Belden Reports Record Third Quarter 2025 Results
Belden Inc. (NYSE: BDC) (“Belden” or the “Company”), a leading global supplier of complete connection solutions, today reported fiscal third quarter results for the period ended September 28, ...
ST. LOUIS: Belden Inc. (NYSE: BDC) (“Belden” or the “Company”), a leading global supplier of complete connection solutions, today reported fiscal third quarter results for the period ended September 28, 2025.
Third Quarter 2025 Highlights
- Record Revenues of $698 million, up 7% y/y and up 4% y/y organically
- GAAP EPS of $1.41, up 8% y/y
- Record Adjusted EPS of $1.97, up 16% y/y
- Repurchased 0.4 million shares for $50 million during the quarter, and 1.4 million shares for $150 million year-to-date
"We are pleased to announce record Revenues and Adjusted EPS for the third quarter, a testament to our strategic focus and steady execution," said Ashish Chand, President and CEO of Belden Inc. "Revenues grew 7% year-over-year to $698 million, with organic growth of 4%. Adjusted EPS for the period reached $1.97, a 16% increase year-over-year attributable to our continued progress in our solutions transformation. We saw particular strength in our Automation Solutions segment, with growth in key verticals and across all regions. Additionally, our commitment to disciplined capital allocation further enhanced shareholder value, with year-to-date share repurchases totaling $150 million. Our global team's steady performance and commitment to innovation continue to drive our success, delivering cutting-edge solutions for our customers and creating long-term value for our shareholders.”
Third Quarter 2025
Revenues for the quarter increased $43 million, or 7%, to $698 million from $655 million in the year-ago period. Revenues increased 4% organically, with Automation Solutions up 10% and Smart Infrastructure Solutions down 1%. Net income was $57 million, compared to $54 million in the year-ago period. Net income as a percentage of revenues was 8.1%, compared to 8.2% in the year-ago period. EPS totaled $1.41 for the quarter, compared to $1.30 in the year-ago period.
Adjusted EBITDA was $119 million, up $6 million, or 5%, compared to $113 million in the year-ago period. Adjusted EBITDA margin was 17.0%, down 20 bps, compared to 17.2% in the year-ago period. Adjusted EPS was $1.97, increasing 16% compared to $1.70 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 are strategically positioned for the long term, with powerful secular trends driving our customers' evolving needs in digitization, IT/OT convergence, physical AI, and data-driven efficiency,” said Dr. Chand. “Leveraging these key customer needs, our resilient business model and operational discipline allow us to effectively manage the current market dynamics. We are deeply committed to consistent execution and innovation, ensuring we capitalize on future growth and deliver compelling value for our shareholders.”
Assuming the continuation of current market conditions, the table below provides guidance for the fourth quarter of 2025.
Fourth Quarter 2025: |
|
|
|
| Guidance |
Revenues (million) |
| $690 - $700 |
GAAP EPS |
| $1.40 - $1.50 |
Adjusted EPS |
| $1.90 - $2.00 |
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 1-800-330-6710 with confirmation code 6929850. 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 28, |
| September 29, |
| September 28, |
| September 29, | ||||||||
|
|
|
|
|
|
|
|
| ||||||||
|
| (In thousands, except per share data) | ||||||||||||||
Revenues |
| $ | 698,221 |
|
| $ | 654,926 |
|
| $ | 1,995,074 |
|
| $ | 1,794,937 |
|
Cost of sales |
|
| (435,023 | ) |
|
| (410,922 | ) |
|
| (1,227,468 | ) |
|
| (1,122,531 | ) |
Gross profit |
|
| 263,198 |
|
|
| 244,004 |
|
|
| 767,606 |
|
|
| 672,406 |
|
Selling, general and administrative expenses |
|
| (139,415 | ) |
|
| (126,976 | ) |
|
| (402,859 | ) |
|
| (357,241 | ) |
Research and development expenses |
|
| (33,859 | ) |
|
| (27,941 | ) |
|
| (96,216 | ) |
|
| (83,397 | ) |
Amortization of intangibles |
|
| (13,636 | ) |
|
| (13,738 | ) |
|
| (40,381 | ) |
|
| (34,487 | ) |
Operating income |
|
| 76,288 |
|
|
| 75,349 |
|
|
| 228,150 |
|
|
| 197,281 |
|
Interest expense, net |
|
| (11,562 | ) |
|
| (10,855 | ) |
|
| (33,866 | ) |
|
| (27,454 | ) |
Non-operating pension benefit (cost) |
|
| (398 | ) |
|
| 286 |
|
|
| (1,203 | ) |
|
| 747 |
|
Loss related to revolver refinancing |
|
| (76 | ) |
|
| - |
|
|
| (76 | ) |
|
| - |
|
Income before taxes |
|
| 64,252 |
|
|
| 64,780 |
|
|
| 193,005 |
|
|
| 170,574 |
|
Income tax expense |
|
| (7,562 | ) |
|
| (11,091 | ) |
|
| (23,372 | ) |
|
| (30,542 | ) |
Net income |
|
| 56,690 |
|
|
| 53,689 |
|
|
| 169,633 |
|
|
| 140,032 |
|
Less: Net loss attributable to noncontrolling interest |
|
| - |
|
|
| (3 | ) |
|
| - |
|
|
| (17 | ) |
Net income attributable to Belden stockholders |
| $ | 56,690 |
|
| $ | 53,692 |
|
| $ | 169,633 |
|
| $ | 140,049 |
|
Weighted average number of common shares and equivalents: |
|
|
|
|
|
|
|
| ||||||||
Basic |
|
| 39,516 |
|
|
| 40,798 |
|
|
| 39,728 |
|
|
| 40,825 |
|
Diluted |
|
| 40,137 |
|
|
| 41,417 |
|
|
| 40,324 |
|
|
| 41,371 |
|
Basic income per share attributable to Belden stockholders |
| $ | 1.43 |
|
| $ | 1.32 |
|
| $ | 4.27 |
|
| $ | 3.43 |
|
Diluted income per share attributable to Belden stockholders |
| $ | 1.41 |
|
| $ | 1.30 |
|
| $ | 4.21 |
|
| $ | 3.39 |
|
Common stock dividends declared per share |
| $ | 0.05 |
|
| $ | 0.05 |
|
| $ | 0.15 |
|
| $ | 0.15 |
|
BELDEN INC. OPERATING SEGMENT INFORMATION (Unaudited) | ||||||||
| ||||||||
|
| Smart |
| Automation | ||||
|
|
|
|
| ||||
| (In thousands, except percentages) | |||||||
|
|
|
|
| ||||
For the three months ended September 28, 2025 |
|
|
|
| ||||
Segment Revenues |
| $ | 316,913 |
|
| $ | 381,308 |
|
Segment EBITDA |
|
| 39,810 |
|
|
| 79,286 |
|
Segment EBITDA margin |
|
| 12.6 | % |
|
| 20.8 | % |
Depreciation expense |
|
| 8,134 |
|
|
| 8,722 |
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