12:25 PM EDT, 05/02/2024 (MT Newswires) -- Belden (BDC) shares were up 7.7% in recent Thursday trading after the company reported Q1 adjusted income and revenue ahead of consensus.

The company reported Q1 adjusted income of $1.24 per diluted share, down from $1.68 a year earlier.

Four analysts polled by Capital IQ expected $1.06.

Revenue for the quarter ended March 31 was $535.7 million, down from $641.8 million a year earlier.

Analysts surveyed by Capital IQ expected $513.7 million.

For Q2, the company expects adjusted EPS of $1.30 to $1.40 on revenue of $565 million to $580 million. Analysts polled by Capital IQ expect $1.23 and $566.5 million, respectively.

The company said it agreed to acquire Precision Optical Technologies for about $290 million in a cash deal.

Belden expects to close the transaction in Q2.

Price: 87.58, Change: +6.26, Percent Change: +7.70