 million
       
Adjusted income per diluted share attributable to Belden stockholders $5.15 - $5.35   $1.20 - $1.30
Amortization of intangible assets ($1.61)   ($0.41)
Severance, restructuring, and acquisition integration costs ($0.55)   ($0.26)
Deferred gross profit adjustments ($0.11)   ($0.02)
GAAP income per diluted share attributable to Belden stockholders $2.88 - $3.08   $0.51 - $0.61
       

 

About Belden

Belden Inc. delivers a comprehensive product portfolio designed to meet the mission-critical network infrastructure needs of industrial, enterprise and broadcast markets. With innovative solutions targeted at reliable and secure transmission of rapidly growing amounts of data, audio and video needed for today's applications, Belden is at the center of the global transformation to a connected world. Founded in 1902, the company is headquartered in St. Louis and has manufacturing capabilities in North and South America, Europe and Asia.