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Belden Posts 4th Quarter and Full Year 2011 Results [Professional Services Close - Up]
(Professional Services Close - Up Via Acquire Media NewsEdge) Belden Inc., a provider of signal transmission solutions for mission critical applications, reported fiscal fourth quarter and full year 2011 results for the period ended December 31, 2011.
John Stroup, President and CEO of Belden Inc., said, "Our fourth quarter results reflect a solid finish to a strong year. End-market demand for Belden products remains healthy as evidenced by our sell- through performance. In response to an uncertain economic environment, volatile commodity prices, and shorter lead-times, our customers and channel partners aggressively reduced inventory levels. Due to similar economic concerns, we executed restructuring actions during the quarter to improve our cost position and flexibility in Europe and our consumer electronics business in Asia. I am pleased that such actions could be accomplished in a quarter where earnings grew 159 percent year-over-year."
The fourth quarter 2011 results include $7.6 million of non- recurring charges, primarily restructuring charges in Europe and China, and favorable non-recurring tax items with an impact of $5.5 million.
Full Year 2011
In a release on February 9, the Company reported that revenue for the year totaled $1.98 billion, up $360 million or 23 percent compared to $1.62 billion in 2010. Operating income totaled $187 million or 9.4 percent of revenue for the year, compared to $129 million or 8.0 percent of revenue in 2010. Income from continuing operations per diluted share totaled $2.40 for the year, compared to $1.45 in 2010, a 66 percent increase.
Stroup remarked, "I am extremely pleased with the Company's 2011 results, which include 66 percent earnings growth, 12 percent organic growth and robust free cash flow at 127 percent of net income."
Outlook
"Global economic forecasts predict modest growth in the world economy in 2012, which could continue to weaken, should the European economic situation deteriorate. We are focusing on our strategic goals, including our Market Delivery System and Lean Enterprise initiatives, which position us to perform in this uncertain environment. We are, therefore, reaffirming our previous outlook for 2012," said Stroup.
The Company expects first quarter 2012 revenues to be $445 million to $455 million, and income from continuing operations per diluted share to be $0.48 to $0.53. For the full year ending December 31, the Company expects revenues to be $1.98 billion to $2.03 billion, and income from continuing operations per diluted share to be $2.70 to $2.90.
More Information:
www.belden.com
((Comments on this story may be sent to newsdesk@closeupmedia.com))
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