Belden narrows Q3 EPS view down to $1.75-$1.77 form $1.75-$1.85, consensus $1.82

Cuts Q3 revenue view to $625M from $675M-$690M, consensus $685.2M. “While a weaker-than-anticipated macroeconomic backdrop impacted revenues, strong gross margin performance, and reduced variable compensation costs resulted in the Company achieving the lower end of our prior Adjusted EPS outlook,” said Ashish Chand, CEO. “Demand began to weaken in the third quarter adding to ongoing pressure from channel destocking. We believe softer demand will continue as we move into the fourth quarter, impacting both revenue and profitability. We are encouraged that our shift towards solutions continues despite market weakness. Furthermore, we are well-positioned to benefit from major secular trends with lengthy investment cycles that will enable us to reach our long-term targets, including automation, broadband investment, and smart buildings.”