(By Balaseshan) Belden Inc. (NYSE: BDC), which provides signal transmission solutions for mission critical applications, said it has closed sale of its Thermax and Raydex businesses, and cut its guidance for the fourth quarter and full year 2012.
Belden has completed the sale of its Thermax and Raydex businesses, serving the aerospace and defense industry, to Carlisle Companies Inc. (NYSE: CSL) for about $265 million.
The results of these divested businesses will be classified as discontinued operations in accordance with generally accepted accounting principles and therefore excluded from Belden's fourth quarter and full year 2012 results from continuing operations.
[Related -Dividend Roundup: BDC, CM, DE, EMC, SALM, WU]
The company's earlier guidance for the fourth quarter 2012 included about $30 million of revenue and earnings per share (EPS) of $0.10 from Thermax and Raydex. As a result of the discontinued operations classification, Belden lowered its guidance for the fourth quarter and full year 2012.
Belden lowered its fourth quarter adjusted EPS from continuing operations guidance to range of $0.62 to $0.67 from previous forecast of $0.72 to $0.77. The company also reduced its revenue outlook to range of $470 million to $480 million from previous estimate of $500 million to $510 million. Street predicts EPS of $0.75 on revenue of $505.11 million.
For the fiscal 2012, the company cut its adjusted EPS from continuing operations outlook to range of $2.63 to $2.68 from previous estimate of $3.00 to $3.05. BDC also lowered its revenue forecast to range of $1.834 billion to $1.844 billion from previous forecast of $1.94 billion to $1.95 billion. Street analysts predict EPS of $3.03 on revenue of $1.95 billion.
[Related -Collect Up To 19% Dividend Yields By Investing Like The 1%]
BDC closed Monday's regular session up 0.98% at $42.44. The stock has been trading between $29.65 and $42.97 for the past 52 weeks.