Benzinga | Aug 4, 2021 02:51PM EDT

Belden Shares Skyrocket After Q2 Earnings Beat, Revenue Growth, Raised FY21 Outlook

* Belden Inc. (NYSE:BDC) reported second-quarter revenue increased 40.7% year-over-year to $601.97 million, beating the consensus of $542.76 million.

* Enterprise Solutions revenues increased 31.5% Y/Y to $267.53 million, and Industrial Solutions increased by 51.4% Y/Y to $335.95 million.

* Adjusted EPS improved to $1.21 from $0.46 in 2Q20, beating the consensus of $0.93.

* The adjusted gross margin expanded by 30 bps to 35.7%.

* The operating income increased to $43.97 million from $3.17 million a year ago, and the margin expanded by 656 bps to 7.3%.

* Belden generated cash from operating activities year-to-date of $26.65 million and an adjusted Free cash flow of $(963) thousand.

* Adjusted EBITDA increased by 90% Y/Y to $93.43 million, and margin expanded by 395 bps to 15.5%.

* Q3 Outlook: Belden expects revenues of $589 -- $604 million and EPS of $0.56 - $0.66. It expects adjusted revenue of $590 - $605 million and adjusted EPS of $1.11 - $1.21.

* FY21 Outlook: Belden anticipates revenue of $2.318 - $2.348 billion (up from to prior $2.130 - $2.180 billion), and EPS of $2.83 - $3.03 (up from prior $1.97 - $2.27).

* Its sees adjusted revenue of $2.320 - $2.350 billion (prior $2.130 - $2.180 billion) and adjusted EPS to be $4.37 - $4.57 (prior guidance of $3.50 - $3.80).

* Price Action: BDC shares trading higher by 8.32 % at $53.27 on the last check Wednesday.