Belden Reports Fourth Quarter and Full Year 2024 Results
Belden Inc. (NYSE: BDC) (“Belden” or the “Company”), a leading global supplier of complete connection solutions, today reported fiscal fourth quarter and full year results for the period ended...
ST. LOUIS: Belden Inc. (NYSE: BDC) (“Belden” or the “Company”), a leading global supplier of complete connection solutions, today reported fiscal fourth quarter and full year results for the period ended December 31, 2024.
Fourth Quarter 2024 Highlights
- Revenues of $666 million, up 21% y/y and up 14% y/y organically
- GAAP EPS of $1.42, up 56% y/y
- Adjusted EPS of $1.92, up 32% y/y
- Repurchased 0.5 million shares for $55 million during the quarter
Full Year 2024 Highlights
- Revenues of $2,461 million, down 2% y/y and down 6% y/y organically
- GAAP EPS of $4.80, down 15% y/y
- Adjusted EPS of $6.36, down 7% y/y
- Free Cash Flow of $223 million, up 3% y/y
- Repurchased 1.3 million shares for $133 million during the year
“I am proud of our team for delivering an excellent quarter and ending the year on a high note,” said Ashish Chand, President and CEO of Belden. “Demand continues to remain steady, with sequential orders up modestly for the quarter and increasing 9% for the year. Performance during the quarter was strong, marked by 21% year-over-year revenue growth with expanding margins. As business conditions continue to improve, I am pleased to report that our revenues grew organically in the fourth quarter by 14% with strength in both segments. Free cash flow for the year reached $223 million, providing the business with ample capital to allocate towards compelling acquisition opportunities while also returning capital to shareholders through share repurchases when appropriate.”
Fourth Quarter 2024
Revenues for the quarter increased $115 million, or 21%, to $666 million from $551 million in the year-ago period. Revenues increased 14% organically, with Automation Solutions and Smart Infrastructure Solutions both up 14%. Net income was $58 million, compared to $39 million in the year-ago period. Net income as a percentage of revenues was 8.8%, compared to 7.0% in the year-ago period. EPS totaled $1.42 for the quarter, compared to $0.91 in the year-ago period.
Adjusted EBITDA was $114 million, up $26 million, or 29%, compared to $88 million in the year-ago period. Adjusted EBITDA margin was 17.1%, up 110 bps, compared to 16.0% in the year-ago period. Adjusted EPS was $1.92, increasing 32% compared to $1.46 in the year-ago period. Relative to our prior guidance, Adjusted EPS benefited in the fourth quarter by $0.17 from a lower-than-expected tax rate. Adjusted results are non-GAAP measures, and a non-GAAP reconciliation table is provided as an appendix to this release.
Full Year 2024
Revenues for the year decreased $51 million, or 2%, to $2,461 million from $2,512 million in the prior year. Revenues were down 6% organically, with Automation Solutions down 6% and Smart Infrastructure Solutions down 5%. Net income was $198 million, compared to $243 million in the prior year. Net income as a percentage of revenues was 8.1%, compared to 9.7% in the prior year. EPS totaled $4.80 for the year, compared to $5.66 in the prior year.
Adjusted EBITDA was $411 million, down $27 million, or 6%, compared to $438 million in the prior year. Adjusted EBITDA margin was 16.7%, down 70 bps, compared to 17.4% in the prior year. Adjusted EPS was $6.36, decreasing 7% compared to $6.83 in the prior year. Adjusted results are non-GAAP measures, and a non-GAAP reconciliation table is provided as an appendix to this release.
Outlook
“As we continue to drive our solutions transformation, we anticipate first quarter performance to reflect typical seasonality and stable demand,” said Dr. Chand. “Our customers are managing through short-term uncertainties, and we expect further clarity as the quarter progresses. We are confident in the long-term growth potential of our key markets, our team’s ability to execute effectively, and our capacity to allocate capital strategically to maximize shareholder returns while driving sustained growth and compounding value for the business over time.”
For the first quarter, we anticipate order patterns to align with typical seasonality and expect our customers to remain in a neutral posture as they navigate this dynamic environment. Revenues are expected to be in the range of $605 million to $620 million, representing a 13% to 16% increase over the prior-year quarter. GAAP EPS is expected to be in the range of $1.03 to $1.13, representing a 14% to 26% increase over the prior-year quarter. Adjusted EPS is expected to be in the range of $1.43 to $1.53, representing a 15% to 23% increase over the prior-year quarter.
First quarter guidance includes a currency exchange headwind of approximately $15 million in revenues and $0.05 of EPS.
First Quarter 2025: |
|
|
|
| Guidance |
Revenues (million) |
| $605 - $620 |
GAAP EPS |
| $1.03 - $1.13 |
Adjusted EPS |
| $1.43 - $1.53 |
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 1-866-575-6539 with confirmation code 7220743. 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 |
| Twelve Months Ended | ||||||||||||
|
| December 31, 2024 |
| December 31, 2023 |
| December 31, |
| December 31, | ||||||||
|
|
|
|
|
|
|
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| ||||||||
|
| (In thousands, except per share data) | ||||||||||||||
Revenues |
| $ | 666,042 |
|
| $ | 551,243 |
|
| $ | 2,460,979 |
|
| $ | 2,512,084 |
|
Cost of sales |
|
| (416,226 | ) |
|
| (344,878 | ) |
|
| (1,538,757 | ) |
|
| (1,557,118 | ) |
Gross profit |
|
| 249,816 |
|
|
| 206,365 |
|
|
| 922,222 |
|
|
| 954,966 |
|
Selling, general and administrative expenses |
|
| (137,362 | ) |
|
| (126,414 | ) |
|
| (494,603 | ) |
|
| (492,702 | ) |
Research and development expenses |
|
| (28,968 | ) |
|
| (25,883 | ) |
|
| (112,365 | ) |
|
| (116,427 | ) |
Amortization of intangibles |
|
| (14,307 | ) |
|
| (10,113 | ) |
|
| (48,794 | ) |
|
| (40,375 | ) |
Gain on sale of assets |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 12,056 |
|
Operating income |
|
| 69,179 |
|
|
| 43,955 |
|
|
| 266,460 |
|
|
| 317,518 |
|
Interest expense, net |
|
| (10,849 | ) |
|
| (8,032 | ) |
|
| (38,303 | ) |
|
| (33,625 | ) |
Non-operating pension benefit (cost) |
|
| (962 | ) |
|
| 401 |
|
|
| (215 | ) |
|
| 1,863 |
|
Income before taxes |
|
| 57,368 |
|
|
| 36,324 |
|
|
| 227,942 |
|
|
| 285,756 |
|
Income tax benefit (expense) |
|
| 1,014 |
|
|
| 2,185 |
|
|
| (29,528 | ) |
|
| (43,200 | ) |
Net income |
|
| 58,382 |
|
|
| 38,509 |
|
|
| 198,414 |
|
|
| 242,556 |
|
Less: Net income (loss) attributable to noncontrolling interest |
|
| (2 | ) |
|
| 42 |
|
|
| (19 | ) |
|
| (203 | ) |
Net income attributable to Belden stockholders |
| $ | 58,384 |
|
| $ | 38,467 |
|
| $ | 198,433 |
|
| $ | 242,759 |
|
|
|
|
|
|
|
|
|
| ||||||||
Weighted average number of common shares and equivalents: |
|
|
|
|
|
|
|
| ||||||||
Basic |
|
| 40,312 |
|
|
| 41,565 |
|
|
| 40,694 |
|
|
| 42,237 |
|
Diluted |
|
| 41,087 |
|
|
| 42,046 |
|
|
| 41,299 |
|
|
| 42,859 |
|
|
|
|
|
|
|
|
|
| ||||||||
Basic income per share attributable to Belden stockholders: |
| $ | 1.45 |
|
| $ | 0.93 |
|
| $ | 4.88 |
|
| $ | 5.75 |
|
|
|
|
|
|
|
|
|
| ||||||||
Diluted income per share attributable to Belden stockholders: |
| $ | 1.42 |
|
| $ | 0.91 |
|
| $ | 4.80 |
|
| $ | 5.66 |
|
|
|
|
|
|
|
|
|
| ||||||||
Common stock dividends declared per share |
| $ | 0.05 |
|
| $ | 0.05 |
|
| $ | 0.20 |
|
| $ | 0.20 |
|
BELDEN INC. | ||||||||
OPERATING SEGMENT INFORMATION | ||||||||
(Unaudited) | ||||||||
|
| Smart Infrastructure Solutions |
| Automation | ||||
|
|
|
|
| ||||
| (In thousands, except percentages) | |||||||
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