Belden Reports First Quarter 2025 Results

ST. LOUIS: Belden Inc. (NYSE: BDC) (“Belden” or the “Company”), a leading global supplier of complete connection solutions, today reported fiscal first quarter results for the period ended March 30, 2025.

First Quarter 2025 Highlights

• Revenues of $625 million, up 17% y/y and up 11% y/y organically
• GAAP EPS of $1.27, up 41% y/y
• Adjusted EPS of $1.60, up 29% y/y
• Repurchased 0.8 million shares for $85 million during the quarter, and 1.0 million shares for $100 million year-to-date through April 30, 2025

“Thanks to the efforts of our team, Belden had a strong start to the year with revenues up 17%, combined with expanding margins,” said Ashish Chand, President and CEO of Belden. “Demand remains steady as customers navigate a period of increased uncertainty, with total orders up modestly on a sequential basis and up 18% compared to the prior year. I am pleased to see sustained organic growth, up 11% for the quarter, with expansion in both segments. We continue to capitalize on our solid balance sheet, utilizing $100 million towards share repurchases year-to-date, further reducing our share count by 1.0 million shares.”

First Quarter 2025

Revenues for the quarter increased $89 million, or 17%, to $625 million from $536 million in the year-ago period. Revenues increased 11% organically, with Automation Solutions up 16% and Smart Infrastructure Solutions up 6%. Net income was $52 million, compared to $37 million in the year-ago period. Net income as a percentage of revenues was 8.3%, compared to 7.0% in the year-ago period. EPS totaled $1.27 for the quarter, compared to $0.90 in the year-ago period.

Adjusted EBITDA was $104 million, up $19 million, or 23%, compared to $85 million in the year-ago period. Adjusted EBITDA margin was 16.6%, up 80 bps, compared to 15.8% in the year-ago period. Adjusted EPS was $1.60, increasing 29% compared to $1.24 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

We have executed well amid ongoing macroeconomic challenges; however, our customers still face heightened uncertainty as they navigate this rapidly changing environment. Assuming the continuation of current market conditions, Revenues for the second quarter are expected to be between $645 million and $660 million, representing a 7% to 9% increase over the prior-year quarter. GAAP EPS is expected to be between $1.25 and $1.35, representing a 5% to 13% increase over the prior-year quarter. Adjusted EPS is expected to be between $1.67 and $1.77, representing an 11% to 17% increase over the prior-year quarter.

“Our strategy of anchoring our solutions around the most critical customer challenges is yielding measurable results,” said Dr. Chand. “As customers work through today’s complex environment, our solutions and product portfolio are ideally aligned to capitalize on reindustrialization trends and the need for digitization and automation across many markets. A significant opportunity for our customers lies in establishing seamless IT/OT convergence, and we continue to invest in combining our automation and smart infrastructure technologies to enable this transformation in a differentiated manner. We have strong conviction in the long-term growth potential of our core markets, the operational discipline of our team, and our ability to deploy capital strategically to drive growth, enhance shareholder returns, and compound value over time.”

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 online at https://investor.belden.com. The dial-in number for participants is 1-888-254-3590 with confirmation code 5489812. 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.