FT Markets Data
Belden Inc

Belden Reports Third Quarter 2024 Results

ST. LOUIS--(BUSINESS WIRE)--Oct. 31, 2024-- Belden Inc. (NYSE: BDC) (“Belden” or the “Company”), a leading global supplier of network infrastructure and digitization solutions, today reported fiscal third quarter results for the period ended September 29, 2024.

Third Quarter 2024 Highlights

  • Revenues of $655 million, up 4% y/y and down 2% y/y organically
  • GAAP EPS of $1.30, down 24% y/y
  • Adjusted EPS of $1.70, down 4% y/y
  • Executed $20 million of share repurchases during the quarter, and $115 million year-to-date through October 29, 2024

“I am pleased that our team continues to navigate this dynamic environment and delivered another solid quarter,” said Ashish Chand, President and CEO of Belden. “Demand was stable, with both revenues and EPS exceeding expectations. Performance for the quarter was steady, with improved sequential margins and continued growth in orders, up 8% sequentially and 28% on a year-over-year basis. We continue to capitalize on our strong financial position to increase shareholder value, deploying $115 million towards share repurchases year-to-date, further reducing our share count by 1.2 million shares.”

Third Quarter 2024

Driven primarily by the acquisition of Precision Optical Technologies, revenues for the quarter increased $28 million, or 4%, to $655 million from $627 million in the year-ago period. Revenue was down 2% organically, with Automation Solutions down 3% and Smart Infrastructure Solutions down 1%. Net income was $54 million, compared to $72 million in the year-ago period. Net income as a percentage of revenues was 8.2%, compared to 11.5% in the year-ago period. EPS totaled $1.30 for the quarter, compared to $1.70 in the year-ago period. Prior year net income was favorably impacted by a $12 million one-time pre-tax gain from the sale of an asset.

Adjusted EBITDA was $113 million, down $2 million, or 2%, compared to $115 million in the year-ago period. Adjusted EBITDA margin was 17.2%, down 120 bps, compared to 18.4% in the year-ago period. Adjusted EPS was $1.70, decreasing 4% compared to $1.78 in the year-ago period. Adjusted results are non-GAAP measures, and a non-GAAP reconciliation table is provided as an appendix to this release.

Outlook

“Looking ahead to the fourth quarter, the economic environment remains uncertain. However, as outlined in our most recent Investor Day, our business is well-positioned to succeed as the next investment cycle ramps up. We are successfully executing our solutions transformation and focusing our efforts on key verticals with solid secular growth trends and high data needs. Our strong financial position allows us to further accelerate growth in solutions with tuck-in acquisitions and provides excess capital to opportunistically repurchase shares. I am confident in the ability of the Belden team to continue to transform our business, leverage our superior technology, and capitalize on growth opportunities in all market conditions as we generate sustainable, long-term shareholder value.”

For the fourth quarter, we anticipate order patterns to remain steady across our markets as customers navigate this dynamic environment. Revenues are expected to be in the range of $645 million to $660 million, representing a 17% to 20% increase over the prior-year quarter. GAAP EPS is expected to be in the range of $1.05 to $1.15, representing a 15% to 26% increase over the prior-year quarter. Adjusted EPS is expected to be in the range of $1.62 to $1.72, representing an 11% to 18% increase over the prior-year quarter.

Fourth Quarter 2024:

 

 

 

 

Guidance

Revenues (million)

 

$645 - $660

GAAP EPS

 

$1.05 - $1.15

Adjusted EPS

 

$1.62 - $1.72

Earnings Conference Call

Management will host a conference call today at 8:30 am ET to discuss the results. The listen-only audio of the conference call will be broadcast live via the Internet at https://investor.belden.com. The dial-in number for participants is 1-888-394-8218 with confirmation code 7788069. A replay of this conference call will remain accessible in the investor relations section of the Company’s website for a limited time.

Earnings per Share (EPS) and Organic Growth

All references to EPS within this earnings release refer to net income per diluted share attributable to Belden stockholders. Organic growth is calculated as the change in revenues excluding the impacts from currency exchange rates, copper prices, acquisitions, and divestitures.

BELDEN INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 29,
2024

 

October 1,
2023

 

September 29,
2024

 

October 1,
2023

 

 

 

 

 

 

 

 

 

 

 

(In thousands, except per share data)

Revenues

 

$

654,926

 

 

$

626,807

 

 

$

1,794,937

 

 

$

1,960,841

 

Cost of sales

 

 

(410,922

)

 

 

(385,639

)

 

 

(1,122,531

)

 

 

(1,212,240

)

Gross profit

 

 

244,004

 

 

 

241,168

 

 

 

672,406

 

 

 

748,601

 

Selling, general and administrative expenses

 

 

(126,976

)

 

 

(118,079

)

 

 

(357,241

)

 

 

(366,288

)

Research and development expenses

 

 

(27,941

)

 

 

(30,190

)

 

 

(83,397

)

 

 

(90,544

)

Amortization of intangibles

 

 

(13,738

)

 

 

(9,526

)

 

 

(34,487

)

 

 

(30,262

)

Gain on sale of assets

 

 

—

 

 

 

12,056

 

 

 

—

 

 

 

12,056

 

Operating income

 

 

75,349

 

 

 

95,429

 

 

 

197,281

 

 

 

273,563

 

Interest expense, net

 

 

(10,855

)

 

 

(8,580

)

 

 

(27,454

)

 

 

(25,593

)

Non-operating pension benefit

 

 

286

 

 

 

328

 

 

 

747

 

 

 

1,462

 

Income before taxes

 

 

64,780

 

 

 

87,177

 

 

 

170,574

 

 

 

249,432

 

Income tax expense

 

 

(11,091

)

 

 

(14,850

)

 

 

(30,542

)

 

 

(45,385

)

Net income

 

 

53,689

 

 

 

72,327

 

 

 

140,032

 

 

 

204,047

 

Less: Net loss attributable to noncontrolling interest

 

 

(3

)

 

 

(20

)

 

 

(17

)

 

 

(245

)

Net income attributable to Belden stockholders

 

$

53,692

 

 

$

72,347

 

 

$

140,049

 

 

$

204,292

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares and equivalents:

 

 

 

 

 

 

 

 

Basic

 

 

40,798

 

 

 

42,053

 

 

 

40,825

 

 

 

42,460

 

Diluted

 

 

41,417

 

 

 

42,625

 

 

 

41,371

 

 

 

43,129

 

 

 

 

 

 

 

 

 

 

Basic income per share attributable to Belden stockholders

 

$

1.32

 

 

$

1.72

 

 

$

3.43

 

 

$

4.81

 

 

 

 

 

 

 

 

 

 

Diluted income per share attributable to Belden stockholders

 

$

1.30

 

 

$

1.70

 

 

$

3.39

 

 

$

4.74

 

 

 

 

 

 

 

 

 

 

Common stock dividends declared per share

 

$

0.05

 

 

$

0.05

 

 

$

0.15

 

 

$

0.15

 

BELDEN INC.

OPERATING SEGMENT INFORMATION

(Unaudited)

 

 

 

Smart Infrastructure Solutions

 

Automation Solutions

 

 

 

 

 

 

(In thousands, except percentages)

 

 

 

 

 

For the three months ended September 29, 2024

 

 

 

 

Segment Revenues

 

$

319,647

 

 

$

335,279

 

Segment EBITDA

 

 

40,447

 

 

 

71,819

 

Segment EBITDA margin

 

 

12.7

%

 

 

21.4

%

Depreciation expense

 

 

6,758

 

 

 

7,897

 

Amortization of intangibles

 

 

8,738

 

 

 

5,000

 

Amortization of software development intangible assets

 

 

—

 

 

 

2,678

 

Severance, restructuring, and acquisition integration costs

 

 

4,619

 

 

 

644

 

Adjustments related to acquisitions and divestitures

 

 

263

 

 

 

298

 

 

 

 

 

 

For the three months ended October 1, 2023

 

 

 

 

Segment Revenues

 

$

283,905

 

 

$

342,902

 

Segment EBITDA

 

 

37,693

 

 

 

77,244

 

Segment EBITDA margin

 

 

13.3

%

 

 

22.5

%

Depreciation expense

 

 

6,632

 

 

 

6,810

 

Amortization of intangibles

 

 

4,468

 

 

 

5,058

 

Amortization of software development intangible assets

 

 

—

 

 

 

1,963

 

Severance, restructuring, and acquisition integration costs

 

 

3,453

 

 

 

2,622

 

Adjustments related to acquisitions and divestitures

 

 

197

 

 

 

298

 

 

 

 

 

 

For the nine months ended September 29, 2024

 

 

 

 

Segment Revenues

 

$

824,209

 

 

$

970,728

 

Segment EBITDA

 

 

97,691

 

 

 

198,301

 

Segment EBITDA margin

 

 

11.9

%

 

 

20.4

%

Depreciation expense

 

 

19,277

 

 

 

22,420

 

Amortization of intangibles

 

 

19,479

 

 

 

15,008

 

Amortization of software development intangible assets

 

 

—

 

 

 

7,855

 

Severance, restructuring, and acquisition integration costs

 

 

8,518

 

 

 

4,950

 

Adjustments related to acquisitions and divestitures

 

 

263

 

 

 

894

 

 

 

 

 

 

For the nine months ended October 1, 2023

 

 

 

 

Segment Revenues

 

$

871,777

 

 

$

1,089,064

 

Segment EBITDA

 

 

118,854

 

 

 

229,662

 

Segment EBITDA margin

 

 

13.6

%

 

 

21.1

%

Depreciation expense

 

 

18,779

 

 

 

19,699

 

Amortization of intangibles

 

 

15,171

 

 

 

15,091

 

Amortization of software development intangible assets

 

 

—

 

 

 

5,235

 

Severance, restructuring, and acquisition integration costs

 

 

5,147

 

 

 

6,699

 

Adjustments related to acquisitions and divestitures

 

 

522

 

 

 

520

 

BELDEN INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

September 29,
2024

 

December 31,
2023

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

(In thousands)

ASSETS

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

322,982

 

 

$

597,044

 

Receivables, net

 

 

430,176

 

 

 

413,806

 

Inventories, net

 

 

368,435

 

 

 

366,987

 

Other current assets

 

 

76,706

 

 

 

79,142

 

Total current assets

 

 

1,198,299

 

 

 

1,456,979

 

Property, plant and equipment, less accumulated depreciation

 

 

477,304

 

 

 

451,069

 

Operating lease right-of-use assets

 

 

132,844

 

 

 

89,686

 

Goodwill

 

 

1,056,549

 

 

 

907,331

 

Intangible assets, less accumulated amortization

 

 

406,207

 

 

 

269,144

 

Deferred income taxes

 

 

17,290

 

 

 

15,739

 

Other long-lived assets

 

 

51,958

 

 

 

50,243

 

 

 

$

3,340,451

 

 

$

3,240,191

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

 

 

 

 

Accounts payable

 

$

306,745

 

 

$

343,215

 

Accrued liabilities

 

 

272,565

 

 

 

290,289

 

Total current liabilities

 

 

579,310

 

 

 

633,504

 

Long-term debt

 

 

1,218,965

 

 

 

1,204,211

 

Postretirement benefits

 

 

70,356

 

 

 

74,573

 

Deferred income taxes

 

 

88,272

 

 

 

49,472

 

Long-term operating lease liabilities

 

 

113,507

 

 

 

74,941

 

Other long-term liabilities

 

 

34,802

 

 

 

37,188

 

Stockholders’ equity:

 

 

 

 

Common stock

 

 

503

 

 

 

503

 

Additional paid-in capital

 

 

833,449

 

 

 

818,663

 

Retained earnings

 

 

1,119,684

 

 

 

985,807

 

Accumulated other comprehensive loss

 

 

(55,153

)

 

 

(41,279

)

Treasury stock

 

 

(663,272

)

 

 

(597,437

)

Total Belden stockholders’ equity

 

 

1,235,211

 

 

 

1,166,257

 

Noncontrolling interests

 

 

28

 

 

 

45

 

Total stockholders’ equity

 

 

1,235,239

 

 

 

1,166,302

 

 

 

$

3,340,451

 

 

$

3,240,191

 

BELDEN INC.

CONDENSED CONSOLIDATED CASH FLOW STATEMENTS

(Unaudited)

 

 

 

Nine Months Ended

 

 

September 29,
2024

 

October 1,
2023

 

 

 

 

 

 

 

(In thousands)

Cash flows from operating activities:

 

 

 

 

Net income

 

$

140,032

 

 

$

204,047

 

Adjustments to reconcile net income to cash flows from operating activities:

 

 

 

 

Depreciation and amortization

 

 

84,039

 

 

 

73,974

 

Share-based compensation

 

 

22,079

 

 

 

14,843

 

Gain on sale of assets

 

 

—

 

 

 

(12,056

)

Changes in operating assets and liabilities, net of the effects of currency exchange rate changes, acquired businesses and disposals:

 

 

 

 

Receivables

 

 

3,244

 

 

 

(48,949

)

Inventories

 

 

8,918

 

 

 

16,211

 

Accounts payable

 

 

(53,664

)

 

 

(42,456

)

Accrued liabilities

 

 

(24,410

)

 

 

(43,318

)

Income taxes

 

 

1,220

 

 

 

548

 

Other assets

 

 

(5,766

)

 

 

(6,706

)

Other liabilities

 

 

1,665

 

 

 

3,855

 

Net cash provided by operating activities

 

 

177,357

 

 

 

159,993

 

Cash flows from investing activities:

 

 

 

 

Cash used for business acquisitions, net of cash acquired

 

 

(295,591

)

 

 

(106,712

)

Capital expenditures

 

 

(70,759

)

 

 

(61,870

)

Proceeds from disposal of tangible assets

 

 

106

 

 

 

13,785

 

Proceeds from disposal of businesses, net of cash sold

 

 

—

 

 

 

9,300

 

Net cash used for investing activities

 

 

(366,244

)

 

 

(145,497

)

Cash flows from financing activities:

 

 

 

 

Payments under share repurchase program

 

 

(77,954

)

 

 

(150,000

)

Withholding tax payments for share-based payment awards

 

 

(8,930

)

 

 

(17,309

)

Cash dividends paid

 

 

(6,154

)

 

 

(6,408

)

Payments under financing lease obligations

 

 

(694

)

 

 

(254

)

Proceeds from issuance of common stock

 

 

8,917

 

 

 

6,568

 

Net cash used for financing activities

 

 

(84,815

)

 

 

(167,403

)

Effect of foreign currency exchange rate changes on cash and cash equivalents

 

 

(360

)

 

 

(3,798

)

Decrease in cash and cash equivalents

 

 

(274,062

)

 

 

(156,705

)

Cash and cash equivalents, beginning of period

 

 

597,044

 

 

 

687,676

 

Cash and cash equivalents, end of period

 

$

322,982

 

 

$

530,971

 

BELDEN INC.

RECONCILIATION OF NON-GAAP MEASURES

(Unaudited)

 

In addition to reporting financial results in accordance with accounting principles generally accepted in the United States, we provide non-GAAP operating results adjusted for certain items, including: asset impairments; accelerated depreciation expense due to plant consolidation activities; purchase accounting effects related to acquisitions, such as the adjustment of acquired inventory to fair value, and transaction costs; severance, restructuring, and acquisition integration costs; gains (losses) recognized on the disposal of businesses and assets; amortization of intangible assets; gains (losses) on debt extinguishment; certain gains (losses) from patent settlements; discontinued operations; and other costs. We adjust for the items listed above in all periods presented, unless the impact is clearly immaterial to our financial statements. When we calculate the tax effect of the adjustments, we include all current and deferred income tax expense commensurate with the adjusted measure of pre-tax profitability.

 

We utilize the adjusted results to review our ongoing operations without the effect of these adjustments and for comparison to budgeted operating results. We believe the adjusted results are useful to investors because they help them compare our results to previous periods and provide important insights into underlying trends in the business and how management oversees our business operations on a day-to-day basis. As an example, we adjust for acquisition-related expenses, such as amortization of intangibles and impacts of fair value adjustments because they generally are not related to the acquired business' core business performance. As an additional example, we exclude the costs of restructuring programs, which can occur from time to time for our current businesses and/or recently acquired businesses. We exclude the costs in calculating adjusted results to allow us and investors to evaluate the performance of the business based upon its expected ongoing operating structure. We believe the adjusted measures, accompanied by the disclosure of the costs of these programs, provides valuable insight.

 

Adjusted results should be considered only in conjunction with results reported according to accounting principles generally accepted in the United States.

 

 

 

Three Months Ended

Nine Months Ended

 

 

September 29,
2024

 

October 1,
2023

 

September 29,
2024

 

October 1,
2023

 

 

 

 

 

 

 

 

 

 

 

(In thousands, except percentages and per share amounts)

Revenues

 

$

654,926

 

 

$

626,807

 

$

1,794,937

 

$

1,960,841

 

 

 

 

 

 

 

 

 

 

GAAP gross profit

 

$

244,004

 

 

$

241,168

 

 

$

672,406

 

 

$

748,601

 

Amortization of software development intangible assets

 

 

2,678

 

 

 

1,963

 

 

 

7,855

 

 

 

5,235

 

Severance, restructuring, and acquisition integration costs

 

 

613

 

 

 

912

 

 

 

3,199

 

 

 

1,400

 

Adjustments related to acquisitions and divestitures

 

 

263

 

 

 

197

 

 

 

263

 

 

 

522

 

Adjusted gross profit

 

$

247,558

 

 

$

244,240

 

 

$

683,723

 

 

$

755,758

 

 

 

 

 

 

 

 

 

 

GAAP gross profit margin

 

 

37.3

%

 

 

38.5

%

 

 

37.5

%

 

 

38.2

%

Adjusted gross profit margin

 

 

37.8

%

 

 

39.0

%

 

 

38.1

%

 

 

38.5

%

 

 

 

 

 

 

 

 

 

GAAP selling, general and administrative expenses

 

$

(126,976

)

 

$

(118,079

)

 

$

(357,241

)

 

$

(366,288

)

Severance, restructuring, and acquisition integration costs

 

 

4,720

 

 

 

5,213

 

 

 

9,987

 

 

 

10,402

 

Adjustments related to acquisitions and divestitures

 

 

298

 

 

 

298

 

 

 

894

 

 

 

520

 

Adjusted selling, general and administrative expenses

 

$

(121,958

)

 

$

(112,568

)

 

$

(346,360

)

 

$

(355,366

)

 

 

 

 

 

 

 

 

 

GAAP research and development expenses

 

$

(27,941

)

 

$

(30,190

)

 

$

(83,397

)

 

$

(90,544

)

Severance, restructuring, and acquisition integration costs

 

 

(70

)

 

 

(50

)

 

 

282

 

 

 

44

 

Adjusted research and development expenses

 

$

(28,011

)

 

$

(30,240

)

 

$

(83,115

)

 

$

(90,500

)

 

 

 

 

 

 

 

 

 

GAAP net income

 

$

53,689

 

 

$

72,327

 

 

$

140,032

 

 

$

204,047

 

Income tax expense

 

 

11,091

 

 

 

14,850

 

 

 

30,542

 

 

 

45,385

 

Interest expense, net

 

 

10,855

 

 

 

8,580

 

 

 

27,454

 

 

 

25,593

 

Total non-operating adjustments

 

 

21,946

 

 

 

23,430

 

 

 

57,996

 

 

 

70,978

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

 

13,738

 

 

 

9,526

 

 

 

34,487

 

 

 

30,262

 

Severance, restructuring, and acquisition integration costs

 

 

5,263

 

 

 

6,075

 

 

 

13,468

 

 

 

11,846

 

Amortization of software development intangible assets

 

 

2,678

 

 

 

1,963

 

 

 

7,855

 

 

 

5,235

 

Adjustments related to acquisitions and divestitures

 

 

561

 

 

 

495

 

 

 

1,157

 

 

 

1,042

 

Gain on sale of assets

 

 

—

 

 

 

(12,056

)

 

 

—

 

 

 

(12,056

)

Total operating income adjustments

 

 

22,240

 

 

 

6,003

 

 

 

56,967

 

 

 

36,329

 

Depreciation expense

 

 

14,655

 

 

 

13,442

 

 

 

41,697

 

 

 

38,478

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$

112,530

 

 

$

115,202

 

 

$

296,692

 

 

$

349,832

 

 

 

 

 

 

 

 

 

 

GAAP net income margin

 

 

8.2

%

 

 

11.5

%

 

 

7.8

%

 

 

10.4

%

Adjusted EBITDA margin

 

 

17.2

%

 

 

18.4

%

 

 

16.5

%

 

 

17.8

%

 

 

 

 

 

 

 

 

 

GAAP net income

 

$

53,689

 

 

$

72,327

 

 

$

140,032

 

 

$

204,047

 

Less: Net loss attributable to noncontrolling interest

 

 

(3

)

 

 

(20

)

 

 

(17

)

 

 

(245

)

GAAP net income attributable to Belden stockholders

 

$

53,692

 

 

$

72,347

 

 

$

140,049

 

 

$

204,292

 

 

 

 

 

 

 

 

 

 

GAAP net income

 

$

53,689

 

 

$

72,327

 

 

$

140,032

 

 

$

204,047

 

Plus: Operating income adjustments from above

 

 

22,240

 

 

 

6,003

 

 

 

56,967

 

 

 

36,329

 

Less: Net loss attributable to noncontrolling interest

 

 

(3

)

 

 

(20

)

 

 

(17

)

 

 

(245

)

Less: Tax effect of adjustments above

 

 

5,365

 

 

 

2,682

 

 

 

12,975

 

 

 

9,202

 

Adjusted net income attributable to Belden stockholders

 

$

70,567

 

 

$

75,668

 

 

$

184,041

 

 

$

231,419

 

 

 

 

 

 

 

 

 

 

GAAP income per diluted share attributable to Belden stockholders

 

$

1.30

 

 

$

1.70

 

 

$

3.39

 

 

$

4.74

 

Adjusted income per diluted share attributable to Belden stockholders

 

$

1.70

 

 

$

1.78

 

 

$

4.45

 

 

$

5.37

 

 

 

 

 

 

 

 

 

 

GAAP and adjusted diluted weighted average shares

 

 

41,417

 

 

 

42,625

 

 

 

41,371

 

 

 

43,129

 

BELDEN INC.

RECONCILIATION OF NON-GAAP MEASURES

(Unaudited)

 

We define free cash flow, which is a non-GAAP financial measure, as net cash from operating activities adjusted for capital expenditures net of the proceeds from the disposal of assets. We believe free cash flow provides useful information to investors regarding our ability to generate cash from business operations that is available for acquisitions and other investments, service of debt principal, dividends and share repurchases. We use free cash flow, as defined, as one financial measure to monitor and evaluate performance and liquidity. Non-GAAP financial measures should be considered only in conjunction with financial measures reported according to accounting principles generally accepted in the United States. Our definition of free cash flow may differ from definitions used by other companies.

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 29,
2024

 

October 1,
2023

 

September 29,
2024

 

October 1,
2023

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

GAAP net cash provided by operating activities

 

$

91,677

 

 

$

105,278

 

 

$

177,357

 

 

$

159,993

 

Capital expenditures

 

 

(24,513

)

 

 

(29,141

)

 

 

(70,759

)

 

 

(61,870

)

Proceeds from disposal of tangible assets

 

 

46

 

 

 

13,776

 

 

 

106

 

 

 

13,785

 

Non-GAAP free cash flow

 

$

67,210

 

 

$

89,913

 

 

$

106,704

 

 

$

111,908

 

BELDEN INC.

RECONCILIATION OF NON-GAAP MEASURES

2024 Guidance

 

 

 

Three Months Ended

 

 

December 31, 2024

 

 

 

 

 

GAAP income per diluted share attributable to Belden stockholders

 

$1.05 - $1.15

Amortization of intangible assets

 

0.31

Severance, restructuring, and acquisition integration costs

 

0.25

Adjustments related to acquisitions and divestitures

 

0.01

Adjusted income per diluted share attributable to Belden stockholders

 

$1.62 - $1.72

Our guidance is based upon information currently available regarding events and conditions that will impact our future operating results. In particular, our results are subject to the factors listed under "Forward-Looking Statements" in this release. In addition, our actual results are likely to be impacted by other additional events for which information is not available, such as asset impairments, adjustments related to acquisitions and divestitures, severance, restructuring, and acquisition integration costs, gains (losses) recognized on the disposal of assets, gains (losses) on debt extinguishment, discontinued operations, and other gains (losses) related to events or conditions that are not yet known.

Forward-Looking Statements

This release contains, and any statements made by us concerning the subject matter of this release may contain, forward-looking statements, including our outlook for the remainder of 2024 and beyond. Forward-looking statements also include any statements regarding future financial performance (including revenues, growth, expenses, earnings, margins, cash flows, dividends, capital expenditures and financial condition), plans and objectives, and related assumptions. In some cases these statements are identifiable through the use of words such as “anticipate,” “believe,” “estimate,” “forecast,” “guide,” “expect,” “intend,” “plan,” “project,” “target,” “can,” “could,” “may,” “should,” “will,” “would” and similar expressions. Forward-looking statements reflect management’s current beliefs and expectations and are not guarantees of future performance. Actual results may differ materially from those suggested by any forward-looking statements for a number of reasons, including, without limitation: the impact of a challenging global economy, including the impact of inflation, or a downturn in served markets; volatility in credit and foreign exchange markets; the competitiveness of the global markets in which we operate; the inability of the Company to develop and introduce new products; competitive responses to our products; the inability to execute and realize the expected benefits from strategic initiatives (including revenue growth, cost control, and productivity improvement programs); difficulty in forecasting revenues due to the unpredictable timing of orders related to customer projects as well as the impacts of channel inventory; foreign and domestic political, economic and other uncertainties, including changes in currency exchange rates; the impact of disruptions in the global supply chain, including the inability to timely obtain raw materials and components in sufficient quantities on commercially reasonable terms; the inability to achieve our strategic priorities in emerging markets; the impact of changes in global tariffs and trade agreements; the presence of substitute products in the marketplace; disruptions in the Company’s information systems including due to cyber-attacks; inflation and changes in the price and availability of raw materials leading to higher input and labor costs; the possibility of future epidemics or pandemics; changes in tax laws and variability in the Company’s quarterly and annual effective tax rates; the increased prevalence of cloud computing; the inability to successfully complete and integrate acquisitions, in furtherance of the Company’s strategic plan, as well as the inability to accurately forecast the financial impacts of acquisitions; the inability to retain key employees; disruption of, or changes in, the Company’s key distribution channels; the presence of activists proposing certain actions by the Company; perceived or actual product failures; the impact of regulatory requirements and other legal compliance issues; inability to satisfy the increasing expectations with respect to environmental, social and governance matters; assertions that the Company violates the intellectual property of others and the ownership of intellectual property by competitors and others that prevents the use of that intellectual property by the Company; risks related to the use of open source software; the impairment of goodwill and other intangible assets and the resulting impact on financial performance; disruptions and increased costs attendant to collective bargaining groups and other labor matters; and other factors.

For a more complete discussion of risk factors, please see our Annual Report on Form 10-K for the period ended December 31, 2023, filed with the SEC on February 13, 2024. Although the content of this release represents our best judgment as of the date of this report based on information currently available and reasonable assumptions, we give no assurances that the expectations will prove to be accurate. Deviations from the expectations may be material. For these reasons, Belden cautions readers to not place undue reliance on these forward-looking statements, which speak only as of the date made. Belden disclaims any duty to update any forward-looking statements as a result of new information, future developments, or otherwise, except as required by law.

About Belden

Belden Inc. delivers the infrastructure that makes the digital journey simpler, smarter and secure. We’re moving beyond connectivity, from what we make to what we make possible through a performance-driven portfolio, forward-thinking expertise and purpose-built solutions. With a legacy of quality and reliability spanning 120-plus years, we have a strong foundation to continue building the future. We are headquartered in St. Louis and have manufacturing capabilities in North America, Europe, Asia, and Africa. For more information, visit us at www.belden.com; follow us on Facebook, LinkedIn and X/Twitter.

BDC-Financial

Belden Investor Relations
Aaron Reddington, CFA
(317) 219-9359
Investor.Relations@Belden.com

Source: Belden Inc.