▾ G11 Media Network: | ChannelCity | ImpresaCity | SecurityOpenLab | Italian Channel Awards | Italian Project Awards | Italian Security Awards | ...
InnovationOpenLab

Belden Reports Third Quarter 2024 Results

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 ...

Business Wire

ST. LOUIS: 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 p

If you liked this article and want to stay up to date with news from InnovationOpenLab.com subscribe to ours Free newsletter.

Related news

Last News

Italian Security Awards 2024: G11 Media honours the best of Italian cybersecurity

G11 Media's SecurityOpenLab magazine rewards excellence in cybersecurity: the best vendors based on user votes

How Austria is making its AI ecosystem grow

Always keeping an European perspective, Austria has developed a thriving AI ecosystem that now can attract talents and companies from other countries

Sparkle and Telsy test Quantum Key Distribution in practice

Successfully completing a Proof of Concept implementation in Athens, the two Italian companies prove that QKD can be easily implemented also in pre-existing…

Dronus gets a strategic investment by Eni Next

Eni's VC company invest in the Italian drone company to develop new solutions for industrial plants monitoring

Most read

Panjaya.ai Unveils BodyTalk: World’s first AI-Powered Dubbing Platform,…

Panjaya.ai, led by former Apple TV and Vimeo executives, has launched BodyTalk, the first AI-driven translation platform designed to address a common…

Glean Named an AI Cool Vendor in the 2024 Gartner Cool Vendors for Digital…

Work AI leader Glean today announced it has been named a Cool Vendor in the 2024 Cool Vendors in Digital Workplace Applications1 report by Gartner, Inc.…

ISG to Assess Procurement Services Worldwide

$III #CategoryManagementServices--Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm, has launched…

Spoofing Detection Technologies Market Research Report 2024-2034: Growth…

The "Spoofing Detection Technologies Market - A Global and Regional Analysis: Focus on Application, Solution Type, and Region - Analysis and Forecast,…