Belden Reports First Quarter 2025 Results
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...
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.”
Second Quarter 2025: |
|
|
|
| Guidance |
Revenues (million) |
| $645 - $660 |
GAAP EPS |
| $1.25 - $1.35 |
Adjusted EPS |
| $1.67 - $1.77 |
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.
BELDEN INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | ||||||||
|
| Three Months Ended | ||||||
|
| March 30, 2025 |
| March 31, 2024 | ||||
|
| (In thousands, except per share data) | ||||||
Revenues |
| $ | 624,861 |
|
| $ | 535,675 |
|
Cost of sales |
|
| (379,021 | ) |
|
| (334,079 | ) |
Gross profit |
|
| 245,840 |
|
|
| 201,596 |
|
Selling, general and administrative expenses |
|
| (131,522 | ) |
|
| (110,768 | ) |
Research and development expenses |
|
| (28,417 | ) |
|
| (26,999 | ) |
Amortization of intangibles |
|
| (13,275 | ) |
|
| (10,809 | ) |
Operating income |
|
| 72,626 |
|
|
| 53,020 |
|
Interest expense, net |
|
| (10,104 | ) |
|
| (7,582 | ) |
Non-operating pension benefit (cost) |
|
| (441 | ) |
|
| 231 |
|
Income before taxes |
|
| 62,081 |
|
|
| 45,669 |
|
Income tax expense |
|
| (10,144 | ) |
|
| (8,360 | ) |
Net income |
|
| 51,937 |
|
|
| 37,309 |
|
Less: Net loss attributable to noncontrolling interest |
|
| — |
|
|
| (4 | ) |
Net income attributable to Belden stockholders |
| $ | 51,937 |
|
| $ | 37,313 |
|
Weighted average number of common shares and equivalents: |
|
|
|
| ||||
Basic |
|
| 40,166 |
|
|
| 40,986 |
|
Diluted |
|
| 40,844 |
|
|
| 41,491 |
|
|
|
|
|
| ||||
Basic income per share attributable to Belden stockholders |
| $ | 1.29 |
|
| $ | 0.91 |
|
Diluted income per share attributable to Belden stockholders |
| $ | 1.27 |
|
| $ | 0.90 |
|
|
|
|
|
| ||||
Common stock dividends declared per share |
| $ | 0.05 |
|
| $ | 0.05 |
|
BELDEN INC. OPERATING SEGMENT INFORMATION (Unaudited) | ||||||||
|
| Smart Infrastructure Solutions |
| Automation Solutions | ||||
| (In thousands, except percentages) | |||||||
For the three months ended March 30, 2025 |
|
|
|
| ||||
Segment Revenues |
| $ | 274,050 |
|
| $ | 350,811 |
|
Segment EBITDA |
|
| 31,135 |
|
|
| 73,325 |
|
Segment EBITDA margin |
|
| 11.4 | % |
|
| 20.9 | % |
Depreciation expense |
|
| 6,572 |
|
|
| 7,324 |
|
Amortization of intangibles |
|
| 8,656 |
|
|
| 4,619 |
|
Amortization of software development intangible assets |
|
| 18 |
|
|
| 2,595 |
|
Severance, restructuring, and acquisition integration costs |
|
| 957 |
|
|
| 741 |
|
Adjustments related to acquisitions and divestitures |
|
| — |
|
|
| 298 |
|
|
|
|
|
| ||||
For the three months ended March 31, 2024 |
|
|
|
| ||||
Segment Revenues |
| $ | 234,089 |
|
| $ | 301,586 |
|
Segment EBITDA |
|
| 25,788 |
|
|
| 58,745 |
|
Segment EBITDA margin |
|
| 11.0 | % |
|
| 19.5 | % |
Depreciation expense |
|
| 6,305 |
|
|
| 7,160 |
|
Amortization of intangibles |
|
| 5,719 |
|
|
| 5,090 |
|
Amortization of software development intangible assets |
|
| — |
|
|
| 2,713 |
|
Severance, restructuring, and acquisition integration costs |
|
| 1,590 |
|
|
| 2,622 |
|
Adjustments related to acquisitions and divestitures |
|
| — |
|
|
| 298 |
|
BELDEN INC. CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
|
| March 30, |
| December 31, | ||||
|
| (Unaudited) |
|
| ||||
|
| (In thousands) | ||||||
ASSETS | ||||||||
Current assets: |
|
|
|
| ||||
Cash and cash equivalents |
| $ | 258,997 |
|
| $ | 370,302 |
|
Receivables, net |
|
| 419,970 |
|
|
| 409,711 |
|
Inventories, net |
|
| 373,045 |
|
|
| 343,099 |
|
Other current assets |
|
| 80,509 |
|
|
| 73,117 |
|
Total current assets |
|
| 1,132,521 |
|
|
| 1,196,229 Related news
Last NewsRSA at Cybertech Europe 2024Alaa Abdul Nabi, Vice President, Sales International at RSA presents the innovations the vendor brings to Cybertech as part of a passwordless vision for… Italian Security Awards 2024: G11 Media honours the best of Italian cybersecurityG11 Media's SecurityOpenLab magazine rewards excellence in cybersecurity: the best vendors based on user votes How Austria is making its AI ecosystem growAlways 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 practiceSuccessfully completing a Proof of Concept implementation in Athens, the two Italian companies prove that QKD can be easily implemented also in pre-existing… Most readAlibaba Group Announces March Quarter 2025 and Fiscal Year 2025 Results$BABA #alibaba--Alibaba Group Holding Limited (NYSE: BABA and HKEX: 9988 (HKD Counter) and 89988 (RMB Counter), “Alibaba”, “Alibaba Group” or the “company”)… Workhuman Ignites Industry Momentum as the Undisputed Leader in Employee…#employeerecognition--In a bold validation of its innovative approach to culture-building through employee recognition, Workhuman®, the world’s leading… Fiserv to Present at Upcoming Investor ConferencesFiserv, Inc. (NYSE: FI), a leading global provider of payments and financial services technology solutions, announced its participation in the following… Australia Social Commerce Intelligence Databook 2025: An $8.58 Billion…The "Australia Social Commerce Market Intelligence and Future Growth Dynamics Databook - 50+ KPIs on Social Commerce Trends by End-Use Sectors, Operational… G11 Media Networks
InnovationOpenLab is a channel of BitCity, a newspaper registered at the court of Como , 
| |