Belden 1Q profit misses analyst estimates; shares fall

Net income fell to $13.2 million, or 27 cents per share, from $22 million, or 44 cents per share, in the same quarter a year ago.

Adjusted to exclude one-time items related to a plant closure, severance charges and a tax bill, profit rose 27 percent to $51.3 million, or 67 cents per share.

Analysts expected adjusted profit of 72 cents per share, according to a Thomson Financial survey.

Sales from newly acquired companies and favorable exchange rates helped revenue rise 52 percent to $511.8 million from $336.7 million. Analysts expected revenue of $504.9 million.

Belden shares fell $2.43, or 6.7 percent, to $34.01 in morning trading. Earlier in the session, the stock hit a 52-week low of $30.28. The stock has ranged from $33.04 to $60 over the past year.