(RTTNews) - While reporting financial results for the third quarter on Wednesday, Belden Inc. (BDC) slashed its adjusted earnings and revenue guidance for the full year 2019 and also initiated guidance for the fourth quarter.
For fiscal 2019, the company slashed adjusted earnings guidance to a range of $4.32 to $4.47 per share from the prior guidance range of $5.38 to $5.78 per share.
Revenues for the full year are also now expected between $2.092 billion and $2.112 billion, down from the prior guidance range of $2.485 billion to $2.535 billion.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $5.51 per share on revenues of $2.50 billion for the year. Analysts' estimates typically exclude special items.
The company also projects fourth-quarter adjusted earnings in a range of $1.00 to $1.15 per share and revenues between $510 million and $530 million. The Street is looking for earnings of $1.71 per share on revenues of $646.92 million for the quarter.
Additionally, the company announced two significant outcomes of its comprehensive strategic portfolio review. These include the intent to divest the Live Media business (Grass Valley) and a new broad-based cost reduction program that is expected to result in $40 million of annualized savings.
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