By Josh Beckerman
Belden shares fell to a 52-week low Thursday after the company reported a 7% third-quarter revenue decline and projected weak demand and channel destocking will hurt fourth-quarter results.
The stock was declined 15% to $60.77 in afternoon trading with an intraday low of $60.55.
Belden, whose products include switches, firewalls, connectors and cables, posted revenue of $626.8 million. Adjusted earnings per share rose to $1.78 from $1.77. The company said Oct. 12 that a weaker-than-anticipated macroeconomic backdrop hurt third-quarter revenue and said it expected soft demand would hurt its fourth-quarter revenue and profit.
Assuming no significant changes to the current market environment, Belden expects adjusted earnings of $1.05 to $1.20 a share on revenue of $510 million to $530 million in the fourth quarter.
Write to Josh Beckerman at [email protected]
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