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Belden (BDC) witnessed a dramatic plunge of more than 16% in after-hours trading subsequent to the release of its preliminary Q3/23 results. The company has revised its Q3 revenue expectations to approximately $625 million, a significant drop from the previous estimate of $675 million to $690 million. This figure deviates from the consensus estimate of $685.2 million.

On the earnings front, Belden anticipates a GAAP EPS falling in the range of $1.67 to $1.69, an improvement from the prior range of $1.40 to $1.50, primarily attributed to a gain from asset sales. Meanwhile, the adjusted EPS is expected to land between $1.75 and $1.77, slightly down from the previous estimate of $1.75 to $1.85. The consensus estimate for adjusted EPS was $1.82.

CEO Chand noted that soft demand is expected to persist into Q4, which will have an impact on revenue and profits. Nonetheless, he expressed optimism regarding Belden’s strategic shifts and its readiness to capitalize on significant industry trends, including automation, broadband investment, and smart buildings.

Investors and analysts eagerly await Belden’s full Q3 results, set to be unveiled on Thursday, November 2, 2023.