UPDATE 1-Belden posts Q3 net loss, sees Q4 rev above Street
* Q3 loss $0.16/shr vs yr-ago profit $0.67/shr
* Rev falls 32 pct
* Sees improved demand in Q4
Oct 28 (Reuters) - Cable manufacturer Belden Inc (BDC.N) posted a quarterly net loss, hurt mainly by charges, but forecast fourth-quarter revenue above market expectations.
"We expect our fourth quarter results to benefit from slightly improved demand, seasonality and continued contributions from our global restructuring efforts," Chief Executive John Stroup said. For the third quarter, the company reported net loss of $7.5 million, or 16 cents a share, compared with net income of $31.5 million, or 67 cents a share, a year ago.
On an adjusted basis, the company earned 27 cents a share.
Revenue in the latest quarter, which included $7.7 million of unfavorable currency translation, fell 32 percent to $355.2 million. Analysts on average were expecting earnings of 23 cents a share, on revenue of $341.3 million, according to Thomson Reuters I/B/E/S.
The company, which makes signal transmission products such as cables and connectors, sees fourth-quarter profit of 27 cents to 32 cents a share. It expects revenue of $365 million to $375 million in the quarter.
Analysts were expecting earnings of 29 cents a share, on revenue of $351.9 million.
Shares of the company closed at $25.30 Tuesday on the New York Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Ratul Ray Chaudhuri)
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