Belden Announces Preliminary Third Quarter Results

Belden Inc. (NYSE: BDC) (the “Company”), a leading global supplier of network infrastructure and digitization solutions, today announced preliminary financial results for the third quarter of 2023.

Third quarter revenues are now expected to be approximately $625 million, compared to the prior outlook of $675 to $690 million. The revised outlook reflects softer than anticipated end-demand across both segments. GAAP EPS is now expected to be in the range of $1.67 to $1.69, compared to the prior outlook of $1.40 to $1.50, primarily due to a gain on sale of assets. Adjusted EPS is now expected to be in the range of $1.75 to $1.77, compared to the prior outlook of $1.75 to $1.85. The Company’s earnings benefited from a favorable mix driven by higher-margin solutions business, as well as lower incentive compensation costs. Adjusted results are non-GAAP measures, and a non-GAAP reconciliation table is provided as an appendix to this release.

“While a weaker-than-anticipated macroeconomic backdrop impacted revenues, strong gross margin performance, and reduced variable compensation costs resulted in the Company achieving the lower end of our prior Adjusted EPS outlook,” said Ashish Chand, President and CEO of Belden Inc. “Demand began to weaken in the third quarter adding to ongoing pressure from channel destocking. We believe softer demand will continue as we move into the fourth quarter, impacting both revenue and profitability. We are encouraged that our shift towards solutions continues despite market weakness. Furthermore, we are well-positioned to benefit from major secular trends with lengthy investment cycles that will enable us to reach our long-term targets, including automation, broadband investment, and smart buildings.”

Belden Third Quarter Earnings Call

Belden will report results for the fiscal third quarter ended October 1, 2023, at 8:30 a.m. Eastern Time on Thursday, November 2, 2023.

A webcast of the conference call and accompanying presentation materials will be available in the Investor Relations section of Belden’s corporate website at https://investor.belden.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register and download and install any necessary audio software.

To participate in the live teleconference please dial 1-888-394-8218 with confirmation code 6123821. A replay of this conference call will remain accessible in the investor relations section of the Company’s website for a limited time.