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     116  0 Kommentare Belden Reports Results for First Quarter 2020

    Belden Inc. (NYSE: BDC), a leading global supplier of specialty networking solutions, today reported fiscal first quarter 2020 results for the period ended March 29, 2020.

    First Quarter 2020

    Revenues for the quarter totaled $463.5 million, compared to $500.1 million in the prior-year period. EPS totaled $0.33 compared to $0.48 in the first quarter 2019.

    Adjusted EPS was $0.67 compared to $0.84 in the first quarter 2019. 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, “Our first quarter results were tracking in line with our expectations through February before this unprecedented pandemic disrupted the global economy. We are committed to supporting our associates and our customers during these challenging times, and offering our expertise and resources to assist in combatting COVID-19.”

    Outlook

    “Our strong balance sheet and liquidity position will allow us to successfully navigate this difficult economic environment. We are taking appropriate steps to manage expenses and protect cash flows in the near term, while positioning the Company for profitable growth longer term. Our teams have identified a number of incremental savings opportunities, and we are increasing the $40 million SG&A cost reduction program to $60 million. That said, we are maintaining our direct labor force and capacity levels in anticipation of improving demand trends in the second half of the year. Many of our businesses, such as Broadband & 5G and Discrete Manufacturing, will emerge stronger than ever, and we see compelling long-term growth opportunities as we continue our transformation. We look forward to providing revenue and EPS guidance again as visibility returns,” said Mr. Stroup.

    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.

    Earnings per Share (EPS)

    All references to EPS within this earnings release refer to income from continuing operations per diluted share attributable to Belden common stockholders.

    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

     

     

    March 29, 2020

     

    March 31, 2019

     

     

     

     

     

     

     

    (In thousands, except per share data)

    Revenues

     

    $

    463,526

     

     

    $

    500,140

     

    Cost of sales

     

    (293,025)

     

     

    (313,284)

     

    Gross profit

     

    170,501

     

     

    186,856

     

    Selling, general and administrative expenses

     

    (98,389)

     

     

    (97,955)

     

    Research and development expenses

     

    (26,219)

     

     

    (23,247)

     

    Amortization of intangibles

     

    (16,185)

     

     

    (18,164)

     

    Operating income

     

    29,708

     

     

    47,490

     

    Interest expense, net

     

    (13,324)

     

     

    (13,988)

     

    Non-operating pension benefit

     

    699

     

     

    603

     

    Income from continuing operations before taxes

     

    17,083

     

     

    34,105

     

    Income tax expense

     

    (2,192)

     

     

    (6,170)

     

    Income from continuing operations

     

    14,891

     

     

    27,935

     

    Loss from discontinued operations, net of tax

     

    (26,110)

     

     

    (2,757)

     

    Net income (loss)

     

    (11,219)

     

     

    25,178

     

    Less: Net loss attributable to noncontrolling interest

     

    (30)

     

     

    (24)

     

    Net income (loss) attributable to Belden

     

    (11,189)

     

     

    25,202

     

    Less: Preferred stock dividends

     

     

     

    8,733

     

    Net income (loss) attributable to Belden common stockholders

     

    $

    (11,189)

     

     

    $

    16,469

     

     

     

     

     

     

    Weighted average number of common shares and equivalents:

     

     

     

     

    Basic

     

    45,390

     

     

    39,420

     

    Diluted

     

    45,538

     

     

    39,660

     

     

     

     

     

     

    Basic income (loss) per share attributable to Belden common stockholders:

     

     

     

     

    Continuing operations attributable to Belden common stockholders

     

    $

    0.33

     

     

    $

    0.48

     

    Discontinued operations attributable to Belden common stockholders

     

    (0.58)

     

     

    (0.07)

     

    Net income (loss) per share attributable to Belden common stockholders

     

    $

    (0.25)

     

     

    $

    0.42

     

     

     

     

     

     

    Diluted income (loss) per share attributable to Belden common stockholders:

     

     

     

     

    Continuing operations attributable to Belden common stockholders

     

    $

    0.33

     

     

    $

    0.48

     

    Discontinued operations attributable to Belden common stockholders

     

    (0.58)

     

     

    (0.07)

     

    Net income (loss) per share attributable to Belden common stockholders

     

    $

    (0.25)

     

     

    $

    0.42

     

     

     

     

     

     

    Common stock dividends declared per share

     

    $

    0.05

     

     

    $

    0.05

     

    BELDEN INC.

    OPERATING SEGMENT INFORMATION

    (Unaudited)

    Effective January 1, 2020, we transferred our West Penn Wire business and multi-conductor product lines from the Enterprise Solutions segment to the Industrial Solutions segment, and as such, have recast the prior period segment information.

     

     

    Enterprise Solutions

     

    Industrial Solutions

     

    Total Segments

     

     

     

     

     

     

     

     

    (In thousands, except percentages)

    For the three months ended March 29, 2020

     

     

     

     

     

     

    Segment Revenues

     

    $

    212,213

     

     

    $

    251,313

     

     

    $

    463,526

     

    Segment EBITDA

     

    24,712

     

     

    35,527

     

     

    60,239

     

    Segment EBITDA margin

     

    11.6

    %

     

    14.1

    %

     

    13.0

    %

    Depreciation expense

     

    5,081

     

     

    5,201

     

     

    10,282

     

    Amortization of intangibles

     

    5,504

     

     

    10,681

     

     

    16,185

     

    Amortization of software development intangible assets

     

    55

     

     

    275

     

     

    330

     

    Severance, restructuring, and acquisition integration costs

     

    2,550

     

     

    1,069

     

     

    3,619

     

    Purchase accounting effects of acquisitions

     

    20

     

     

     

     

    20

     

     

     

     

     

     

     

     

    For the three months ended March 31, 2019

     

     

     

     

     

     

    Segment Revenues

     

    $

    207,083

     

     

    $

    293,057

     

     

    $

    500,140

     

    Segment EBITDA

     

    21,635

     

     

    54,664

     

     

    76,299

     

    Segment EBITDA margin

     

    10.4

    %

     

    18.7

    %

     

    15.3

    %

    Depreciation expense

     

    4,805

     

     

    5,298

     

     

    10,103

     

    Amortization of intangibles

     

    4,699

     

     

    13,465

     

     

    18,164

     

    Amortization of software development intangible assets

     

    36

     

     

    23

     

     

    59

     

     

     

     

     

     

     

     

    For the three months ended June 30, 2019

     

     

     

     

     

     

    Segment Revenues

     

    $

    245,325

     

     

    $

    303,028

     

     

    $

    548,353

     

    Segment EBITDA

     

    35,571

     

     

    55,744

     

     

    91,315

     

    Segment EBITDA margin

     

    14.5

    %

     

    18.4

    %

     

    16.7

    %

    Depreciation expense

     

    4,852

     

     

    5,056

     

     

    9,908

     

    Amortization of intangibles

     

    5,726

     

     

    13,342

     

     

    19,068

     

    Amortization of software development intangible assets

     

    35

     

     

    28

     

     

    63

     

    Severance, restructuring, and acquisition integrations costs

     

    2,519

     

     

     

     

    2,519

     

    Purchase accounting effects of acquisitions

     

    718

     

     

     

     

    718

     

     

     

     

     

     

     

     

    For the three months ended September 29, 2019

     

     

     

     

     

     

    Segment Revenues

     

    $

    247,236

     

     

    $

    285,862

     

     

    $

    533,098

     

    Segment EBITDA

     

    35,868

     

     

    54,849

     

     

    90,717

     

    Segment EBITDA margin

     

    14.5

    %

     

    19.2

    %

     

    17.0

    %

    Depreciation expense

     

    4,919

     

     

    5,060

     

     

    9,979

     

    Amortization of intangibles

     

    6,269

     

     

    12,757

     

     

    19,026

     

    Amortization of software development intangible assets

     

    49

     

     

    36

     

     

    85

     

    Severance, restructuring, and acquisition integrations costs

     

    3,047

     

     

     

     

    3,047

     

    Purchase accounting effects of acquisitions

     

    (186)

     

     

     

     

    (186)

     

     

     

     

     

     

     

     

    For the three months ended December 31, 2019

     

     

     

     

     

     

    Segment Revenues

     

    $

    246,397

     

     

    $

    303,291

     

     

    $

    549,688

     

    Segment EBITDA

     

    33,852

     

     

    60,854

     

     

    94,706

     

    Segment EBITDA margin

     

    13.7

    %

     

    20.1

    %

     

    17.2

    %

    Depreciation expense

     

    5,137

     

     

    5,282

     

     

    10,419

     

    Amortization of intangibles

     

    5,630

     

     

    12,721

     

     

    18,351

     

    Amortization of software development intangible assets

     

    55

     

     

    263

     

     

    318

     

    Severance, restructuring, and acquisition integrations costs

     

    5,238

     

     

    15,740

     

     

    20,978

     

    Purchase accounting effects of acquisitions

     

    60

     

     

     

     

    60

     

     

     

    BELDEN INC.

    OPERATING SEGMENT RECONCILIATION TO CONSOLIDATED RESULTS

    (Unaudited)

     

     

     

    Three Months Ended

     

     

    March 29, 2020

     

    March 31, 2019

     

     

     

     

     

     

     

    (In thousands)

    Total Segment Revenues

     

    $

    463,526

     

     

    $

    500,140

     

    Deferred revenue adjustments

     

     

     

     

    Consolidated Revenues

     

    $

    463,526

     

     

    $

    500,140

     

     

     

     

     

     

    Total Segment EBITDA

     

    $

    60,239

     

     

    $

    76,299

     

    Eliminations

     

    (95)

     

     

    (483)

     

    Total non-operating pension benefit

     

    699

     

     

    603

     

    Consolidated Adjusted EBITDA (1)

     

    60,843

     

     

    76,419

     

    Amortization of intangibles

     

    (16,185)

     

     

    (18,164)

     

    Interest expense, net

     

    (13,324)

     

     

    (13,988)

     

    Depreciation expense

     

    (10,282)

     

     

    (10,103)

     

    Severance, restructuring, and acquisition integration costs

     

    (3,619)

     

     

     

    Amortization of software development intangible assets

     

    (330)

     

     

    (59)

     

    Purchase accounting effects related to acquisitions

     

    (20)

     

     

     

    Income from continuing operations before taxes

     

    $

    17,083

     

     

    $

    34,105

     

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

     

     

     

    BELDEN INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS

     

     

     

    March 29, 2020

     

    December 31, 2019

     

     

    (Unaudited)

     

     

     

     

    (In thousands)

    ASSETS

    Current assets:

     

     

     

     

    Cash and cash equivalents

     

    $

    250,993

     

     

    $

    407,480

     

    Receivables, net

     

    307,064

     

     

    334,634

     

    Inventories, net

     

    252,921

     

     

    231,333

     

    Other current assets

     

    31,781

     

     

    29,172

     

    Current assets of discontinued operations

     

    344,212

     

     

    375,135

     

    Total current assets

     

    1,186,971

     

     

    1,377,754

     

    Property, plant and equipment, less accumulated depreciation

     

    336,441

     

     

    345,918

     

    Operating lease right-of-use assets

     

    58,960

     

     

    62,251

     

    Goodwill

     

    1,238,837

     

     

    1,243,669

     

    Intangible assets, less accumulated amortization

     

    323,648

     

     

    339,505

     

    Deferred income taxes

     

    23,758

     

     

    25,216

     

    Other long-lived assets

     

    10,693

     

     

    12,446

     

     

     

    $

    3,179,308

     

     

    $

    3,406,759

     

     

     

     

     

     

    LIABILITIES AND STOCKHOLDERS’ EQUITY

    Current liabilities:

     

     

     

     

    Accounts payable

     

    $

    220,195

     

     

    $

    268,466

     

    Accrued liabilities

     

    218,568

     

     

    283,799

     

    Current liabilities of discontinued operations

     

    135,455

     

     

    170,279

     

    Total current liabilities

     

    574,218

     

     

    722,544

     

    Long-term debt

     

    1,385,438

     

     

    1,439,484

     

    Postretirement benefits

     

    124,968

     

     

    136,227

     

    Deferred income taxes

     

    46,796

     

     

    48,725

     

    Long-term operating lease liabilities

     

    52,084

     

     

    55,652

     

    Other long-term liabilities

     

    42,769

     

     

    38,308

     

    Stockholders’ equity:

     

     

     

     

    Common stock

     

    503

     

     

    503

     

    Additional paid-in capital

     

    812,490

     

     

    811,955

     

    Retained earnings

     

    501,611

     

     

    518,004

     

    Accumulated other comprehensive loss

     

    (41,095)

     

     

    (63,418)

     

    Treasury stock

     

    (326,266)

     

     

    (307,197)

     

    Total Belden stockholders’ equity

     

    947,243

     

     

    959,847

     

    Noncontrolling interests

     

    5,792

     

     

    5,972

     

    Total stockholders’ equity

     

    953,035

     

     

    965,819

     

     

     

    $

    3,179,308

     

     

    $

    3,406,759

     

     

     

    BELDEN INC.

    CONDENSED CONSOLIDATED CASH FLOW STATEMENTS

    (Unaudited)

     

     

     

    Three Months Ended

     

     

    March 29, 2020

     

    March 31, 2019

     

     

     

     

     

     

     

    (In thousands)

    Cash flows from operating activities:

     

     

     

     

    Net income (loss)

     

    $

    (11,219)

     

     

    $

    25,178

     

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

     

     

     

     

    Depreciation and amortization

     

    26,798

     

     

    37,001

     

    Asset impairment of discontinued operations

     

    23,197

     

     

     

    Share-based compensation

     

    3,708

     

     

    2,216

     

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

     

     

     

     

    Receivables

     

    43,627

     

     

    61,388

     

    Inventories

     

    (29,054)

     

     

    (9,485)

     

    Accounts payable

     

    (50,827)

     

     

    (97,450)

     

    Accrued liabilities

     

    (38,425)

     

     

    (70,925)

     

    Income taxes

     

    (16,500)

     

     

    609

     

    Other assets

     

    6,144

     

     

    650

     

    Other liabilities

     

    (9,501)

     

     

    4,758

     

    Net cash used for operating activities

     

    (52,052)

     

     

    (46,060)

     

    Cash flows from investing activities:

     

     

     

     

    Capital expenditures

     

    (20,935)

     

     

    (23,595)

     

    Cash from business acquisitions, net of cash acquired

     

    590

     

     

     

    Proceeds from disposal of tangible assets

     

    2,090

     

     

    10

     

    Net cash used for investing activities

     

    (18,255)

     

     

    (23,585)

     

    Cash flows from financing activities:

     

     

     

     

    Payment of earnout consideration

     

    (29,300)

     

     

     

    Payments under share repurchase program

     

    (21,239)

     

     

     

    Cash dividends paid

     

    (2,296)

     

     

    (10,725)

     

    Withholding tax payments for share-based payment awards

     

    (1,003)

     

     

    (1,940)

     

    Other

     

    (58)

     

     

    (70)

     

    Net cash used for financing activities

     

    (53,896)

     

     

    (12,735)

     

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

     

    (7,947)

     

     

    752

     

    Decrease in cash and cash equivalents

     

    (132,150)

     

     

    (81,628)

     

    Cash and cash equivalents, beginning of period

     

    425,885

     

     

    420,610

     

    Cash and cash equivalents, end of period

     

    $

    293,735

     

     

    $

    338,982

     

    For all periods presented, the Consolidated Cash Flow Statement includes the results of the Grass Valley disposal group.

    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

     

     

    March 29, 2020

     

    March 31, 2019

     

     

     

     

     

     

     

    (In thousands, except percentages and per share amounts)

    GAAP and adjusted revenues

     

    $

    463,526

     

     

    $

    500,140

     

     

     

     

     

     

    GAAP gross profit

     

    $

    170,501

     

     

    $

    186,856

     

    Amortization of software development intangible assets

     

    330

     

     

    59

     

    Severance, restructuring, and acquisition integration costs

     

    45

     

     

     

    Purchase accounting effects related to acquisitions

     

    20

     

     

     

    Adjusted gross profit

     

    $

    170,896

     

     

    $

    186,915

     

     

     

     

     

     

    GAAP gross profit margin

     

    36.8

    %

     

    37.4

    %

    Adjusted gross profit margin

     

    36.9

    %

     

    37.4

    %

     

     

     

     

     

    GAAP selling, general and administrative expenses

     

    $

    (98,389)

     

     

    $

    (97,955)

     

    Severance, restructuring, and acquisition integration costs

     

    3,574

     

     

     

    Adjusted selling, general and administrative expenses

     

    $

    (94,815)

     

     

    $

    (97,955)

     

     

     

     

     

     

    GAAP and adjusted research and development expenses

     

    $

    (26,219)

     

     

    $

    (23,247)

     

     

     

     

     

     

    GAAP net income (loss) attributable to Belden

     

    $

    (11,189)

     

     

    $

    25,202

     

    Loss from discontinued operations, net of tax

     

    26,110

     

     

    2,757

     

    Interest expense, net

     

    13,324

     

     

    13,988

     

    Income tax expense

     

    2,192

     

     

    6,170

     

    Noncontrolling interest

     

    (30)

     

     

    (24)

     

    Total non-operating adjustments

     

    41,596

     

     

    22,891

     

     

     

     

     

     

    Amortization of intangible assets

     

    16,185

     

     

    18,164

     

    Severance, restructuring, and acquisition integration costs

     

    3,619

     

     

     

    Amortization of software development intangible assets

     

    330

     

     

    59

     

    Purchase accounting effects related to acquisitions

     

    20

     

     

     

    Total operating income adjustments

     

    20,154

     

     

    18,223

     

    Depreciation expense

     

    10,282

     

     

    10,103

     

     

     

     

     

     

    Adjusted EBITDA

     

    $

    60,843

     

     

    $

    76,419

     

     

     

     

     

     

    GAAP net income (loss) margin

     

    (2.4)

    %

     

    5.0

    %

    Adjusted EBITDA margin

     

    13.1

    %

     

    15.3

    %

     

     

     

     

     

    GAAP net income (loss) attributable to Belden

     

    $

    (11,189)

     

     

    $

    25,202

     

    Operating income adjustments from above

     

    20,154

     

     

    18,223

     

    Loss from discontinued operations, net of tax

     

    26,110

     

     

    2,757

     

    Tax effect of adjustments above

     

    (4,595)

     

     

    (4,197)

     

    Adjusted net income attributable to Belden

     

    $

    30,480

     

     

    $

    41,985

     

     

     

     

     

     

    GAAP net income (loss) attributable to Belden

     

    $

    (11,189)

     

     

    $

    25,202

     

    Loss from discontinued operations, net of tax

     

    26,110

     

     

    2,757

     

    Less: Preferred stock dividends

     

     

     

    8,733

     

    GAAP net income attributable to Belden common stockholders

     

    $

    14,921

     

     

    $

    19,226

     

     

     

     

     

     

    Adjusted net income attributable to Belden

     

    $

    30,480

     

     

    $

    41,985

     

    Less: Preferred stock dividends

     

     

     

    8,733

     

    Adjusted net income attributable to Belden common stockholders

     

    $

    30,480

     

     

    $

    33,252

     

    GAAP income from continuing operations per diluted share attributable to Belden common stockholders

     

    $

    0.33

     

     

    $

    0.48

     

    Adjusted income from continuing operations per diluted share attributable to Belden common stockholders

     

    $

    0.67

     

     

    $

    0.84

     

     

     

     

     

     

    GAAP and adjusted diluted weighted average shares

     

    45,538

     

     

    39,660

     

    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

     

     

    March 29, 2020

     

    March 31, 2019

     

     

     

     

     

     

     

    (In thousands)

    GAAP net cash used for operating activities

     

    $

    (52,052)

     

     

    $

    (46,060)

     

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

     

    (18,845)

     

     

    (23,585)

     

    Non-GAAP free cash flow

     

    $

    (70,897)

     

     

    $

    (69,645)

     

    Forward-Looking Statements

    This release and any statements made by us concerning the subject matter of this release may contain forward-looking statements, including our expectations for the second quarter and full-year 2020, the Grass Valley divestment plan and the results of our restructuring program. Forward-looking statements also include any 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 lack of certainty as to the duration and magnitude of the impact of COVID-19 and the economic recovery from that impact; the timing of, and the need of the parties to satisfy various closing conditions for, the Grass Valley divestment; the results of the Company’s impairment analysis, which could reduce EPS and adjusted EPS; 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 influence of chief information officers and similar high-level executives; the increased prevalence of cloud computing; 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 inability to successfully complete and integrate acquisitions in furtherance of the Company’s strategic plan; 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 impact of changes in global tariffs and trade agreements; difficulty in forecasting revenue due to the unpredictable timing of orders related to customer projects; 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, 2019, filed with the SEC on February 11, 2020. 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 First Quarter 2020 Belden Inc. (NYSE: BDC), a leading global supplier of specialty networking solutions, today reported fiscal first quarter 2020 results for the period ended March 29, 2020. First Quarter 2020 Revenues for the quarter totaled $463.5 million, compared …