Belden Reports First Quarter 2026 Results
Belden Inc. (NYSE: BDC) (“Belden” or the “Company”), a leading global supplier of specialty networking solutions, today reported fiscal first quarter results for the period ended March 29, 202...
Separately Announces Definitive Agreement to Acquire RUCKUS Networks
ST. LOUIS: Belden Inc. (NYSE: BDC) (“Belden” or the “Company”), a leading global supplier of specialty networking solutions, today reported fiscal first quarter results for the period ended March 29, 2026.
First Quarter 2026 Highlights
- Revenues of $696 million, up 11% y/y and up 7% y/y organically
- GAAP EPS of $1.30, up 2% y/y
- Adjusted EPS of $1.77, up 11% y/y
- Repurchased 0.3 million shares for $30 million during the quarter
"Belden delivered a strong start to 2026, with revenues up 11% year over year and up 7% organically, reflecting continued momentum in our solutions strategy and solid execution across the business,” said Ashish Chand, President and CEO of Belden Inc. “Adjusted EPS of $1.77 was up 11% year over year, demonstrating the earnings power of our growing solutions portfolio. Customers continue to invest in digitization, automation and IT/OT convergence, and Belden is increasingly positioned as the solutions partner of choice to help them build secure, reliable, high-performance networks. Together with RUCKUS, Belden will be positioned to deliver the most comprehensive IT/OT networking solution in the industry."
First Quarter 2026
Revenues for the quarter increased by $71 million, or 11%, to $696 million from $625 million in the year-ago period. Revenues increased 7% organically. Net income was $51 million, compared to $52 million in the year-ago period. Net income as a percentage of revenues was 7.3%, compared to 8.3% in the year-ago period. EPS totaled $1.30 for the quarter, compared to $1.27 in the year-ago period.
Adjusted EBITDA was $118 million, up $14 million, or 14%, compared to $104 million in the year-ago period. Adjusted EBITDA margin was 17.0%, up 40 bps, compared to 16.6% in the year-ago period. Adjusted EPS was $1.77, increasing 11% compared to $1.60 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.
Acquisition of RUCKUS Networks
In a separate press release issued today, Belden announced that it has entered into a definitive agreement to acquire RUCKUS Networks (“RUCKUS”), a global provider of intelligent network solutions, from Vistance Networks (Nasdaq: VISN) for approximately $1.85 billion.
Outlook
"While underlying demand signals remain encouraging, near-term visibility is limited and the broader macroeconomic and geopolitical environment remains fluid. Our teams and customers are actively managing input costs and supply chain resiliency, and our guidance reflects a balanced, measured view consistent with typical seasonal patterns. The long-term fundamentals driving our business, data growth, automation, and IT/OT convergence have not changed. We remain focused on disciplined execution as we advance our solutions strategy and compound value over time," said Dr. Chand. Assuming the continuation of current market conditions, the table below provides guidance for the second quarter of 2026 on a standalone basis, excluding any contribution from the proposed acquisition of RUCKUS.
Second Quarter 2026: |
|
|
|
| Guidance |
Revenues (million) |
| $735 - $750 |
GAAP EPS |
| $1.53 - $1.63 |
Adjusted EPS |
| $1.95 - $2.05 |
Earnings Conference Call
Management will host a conference call today at 8:30 am ET to discuss Belden's agreement to acquire RUCKUS, as well as the quarterly 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 5588336. 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. 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 29, 2026 |
| March 30, 2025 | ||||
|
|
|
|
| ||||
|
| (In thousands, except per share data) | ||||||
Revenues |
| $ | 696,375 |
|
| $ | 624,861 |
|
Cost of sales |
|
| (438,287 | ) |
|
| (379,021 | ) |
Gross profit |
|
| 258,088 |
|
|
| 245,840 |
|
Selling, general and administrative expenses |
|
| (138,652 | ) |
|
| (131,522 | ) |
Research and development expenses |
|
| (30,089 | ) |
|
| (28,417 | ) |
Amortization of intangibles |
|
| (11,388 | ) |
|
| (13,275 | ) |
Operating income |
|
| 77,959 |
|
|
| 72,626 |
|
Interest expense, net |
|
| (13,459 | ) |
|
| (10,104 | ) |
Non-operating pension cost |
|
| (456 | ) |
|
| (441 | ) |
Loss on debt extinguishment |
|
| (1,273 | ) |
|
| - |
|
Income before taxes |
|
| 62,771 |
|
|
| 62,081 |
|
Income tax expense |
|
| (11,744 | ) |
|
| (10,144 | ) |
Net income |
|
| 51,027 |
|
|
| 51,937 |
|
|
|
|
|
| ||||
Weighted average number of common shares and equivalents: |
|
|
|
| ||||
Basic |
|
| 38,814 |
|
|
| 40,166 |
|
Diluted |
|
| 39,395 |
|
|
| 40,844 |
|
|
|
|
|
| ||||
Basic income per share |
| $ | 1.31 |
|
| $ | 1.29 |
|
|
|
|
|
| ||||
Diluted income per share |
| $ | 1.30 |
|
| $ | 1.27 |
|
|
|
|
|
| ||||
Common stock dividends declared per share |
| $ | 0.05 |
|
| $ | 0.05 |
|
BELDEN INC. CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
|
| March 29, |
| December 31, | ||||
|
|
|
|
| ||||
|
| (Unaudited) |
|
| ||||
|
| (In thousands) | ||||||
ASSETS | ||||||||
Current assets: |
|
|
|
| ||||
Cash and cash equivalents |
| $ | 272,151 |
|
| $ | 389,887 |
|
Receivables, net |
|
| 499,090 |
|
|
| 462,845 |
|
Inventories, net |
|
| 423,124 |
|
|
| 402,345 |
|
Other current assets |
|
| 85,522 |
|
|
| 94,303 |
|
Total current assets |
|
| 1,279,887 |
|
|
| 1,349,380 |
|
Property, plant and equipment, less accumulated depreciation |
|
| 569,389 |
|
|
| 566,020 |
|
Operating lease right-of-use assets |
|
| 105,749 |
|
|
| 113,033 |
|
Goodwill |
|
| 1,034,037 |
|
|
| 1,036,821 |
|
Intangible assets, less accumulated amortization |
|
| 392,431 |
|
|
| 399,799 |
|
Deferred income taxes |
|
| 14,099 |
|
|
| 14,512 |
|
Other long-lived assets |
|
| 63,832 |
|
|
| 64,056 |
|
|
| $ | 3,459,424 |
|
| $ | 3,543,621 |
|
|
|
|
|
| ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: |
|
|
|
| ||||
Accounts payable |
| $ | 326,931 |
|
| $ | 361,432 |
|
Accrued liabilities |
|
| 286,703 |
|
|
| 336,067 |
|
Total current liabilities |
|
| 613,634 |
|
|
| 697,499 |
|
Long-term debt |
|
| 1,260,359 |
|
|
| 1,285,666 |
|
Postretirement benefits |
|
| 62,767 |
|
|
| 63,598 |
|
Deferred income taxes |
|
| 112,458 |
|
|
| 98,060 |
|
Long-term operating lease liabilities |
|
| 89,874 |
|
|
| 94,372 |
|
Other long-term liabilities |
|
| 37,331 |
|
|
| 40,002 |
|
Stockholders’ equity: |
|
|
|
| ||||
Common stock |
|
| 503 |
|
|
| 503 |
|
Additional paid-in capital |
|
| 862,720 |
|
|
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