Belden eyes best day in 8 years after Q4 beat

Belden

08/02/2024 15:42

** Belden Inc's stock  BDC.N  up 14.6% at $85.37 after
global networking solutions provider's qtrly results top
expectations
    ** BDC among top S&P 1500 index  .SPSUP  performers on Thurs
and on track for biggest one-day pct gain since Feb 2, 2016
    ** Co posts Q4 rev of $551 mln and adj EPS of $1.46, topping
Street consensus views of $522 mln/$1.13, per LSEG data
    ** Challenges from prior year anticipated to continue into
the first qtr, including customer destocking and other temporary
headwinds, co says
    ** BDC sunk ~25% on Oct 13 after co warned softer demand
would impact rev and profitability
    ** With move on Thurs, stock up 10.5% YTD after 7% gain in
2023

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))