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Belden (BDC) Buys Privately-Held Broadband Services Provider For $515.7M; Reaffirms Forecast

 December 11, 2012 09:09 AM
 


(By Balaseshan) Cable maker Belden Inc. (NYSE: BDC) said it has purchased privately-held Syracuse, New York-based broadband connectivity services provider PPC for $515.7 million. In addition, Belden reaffirmed its guidance for fourth quarter and full year 2012.

With operating margins above 22%, this transaction is accretive to Belden's consolidated operating results, and accretive to adjusted earnings per share in 2013 by $0.54.

The acquisition significantly enhances Belden's Broadcast Solutions platform and increases exposure to attractive end markets.

PPC, with 2012 revenues of about $238 million, is a manufacturer and developer of advanced connectivity technologies for the broadband service provider market.

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"PPC provides innovative products that enable our customers to profitably grow their business by delivering higher bandwidth and enhanced services, with fewer service calls. Belden and PPC will provide unique end-to-end solutions for these customers, and I am excited about the opportunity ahead of us," said John Stroup, President and CEO of Belden.

Additionally, the company will reiterate its current EPS guidance for the fourth quarter and full year ending December 31, 2012 during its regularly scheduled Investor Day event beginning at 1:00 pm ET Tuesday. In addition, the company will communicate full-year 2013 guidance at the meeting.

The company still expects fourth quarter adjusted EPS from continuing operations of $0.72 to $0.77 and revenue of $500 million to $510 million, while Street predicts EPS of $0.75 on revenue of $503.68 million.

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Belden also reaffirmed its full year 2012 EPS from continuing operations outlook of $3.00 to $3.05 and revenue forecast of $1.94 billion to $1.95 billion, while Street analysts predict EPS of $3.03 on revenue of $1.94 billion.

BDC closed Monday's regular session at $39.70. The stock has been trading between $29.65 and $41.43 for the past 52 weeks.

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