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     312  0 Kommentare Belden Reports Results for Second Quarter 2019

    Belden Inc. (NYSE: BDC), a global leader in high quality, end-to-end signal transmission solutions for mission-critical applications, today reported fiscal second quarter 2019 results for the period ended June 30, 2019.

    Second Quarter 2019

    Revenues for the quarter totaled $637.5 million, decreasing $31.1 million, or 4.7%, compared to $668.6 million in the second quarter 2018. Net income was $42.2 million, an increase of $13.3 million, or 46.2%, from the prior-year period. Net income as a percentage of revenue was 6.6% compared to 4.3% in the prior-year period. EPS totaled $0.84 compared to $0.49 in the second quarter 2018.

    Adjusted revenues for the quarter also totaled $637.5 million, decreasing $33.9 million, or 5.1%, compared to adjusted revenues of $671.4 million in the second quarter 2018. Adjusted EBITDA margin in the second quarter was 15.9%, compared to 18.3% in the year-ago period. Adjusted EPS was $1.39 compared to $1.52 in the second quarter 2018. Adjusted results are non-GAAP measures, and a non-GAAP reconciliation table is provided as an appendix to this release.

    John Stroup, President, CEO, and Chairman of Belden Inc., said, “Revenues were consistent with our expectations across most of our portfolio in the second quarter, but demand trends softened in some of our key Industrial markets. Cash flow generation continues to improve, and I am pleased to report 24% growth in cash flow from operations.”

    Outlook

    “We now expect a more challenging demand environment in our Industrial markets in the second half, so we are reducing our revenue and EPS expectations for the remainder of the year. Despite this near-term outlook revision, we remain extremely well positioned to benefit from a number of long-term secular trends,” said Mr. Stroup.

    The Company expects third quarter 2019 revenues to be $620 - $645 million. For the full year ending December 31, 2019, the Company now expects revenues to be $2.485 - $2.535 billion, compared to prior guidance of $2.520 - $2.595 billion.

    The Company expects third quarter 2019 GAAP EPS to be $0.84 - $1.04. For the full year ending December 31, 2019, the Company now expects GAAP EPS of $3.44 - $3.84, compared to prior guidance of $3.86 - $4.36.

    The Company expects third quarter 2019 adjusted EPS to be $1.32 - $1.52. For the full year ending December 31, 2019, the Company now expects adjusted EPS of $5.38 - $5.78, compared to prior guidance of $5.65 - $6.15.

    Earnings Conference Call

    Management will host a conference call today at 8:30 am ET to discuss results of the quarter. The listen-only audio of the conference call will be broadcast live via the Internet at http://investor.belden.com. The dial-in number for participants in the U.S. is 888-599-8686; the dial-in number for participants outside the U.S. is 720-543-0302. A replay of this conference call will remain accessible in the investor relations section of the Company’s website for a limited time.

    Net Income and Earnings per Share (EPS)

    All references to Net Income and EPS within this earnings release refer to net income attributable to Belden and income from continuing operations per diluted share attributable to Belden common stockholders, respectively.

    Use of Non-GAAP Financial Information

    Adjusted results are non-GAAP measures that reflect certain adjustments the Company makes to provide insight into operating results. GAAP to non-GAAP reconciliations accompany the condensed consolidated financial statements included in this release and have been published to the investor relations section of the Company’s website at http://investor.belden.com.

     

     

    BELDEN INC.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (Unaudited)

     

     

     

    Three Months Ended

     

    Six Months Ended

     

     

    June 30, 2019

     

    July 1, 2018

     

    June 30, 2019

     

    July 1, 2018

     

     

     

     

     

     

     

     

     

     

     

    (In thousands, except per share data)

    Revenues

     

    $

    637,530

     

     

    $

    668,639

     

     

    $

    1,224,705

     

     

    $

    1,274,204

     

    Cost of sales

     

    (396,507

    )

     

    (411,043

    )

     

    (758,954

    )

     

    (786,014

    )

    Gross profit

     

    241,023

     

     

    257,596

     

     

    465,751

     

     

    488,190

     

    Selling, general and administrative expenses

     

    (122,482

    )

     

    (138,842

    )

     

    (245,270

    )

     

    (263,714

    )

    Research and development expenses

     

    (35,034

    )

     

    (37,209

    )

     

    (69,188

    )

     

    (74,310

    )

    Amortization of intangibles

     

    (22,368

    )

     

    (25,039

    )

     

    (45,709

    )

     

    (49,457

    )

    Operating income

     

    61,139

     

     

    56,506

     

     

    105,584

     

     

    100,709

     

    Interest expense, net

     

    (14,168

    )

     

    (15,088

    )

     

    (28,361

    )

     

    (32,066

    )

    Non-operating pension benefit (cost)

     

    481

     

     

    (257

    )

     

    1,028

     

     

    (532

    )

    Loss on debt extinguishment

     

     

     

    (3,030

    )

     

     

     

    (22,990

    )

    Income before taxes

     

    47,452

     

     

    38,131

     

     

    78,251

     

     

    45,121

     

    Income tax expense

     

    (5,162

    )

     

    (9,339

    )

     

    (10,783

    )

     

    (13,759

    )

    Net income

     

    42,290

     

     

    28,792

     

     

    67,468

     

     

    31,362

     

    Less: Net income (loss) attributable to noncontrolling interests

     

    90

     

     

    (77

    )

     

    66

     

     

    (125

    )

    Net income attributable to Belden

     

    42,200

     

     

    28,869

     

     

    67,402

     

     

    31,487

     

    Less: Preferred stock dividends

     

    8,733

     

     

    8,733

     

     

    17,466

     

     

    17,466

     

    Net income attributable to Belden common stockholders

     

    $

    33,467

     

     

    $

    20,136

     

     

    $

    49,936

     

     

    $

    14,021

     

     

     

     

     

     

     

     

     

     

    Weighted average number of common shares and equivalents:

     

     

     

     

     

     

     

     

    Basic

     

    39,389

     

     

    40,735

     

     

    39,405

     

     

    41,184

     

    Diluted

     

    39,611

     

     

    40,974

     

     

    39,635

     

     

    41,492

     

     

     

     

     

     

     

     

     

     

    Basic income per share attributable to Belden common stockholders:

     

    $

    0.85

     

     

    $

    0.49

     

     

    $

    1.27

     

     

    $

    0.34

     

     

     

     

     

     

     

     

     

     

    Diluted income per share attributable to Belden common stockholders:

     

    $

    0.84

     

     

    $

    0.49

     

     

    $

    1.26

     

     

    $

    0.34

     

     

     

     

     

     

     

     

     

     

    Common stock dividends declared per share

     

    $

    0.05

     

     

    $

    0.05

     

     

    $

    0.10

     

     

    $

    0.10

     

     

    BELDEN INC.

    OPERATING SEGMENT INFORMATION

    (Unaudited)

     

     

     

    Enterprise

    Solutions

     

    Industrial

    Solutions

     

    Total

    Segments

     

     

     

     

     

     

     

     

    (In thousands, except percentages)

     

     

     

     

     

     

     

    For the three months ended June 30, 2019

     

     

     

     

     

     

    Segment Revenues

     

    $

    369,862

     

     

    $

    267,668

     

     

    $

    637,530

     

    Segment EBITDA

     

    53,483

     

     

    47,458

     

     

    100,941

     

    Segment EBITDA margin

     

    14.5

    %

     

    17.7

    %

     

    15.8

    %

    Depreciation expense

     

    7,540

     

     

    4,761

     

     

    12,301

     

    Amortization of intangibles

     

    9,320

     

     

    13,048

     

     

    22,368

     

    Amortization of software development intangible assets

     

    1,044

     

     

    28

     

     

    1,072

     

    Severance, restructuring, and acquisition integration costs

     

    3,082

     

     

     

     

    3,082

     

    Purchase accounting effects of acquisitions

     

    718

     

     

     

     

    718

     

     

     

     

     

     

     

     

    For the three months ended July 1, 2018

     

     

     

     

     

     

    Segment Revenues

     

    $

    399,695

     

     

    $

    271,746

     

     

    $

    671,441

     

    Segment EBITDA

     

    70,281

     

     

    53,225

     

     

    123,506

     

    Segment EBITDA margin

     

    17.6

    %

     

    19.6

    %

     

    18.4

    %

    Depreciation expense

     

    7,153

     

     

    4,873

     

     

    12,026

     

    Amortization of intangibles

     

    11,809

     

     

    13,230

     

     

    25,039

     

    Amortization of software development intangible assets

     

    488

     

     

     

     

    488

     

    Severance, restructuring, and acquisition integration costs

     

    22,887

     

     

    2,041

     

     

    24,928

     

    Purchase accounting effects of acquisitions

     

    1,036

     

     

     

     

    1,036

     

    Deferred revenue adjustments

     

    2,802

     

     

     

     

    2,802

     

     

     

     

     

     

     

     

    For the six months ended June 30, 2019

     

     

     

     

     

     

    Segment Revenues

     

    $

    696,389

     

     

    $

    528,316

     

     

    $

    1,224,705

     

    Segment EBITDA

     

    93,041

     

     

    94,917

     

     

    187,958

     

    Segment EBITDA margin

     

    13.4

    %

     

    18.0

    %

     

    15.3

    %

    Depreciation expense

     

    15,273

     

     

    9,748

     

     

    25,021

     

    Amortization of intangibles

     

    19,490

     

     

    26,219

     

     

    45,709

     

    Amortization of software development intangible assets

     

    1,958

     

     

    51

     

     

    2,009

     

    Severance, restructuring, and acquisition integration costs

     

    6,860

     

     

     

     

    6,860

     

    Purchase accounting effects of acquisitions

     

    2,031

     

     

     

     

    2,031

     

     

     

     

     

     

     

     

    For the six months ended July 1, 2018

     

     

     

     

     

     

    Segment Revenues

     

    $

    750,685

     

     

    $

    528,179

     

     

    $

    1,278,864

     

    Segment EBITDA

     

    127,733

     

     

    99,651

     

     

    227,384

     

    Segment EBITDA margin

     

    17.0

    %

     

    18.9

    %

     

    17.8

    %

    Depreciation expense

     

    14,373

     

     

    9,518

     

     

    23,891

     

    Amortization of intangibles

     

    22,979

     

     

    26,478

     

     

    49,457

     

    Amortization of software development intangible assets

     

    724

     

     

     

     

    724

     

    Severance, restructuring, and acquisition integration costs

     

    37,421

     

     

    7,901

     

     

    45,322

     

    Purchase accounting effects of acquisitions

     

    1,538

     

     

     

     

    1,538

     

    Deferred revenue adjustments

     

    4,660

     

     

     

     

    4,660

      

     

    BELDEN INC.

    OPERATING SEGMENT RECONCILIATION TO CONSOLIDATED RESULTS

    (Unaudited)

     

     

     

    Three Months Ended

     

    Six Months Ended

     

     

    June 30, 2019

     

    July 1, 2018

     

    June 30, 2019

     

    July 1, 2018

     

     

     

     

     

     

     

     

     

     

     

    (In thousands)

     

     

     

     

    Total Segment Revenues

     

    $

    637,530

     

     

    $

    671,441

     

     

    $

    1,224,705

     

     

    $

    1,278,864

     

    Deferred revenue adjustments

     

     

     

    (2,802

    )

     

     

     

    (4,660

    )

    Consolidated Revenues

     

    $

    637,530

     

     

    $

    668,639

     

     

    $

    1,224,705

     

     

    $

    1,274,204

     

     

     

     

     

     

     

     

     

     

    Total Segment EBITDA

     

    $

    100,941

     

     

    $

    123,506

     

     

    $

    187,958

     

     

    $

    227,384

     

    Eliminations

     

    (261

    )

     

    (681

    )

     

    (744

    )

     

    (989

    )

    Total non-operating pension benefit (cost)

     

    481

     

     

    (257

    )

     

    1,028

     

     

    (532

    )

    Consolidated Adjusted EBITDA (1)

     

    101,161

     

     

    122,568

     

     

    188,242

     

     

    225,863

     

    Amortization of intangibles

     

    (22,368

    )

     

    (25,039

    )

     

    (45,709

    )

     

    (49,457

    )

    Interest expense, net

     

    (14,168

    )

     

    (15,088

    )

     

    (28,361

    )

     

    (32,066

    )

    Depreciation expense

     

    (12,301

    )

     

    (12,026

    )

     

    (25,021

    )

     

    (23,891

    )

    Severance, restructuring, and acquisition integration costs

     

    (3,082

    )

     

    (24,928

    )

     

    (6,860

    )

     

    (45,322

    )

    Purchase accounting effects related to acquisitions

     

    (718

    )

     

    (1,036

    )

     

    (2,031

    )

     

    (1,538

    )

    Amortization of software development intangible assets

     

    (1,072

    )

     

    (488

    )

     

    (2,009

    )

     

    (724

    )

    Loss on debt extinguishment

     

     

     

    (3,030

    )

     

     

     

    (22,990

    )

    Deferred revenue adjustments

     

     

     

    (2,802

    )

     

     

     

    (4,660

    )

    Loss on sale of assets

     

     

     

     

     

     

     

    (94

    )

    Consolidated income before taxes

     

    $

    47,452

     

     

    $

    38,131

     

     

    $

    78,251

     

     

    $

    45,121

     

     (1)

    Consolidated Adjusted EBITDA is a non-GAAP measure. See Reconciliation of Non-GAAP Measures for additional information.

     

    BELDEN INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS

     

     

     

    June 30, 2019

     

    December 31, 2018

     

     

    (Unaudited)

     

     

     

     

    (In thousands)

    ASSETS

    Current assets:

     

     

     

     

    Cash and cash equivalents

     

    $

    295,243

     

     

    $

    420,610

     

    Receivables, net

     

    451,487

     

     

    465,939

     

    Inventories, net

     

    309,711

     

     

    316,418

     

    Other current assets

     

    60,017

     

     

    55,757

     

    Total current assets

     

    1,116,458

     

     

    1,258,724

     

    Property, plant and equipment, less accumulated depreciation

     

    383,067

     

     

    365,970

     

    Operating lease right-of-use assets

     

    84,099

     

     

     

    Goodwill

     

    1,607,848

     

     

    1,557,653

     

    Intangible assets, less accumulated amortization

     

    506,706

     

     

    511,093

     

    Deferred income taxes

     

    90,112

     

     

    56,018

     

    Other long-lived assets

     

    34,690

     

     

    29,863

     

     

     

    $

    3,822,980

     

     

    $

    3,779,321

     

     

     

     

     

     

    LIABILITIES AND STOCKHOLDERS’ EQUITY

    Current liabilities:

     

     

     

     

    Accounts payable

     

    $

    266,897

     

     

    $

    352,646

     

    Accrued liabilities

     

    323,124

     

     

    364,276

     

    Total current liabilities

     

    590,021

     

     

    716,922

     

    Long-term debt

     

    1,457,571

     

     

    1,463,200

     

    Postretirement benefits

     

    131,023

     

     

    132,791

     

    Deferred income taxes

     

    79,224

     

     

    39,943

     

    Long-term operating lease liabilities

     

    77,679

     

     

     

    Other long-term liabilities

     

    53,929

     

     

    38,877

     

    Stockholders’ equity:

     

     

     

     

    Preferred stock

     

    1

     

     

    1

     

    Common stock

     

    503

     

     

    503

     

    Additional paid-in capital

     

    1,143,494

     

     

    1,139,395

     

    Retained earnings

     

    967,970

     

     

    922,000

     

    Accumulated other comprehensive loss

     

    (62,591

    )

     

    (74,907

    )

    Treasury stock

     

    (621,167

    )

     

    (599,845

    )

    Total Belden stockholders’ equity

     

    1,428,210

     

     

    1,387,147

     

    Noncontrolling interests

     

    5,323

     

     

    441

     

    Total stockholders’ equity

     

    1,433,533

     

     

    1,387,588

     

     

     

    $

    3,822,980

     

     

    $

    3,779,321

     

     

    BELDEN INC.

    CONDENSED CONSOLIDATED CASH FLOW STATEMENTS

    (Unaudited)

     

     

     

    Six Months Ended

     

     

    June 30, 2019

     

    July 1, 2018

     

     

     

     

     

     

     

    (In thousands)

    Cash flows from operating activities:

     

     

     

     

    Net income

     

    $

    67,468

     

     

    31,362

     

    Adjustments to reconcile net income to net cash provided by (used for) operating activities:

     

     

     

     

    Depreciation and amortization

     

    72,739

     

     

    74,072

     

    Share-based compensation

     

    7,594

     

     

    7,868

     

    Loss on debt extinguishment

     

     

     

    22,990

     

    Changes in operating assets and liabilities, net of the effects of currency exchange rate changes and acquired businesses:

     

     

     

     

    Receivables

     

    20,329

     

     

    (12,370

    )

    Inventories

     

    17,351

     

     

    (14,486

    )

    Accounts payable

     

    (91,542

    )

     

    (84,689

    )

    Accrued liabilities

     

    (59,410

    )

     

    (30,351

    )

    Income taxes

     

    (12,361

    )

     

    (4,142

    )

    Other assets

     

    5,092

     

     

    (17,275

    )

    Other liabilities

     

    (5,615

    )

     

    (2,341

    )

    Net cash provided by (used for) operating activities

     

    21,645

     

     

    (29,362

    )

    Cash flows from investing activities:

     

     

     

     

    Capital expenditures

     

    (50,769

    )

     

    (39,493

    )

    Cash used to acquire businesses, net of cash acquired

     

    (50,517

    )

     

    (84,580

    )

    Proceeds from disposal of tangible assets

     

    19

     

     

    1,517

     

    Proceeds from disposal of business

     

     

     

    40,171

     

    Net cash used for investing activities

     

    (101,267

    )

     

    (82,385

    )

    Cash flows from financing activities:

     

     

     

     

    Payments under share repurchase program

     

    (22,815

    )

     

    (100,000

    )

    Cash dividends paid

     

    (21,448

    )

     

    (22,034

    )

    Withholding tax payments for share-based payment awards

     

    (2,002

    )

     

    (1,579

    )

    Other

     

    (173

    )

     

     

    Payments under borrowing arrangements

     

     

     

    (484,757

    )

    Debt issuance costs paid

     

     

     

    (7,469

    )

    Redemption of stockholders' rights agreement

     

     

     

    (411

    )

    Borrowings under credit arrangements

     

     

     

    431,270

     

    Net cash used for financing activities

     

    (46,438

    )

     

    (184,980

    )

    Effect of foreign currency exchange rate changes on cash and cash equivalents

     

    693

     

     

    (2,932

    )

    Decrease in cash and cash equivalents

     

    (125,367

    )

     

    (299,659

    )

    Cash and cash equivalents, beginning of period

     

    420,610

     

     

    561,108

     

    Cash and cash equivalents, end of period

     

    $

    295,243

     

     

    $

    261,449

     

     

    BELDEN INC.
    RECONCILIATION OF NON-GAAP MEASURES
    (Unaudited)

    In addition to reporting financial results in accordance with accounting principles generally accepted in the United States, we provide non-GAAP operating results adjusted for certain items, including: asset impairments; accelerated depreciation expense due to plant consolidation activities; purchase accounting effects related to acquisitions, such as the adjustment of acquired inventory and deferred revenue to fair value and transaction costs; severance, restructuring, and acquisition integration costs; gains (losses) recognized on the disposal of businesses and tangible assets; amortization of intangible assets; gains (losses) on debt extinguishment; certain revenues and gains (losses) from patent settlements; discontinued operations; and other costs. We adjust for the items listed above in all periods presented, unless the impact is clearly immaterial to our financial statements. When we calculate the tax effect of the adjustments, we include all current and deferred income tax expense commensurate with the adjusted measure of pre-tax profitability.

    We utilize the adjusted results to review our ongoing operations without the effect of these adjustments and for comparison to budgeted operating results. We believe the adjusted results are useful to investors because they help them compare our results to previous periods and provide important insights into underlying trends in the business and how management oversees our business operations on a day-to-day basis. As an example, we adjust for the purchase accounting effect of recording deferred revenue at fair value in order to reflect the revenues that would have otherwise been recorded by acquired businesses had they remained as independent entities. We believe this presentation is useful in evaluating the underlying performance of acquired companies. Similarly, we adjust for other acquisition-related expenses, such as amortization of intangibles and other impacts of fair value adjustments because they generally are not related to the acquired business' core business performance. As an additional example, we exclude the costs of restructuring programs, which can occur from time to time for our current businesses and/or recently acquired businesses. We exclude the costs in calculating adjusted results to allow us and investors to evaluate the performance of the business based upon its expected ongoing operating structure. We believe the adjusted measures, accompanied by the disclosure of the costs of these programs, provides valuable insight.

    Adjusted results should be considered only in conjunction with results reported according to accounting principles generally accepted in the United States.

     

     

    Three Months Ended

     

    Six Months Ended

     

     

    June 30, 2019

     

    July 1, 2018

     

    June 30, 2019

     

    July 1, 2018

     

     

     

     

     

     

     

     

     

     

     

    (In thousands, except percentages and per share amounts)

    GAAP revenues

     

    $

    637,530

     

     

    $

    668,639

     

     

    $

    1,224,705

     

     

    $

    1,274,204

     

    Deferred revenue adjustments

     

     

     

    2,802

     

     

     

     

    4,660

     

    Adjusted revenues

     

    $

    637,530

     

     

    $

    671,441

     

     

    $

    1,224,705

     

     

    $

    1,278,864

     

     

     

     

     

     

     

     

     

     

    GAAP gross profit

     

    $

    241,023

     

     

    $

    257,596

     

     

    $

    465,751

     

     

    $

    488,190

     

    Severance, restructuring, and acquisition integration costs

     

    423

     

     

    7,231

     

     

    985

     

     

    16,662

     

    Deferred revenue adjustments

     

     

     

    2,802

     

     

     

     

    4,660

     

    Purchase accounting effects related to acquisitions

     

    718

     

     

    773

     

     

    718

     

     

    1,275

     

    Amortization of software development intangible assets

     

    1,072

     

     

    488

     

     

    2,009

     

     

    724

     

    Adjusted gross profit

     

    $

    243,236

     

     

    $

    268,890

     

     

    $

    469,463

     

     

    $

    511,511

     

     

     

     

     

     

     

     

     

     

    GAAP gross profit margin

     

    37.8

    %

     

    38.5

    %

     

    38.0

    %

     

    38.3

    %

    Adjusted gross profit margin

     

    38.2

    %

     

    40.0

    %

     

    38.3

    %

     

    40.0

    %

     

     

     

     

     

     

     

     

     

    GAAP selling, general and administrative expenses

     

    $

    (122,482

    )

     

    $

    (138,842

    )

     

    $

    (245,270

    )

     

    $

    (263,714

    )

    Severance, restructuring, and acquisition integration costs

     

    2,335

     

     

    14,544

     

     

    5,111

     

     

    23,946

     

    Purchase accounting effects related to acquisitions

     

     

     

    263

     

     

    1,313

     

     

    263

     

    Loss on sale of assets

     

     

     

     

     

     

     

    94

     

    Adjusted selling, general and administrative expenses

     

    $

    (120,147

    )

     

    $

    (124,035

    )

     

    $

    (238,846

    )

     

    $

    (239,411

    )

     

     

     

     

     

     

     

     

     

    GAAP research and development expenses

     

    $

    (35,034

    )

     

    $

    (37,209

    )

     

    $

    (69,188

    )

     

    $

    (74,310

    )

    Severance, restructuring, and acquisition integration costs

     

    326

     

     

    3,153

     

     

    763

     

     

    4,714

     

    Adjusted research and development expenses

     

    $

    (34,708

    )

     

    $

    (34,056

    )

     

    $

    (68,425

    )

     

    $

    (69,596

    )

     

     

     

     

     

     

     

     

     

    GAAP net income attributable to Belden

     

    $

    42,200

     

     

    $

    28,869

     

     

    $

    67,402

     

     

    $

    31,487

     

    Interest expense, net

     

    14,168

     

     

    15,088

     

     

    28,361

     

     

    32,066

     

    Income tax expense

     

    5,162

     

     

    9,339

     

     

    10,783

     

     

    13,759

     

    Loss on debt extinguishment

     

     

     

    3,030

     

     

     

     

    22,990

     

    Non-controlling interests

     

    90

     

     

    (77

    )

     

    66

     

     

    (125

    )

    Total non-operating adjustments

     

    19,420

     

     

    27,380

     

     

    39,210

     

     

    68,690

     

     

     

     

     

     

     

     

     

     

    Amortization of intangible assets

     

    22,368

     

     

    25,039

     

     

    45,709

     

     

    49,457

     

    Severance, restructuring, and acquisition integration costs

     

    3,082

     

     

    24,928

     

     

    6,860

     

     

    45,322

     

    Purchase accounting effects related to acquisitions

     

    718

     

     

    1,036

     

     

    2,031

     

     

    1,538

     

    Amortization of software development intangible assets

     

    1,072

     

     

    488

     

     

    2,009

     

     

    724

     

    Deferred revenue adjustments

     

     

     

    2,802

     

     

     

     

    4,660

     

    Loss on sale of assets

     

     

     

     

     

     

     

    94

     

    Total operating income adjustments

     

    27,240

     

     

    54,293

     

     

    56,609

     

     

    101,795

     

    Depreciation expense

     

    12,301

     

     

    12,026

     

     

    25,021

     

     

    23,891

     

     

     

     

     

     

     

     

     

     

    Adjusted EBITDA

     

    $

    101,161

     

     

    $

    122,568

     

     

    $

    188,242

     

     

    $

    225,863

     

     

     

     

     

     

     

     

     

     

    GAAP net income margin

     

    6.6

    %

     

    4.3

    %

     

    5.5

    %

     

    2.5

    %

    Adjusted EBITDA margin

     

    15.9

    %

     

    18.3

    %

     

    15.4

    %

     

    17.7

    %

     

     

     

     

     

     

     

     

     

    GAAP net income attributable to Belden

     

    $

    42,200

     

     

    $

    28,869

     

     

    $

    67,402

     

     

    $

    31,487

     

    Operating income adjustments from above

     

    27,240

     

     

    54,293

     

     

    56,609

     

     

    101,795

     

    Loss on debt extinguishment

     

     

     

    3,030

     

     

     

     

    22,990

     

    Tax effect of adjustments above

     

    (5,053

    )

     

    (13,577

    )

     

    (11,472

    )

     

    (25,689

    )

    Impact of Tax Cuts and Jobs Act enactment

     

     

     

     

     

     

     

    (473

    )

    Amortization expense attributable to noncontrolling interest, net of tax

     

     

     

    (16

    )

     

     

     

    (33

    )

    Adjusted net income attributable to Belden

     

    $

    64,387

     

     

    $

    72,599

     

     

    $

    112,539

     

     

    $

    130,077

     

     

     

     

     

     

     

     

     

     

    GAAP net income attributable to Belden

     

    $

    42,200

     

     

    $

    28,869

     

     

    $

    67,402

     

     

    $

    31,487

     

    Less: Preferred stock dividends

     

    8,733

     

     

    8,733

     

     

    17,466

     

     

    17,466

     

    GAAP net income attributable to Belden common stockholders

     

    $

    33,467

     

     

    $

    20,136

     

     

    $

    49,936

     

     

    $

    14,021

     

     

     

     

     

     

     

     

     

     

    Adjusted net income attributable to Belden

     

    $

    64,387

     

     

    $

    72,599

     

     

    $

    112,539

     

     

    $

    130,077

     

    Less: Preferred stock dividends

     

     

     

     

     

    17,466

     

     

     

    Adjusted net income attributable to Belden common stockholders

     

    $

    64,387

     

     

    $

    72,599

     

     

    $

    95,073

     

     

    $

    130,077

     

     

     

     

     

     

     

     

     

     

    GAAP income per diluted share attributable to Belden common stockholders

     

    $

    0.84

     

     

    $

    0.49

     

     

    $

    1.26

     

     

    $

    0.34

     

    Adjusted income per diluted share attributable to Belden common stockholders

     

    $

    1.39

     

     

    $

    1.52

     

     

    $

    2.40

     

     

    $

    2.69

     

     

     

     

     

     

     

     

     

     

    GAAP diluted weighted average shares

     

    39,611

     

     

    40,974

     

     

    39,635

     

     

    41,492

     

    Adjustment for assumed conversion of preferred stock into common stock

     

    6,857

     

     

    6,857

     

     

     

     

    6,857

     

    Adjusted diluted weighted average shares

     

    46,468

     

     

    47,831

     

     

    39,635

     

     

    48,349

     

    BELDEN INC.
    RECONCILIATION OF NON-GAAP MEASURES
    (Unaudited)

    We define free cash flow, which is a non-GAAP financial measure, as net cash from operating activities adjusted for capital expenditures net of the proceeds from the disposal of tangible assets. We believe free cash flow provides useful information to investors regarding our ability to generate cash from business operations that is available for acquisitions and other investments, service of debt principal, dividends and share repurchases. We use free cash flow, as defined, as one financial measure to monitor and evaluate performance and liquidity. Non-GAAP financial measures should be considered only in conjunction with financial measures reported according to accounting principles generally accepted in the United States. Our definition of free cash flow may differ from definitions used by other companies.

     

     

    Three Months Ended

     

    Six Months Ended

     

     

    June 30, 2019

     

    July 1, 2018

     

    June 30, 2019

     

    July 1, 2018

     

     

     

     

     

     

     

     

     

     

     

    (In thousands)

    GAAP net cash provided by (used for) operating activities

     

    $

    67,705

     

     

    $

    54,498

     

     

    $

    21,645

     

     

    $

    (29,362

    )

    Capital expenditures, net of proceeds from the disposal of tangible assets

     

    (27,165

    )

     

    (22,101

    )

     

    (50,750

    )

     

    (37,976

    )

    Non-GAAP free cash flow

     

    $

    40,540

     

     

    $

    32,397

     

     

    $

    (29,105

    )

     

    $

    (67,338

    )

     

    BELDEN INC.
    RECONCILIATION OF NON-GAAP MEASURES
    2019 EARNINGS GUIDANCE

     

     

     

    Year Ended
    December 31, 2019

     

    Three Months Ended
    September 29, 2019

     

     

     

     

     

    Adjusted income per diluted share attributable to Belden common stockholders

     

    $5.38 - $5.78

     

    $1.32 - $1.52

    Amortization of intangible assets

     

    (1.69)

     

    (0.41)

    Severance, restructuring, and acquisition integration costs

     

    (0.20)

     

    (0.06)

    Purchase accounting effects of acquisitions

     

    (0.05)

     

    (0.01)

    GAAP income per diluted share attributable to Belden common stockholders

     

    $3.44 - $3.84

     

    $0.84 - $1.04

    Our guidance for income per diluted share attributable to Belden common stockholders is based upon information currently available regarding events and conditions that will impact our future operating results. In particular, our results are subject to the factors listed under "Forward-Looking Statements" in this release. In addition, our actual results are likely to be impacted by other additional events for which information is not available, such as asset impairments, purchase accounting effects related to acquisitions, severance, restructuring, and acquisition integration costs, gains (losses) recognized on the disposal of tangible assets, gains (losses) on debt extinguishment, discontinued operations, and other gains (losses) related to events or conditions that are not yet known.

    Forward-Looking Statements

    This release and any statements made by us concerning the release may contain forward-looking statements including our expectations for the second quarter and full-year 2019. Forward-looking statements include statements regarding future financial performance (including revenues, expenses, earnings, margins, cash flows, dividends, capital expenditures and financial condition), plans and objectives, and related assumptions. In some cases these statements are identifiable through the use of words such as “anticipate,” “believe,” “estimate,” “forecast,” “guide,” “expect,” “intend,” “plan,” “project,” “target,” “can,” “could,” “may,” “should,” “will,” “would” and similar expressions. Forward-looking statements reflect management’s current beliefs and expectations and are not guarantees of future performance. Actual results may differ materially from those suggested by any forward-looking statements for a number of reasons, including, without limitation: the inability to execute and realize the expected benefits from strategic initiatives (including revenue growth, cost control, and productivity improvement programs); the inability to achieve our strategic priorities in emerging markets; the increased influence of chief information officers and similar high-level executives; the presence of substitute products in the marketplace; the inability of the Company to develop and introduce new products and competitive responses to our products; the increased prevalence of cloud computing; the inability to successfully complete and integrate acquisitions in furtherance of the Company’s strategic plan; the impact of changes in global tariffs and trade agreements; difficulty in forecasting revenue due to the unpredictable timing of orders related to customer projects; foreign and domestic political, economic and other uncertainties, including changes in currency exchange rates; changes in tax laws and variability in the Company’s quarterly and annual effective tax rates; the impact of a challenging global economy or a downturn in served markets; the competitiveness of the global markets in which we operate; volatility in credit and foreign exchange markets; the cost and availability of raw materials including copper, plastic compounds, electronic components, and other materials; the inability to obtain components in sufficient quantities on commercially reasonable terms; disruptions in the Company’s information systems including due to cyber-attacks; perceived or actual product failures; risks related to the use of open source software; disruption of, or changes in, the Company’s key distribution channels; the inability to retain senior management and key employees; assertions that the Company violates the intellectual property of others and the ownership of intellectual property by competitors and others that prevents the use of that intellectual property by the Company; the impact of regulatory requirements and other legal compliance issues; the impairment of goodwill and other intangible assets and the resulting impact on financial performance; disruptions and increased costs attendant to collective bargaining groups and other labor matters; and other factors.

    For a more complete discussion of risk factors, please see our Annual Report on Form 10-K for the quarter ended December 31, 2018, filed with the SEC on February 20, 2019. Although the content of this release represents our best judgment as of the date of this report based on information currently available and reasonable assumptions, we give no assurances that the expectations will prove to be accurate. Deviations from the expectations may be material. For these reasons, Belden cautions readers to not place undue reliance on these forward-looking statements, which speak only as of the date made. Belden disclaims any duty to update any forward-looking statements as a result of new information, future developments, or otherwise, except as required by law.

    About Belden

    Belden Inc. delivers a comprehensive product portfolio designed to meet the mission-critical network infrastructure needs of industrial and enterprise markets. With innovative solutions targeted at reliable and secure transmission of rapidly growing amounts of data, audio and video needed for today's applications, Belden is at the center of the global transformation to a connected world. Founded in 1902, the company is headquartered in St. Louis and has manufacturing capabilities in North and South America, Europe and Asia. For more information, visit us at www.belden.com or follow us on Twitter @BeldenInc.



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    Belden Reports Results for Second Quarter 2019 Belden Inc. (NYSE: BDC), a global leader in high quality, end-to-end signal transmission solutions for mission-critical applications, today reported fiscal second quarter 2019 results for the period ended June 30, 2019. Second Quarter 2019 Revenues …