Belden 2nd-quarter profit jumps 40 percent

Belden Inc. on Thursday said its second-quarter profit rose 40 percent and beat Wall Street expectations, and the electronic components maker reaffirmed its full-year guidance.

Net income increased to $42.2 million, or 89 cents per share, compared with $30.1 million, or 60 cents per share, a year ago.

Revenue edged up 1 percent to $556.3 million from $549.9 million, in the year-ago period.

Stripping out one-time items such as pension settlement expenses and restructuring charges, the company said it posted adjusted earnings of $70.1 million, or 97 cents per share.

Analysts polled by Thomson Financial expected a more modest adjusted profit of 90 cents per share, with higher revenue of $573 million.

The company said its results were boosted by a favorable currency translation as well as improved margins.

For the full year, the company backed its forecast of earnings per share of $3.15 to $3.35, with revenue of $2.2 billion to $2.3 billion.

Analysts expect a profit of $3.30 per share, with sales of $2.29 billion.

Belden shares fell 72 cents to $36.44 in midday trading.