Belden Inc. (NYSE: BDC) (the “Company”), a leading global
supplier of network infrastructure and digitization solutions,
today reported fiscal second-quarter results for the period ended
July 2, 2023.
Second Quarter 2023 Highlights
- Record Revenues of $692 million, +4% y/y
- Organic Growth of +5% y/y
- GAAP EPS of $1.60, +22% y/y
- Record Adjusted EPS of $1.91, +19% y/y
- Increased full-year 2023 EPS guidance
- Executed $36 million of share repurchases during the quarter,
and $90 million year to date through July
“We had another quarter of outstanding performance, achieving
record quarterly revenues and adjusted EPS. Gross margins again
came in better than expected, at 38%, up approximately 400 basis
points year over year. Our strong growth and improved margins
highlight the transformation we are undertaking to become the
leading network and data solutions provider,” said Ashish Chand,
President and CEO of Belden Inc. “By focusing on customer success
and business outcomes, our team is capitalizing on marketplace
opportunities to further drive organic growth initiatives. We
remain focused on growing our solutions offerings and deploying our
cash flow towards high return opportunities.”
Second Quarter 2023
Revenues for the quarter totaled $692 million, increasing $25
million, or 4%, compared to $667 million in the year-ago period.
Organic year-over-year growth for the quarter was 5%, with
Industrial Automation Solutions at 8% and Enterprise Solutions at
1%. Net income was $69 million, compared to $59 million in the
year-ago period. Net income as a percentage of revenue was 9.9%,
compared to 8.8% in the year-ago period. EPS totaled $1.60 for the
quarter, compared to $1.31 in the year-ago period.
Adjusted EBITDA was $123 million, increasing $12 million, or
11%, compared to $111 million in the year-ago period. Adjusted
EBITDA margin was 17.8%, up 120 bps, compared to 16.6% in the
year-ago period. Adjusted EPS was $1.91, increasing 19% 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.
Outlook
“The first half of 2023 was robust for Belden with the business
outperforming expectations and delivering record results. With such
record performance, I am happy to share that we are increasing our
full-year EPS guidance,” said Dr. Chand. “We continue to benefit
from long-term secular trends that have lengthy investment cycles.
Investments in automation, reshoring, increased connectivity,
increasing bandwidth usage, and network upgrades all bode well for
Belden to produce sustainable earnings growth. We are confident in
our markets and ability to execute our strategy and generate
sustainable, long-term shareholder value. Belden’s business is
transforming and continues to make excellent progress towards
achieving our goal of at least $8.00 of Adjusted EPS by 2025.”
End demand for our products and solutions remains healthy. As
expected, channel partners are taking down inventory in 2023 as the
supply chain continues to normalize. However, the temporary impact
on orders is slightly higher than previously anticipated.
Consequently, we expect a modest impact on full-year revenue and
have adjusted our guidance accordingly.
Due to successful execution and expanding margins across our
business, we are increasing our full-year EPS guidance. Adjusted
EPS guidance for 2023 now reflects year-over-year growth between
12% and 15%.
The table below provides updated guidance for the full year 2023
and newly issued guidance for the third quarter of 2023.
Full Year
2023:
Updated Guidance
Prior Guidance
Revenues (billion)
$2.695 - $2.725
$2.710 - $2.760
Organic growth
3% - 4%
3% - 5%
GAAP EPS
$5.95 - $6.15
$5.71 - $6.01
Adjusted EPS
$7.15 - $7.35
$6.95 - $7.25
Third Quarter
2023:
Guidance
Revenues (million)
$675 - $690
Organic growth
(1%) - +1%
GAAP EPS
$1.40 - $1.50
Adjusted EPS
$1.75 - $1.85
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 via the Internet at
https://investor.belden.com. The dial-in number for participants is
888-394-8218 with confirmation code 5194490. 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, Earnings per Share (EPS), and Organic
Growth
All references to net income and EPS within this earnings
release refer to income from continuing operations and income from
continuing operations per diluted share attributable to Belden
stockholders, respectively. 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
Six Months Ended
July 2,
2023
July 3,
2022
July 2,
2023
July 3,
2022
(In thousands, except per
share data)
Revenues
$
692,245
$
666,551
$
1,334,034
$
1,276,922
Cost of sales
(430,917
)
(444,246
)
(826,601
)
(845,757
)
Gross profit
261,328
222,305
507,433
431,165
Selling, general and administrative
expenses
(126,635
)
(105,203
)
(248,209
)
(208,269
)
Research and development expenses
(30,970
)
(25,989
)
(60,354
)
(49,445
)
Amortization of intangibles
(11,126
)
(9,177
)
(20,736
)
(17,994
)
Operating income
92,597
81,936
178,134
155,457
Interest expense, net
(8,812
)
(11,276
)
(17,013
)
(25,687
)
Non-operating pension benefit
646
1,070
1,134
2,270
Loss on debt extinguishment
—
—
—
(6,392
)
Income from continuing operations before
taxes
84,431
71,730
162,255
125,648
Income tax expense
(15,656
)
(13,088
)
(30,535
)
(22,910
)
Income from continuing operations
68,775
58,642
131,720
102,738
Loss from discontinued operations, net of
tax
—
—
—
(3,685
)
Loss on disposal of discontinued
operations, net of tax
—
—
—
(4,567
)
Net income
68,775
58,642
131,720
94,486
Less: Net income (loss) attributable to
noncontrolling interest
22
81
(225
)
84
Net income attributable to Belden
stockholders
$
68,753
$
58,561
$
131,945
$
94,402
Weighted average number of common shares
and equivalents:
Basic
42,497
44,252
42,663
44,535
Diluted
43,088
44,782
43,380
45,179
Basic income (loss) per share attributable
to Belden stockholders:
Continuing operations
$
1.62
$
1.32
$
3.09
$
2.31
Discontinued operations
—
—
—
(0.08
)
Disposal of discontinued operations
—
—
—
(0.10
)
Net income
$
1.62
$
1.32
$
3.09
$
2.12
Diluted income (loss) per share
attributable to Belden stockholders:
Continuing operations
$
1.60
$
1.31
$
3.04
$
2.27
Discontinued operations
—
—
—
(0.08
)
Disposal of discontinued operations
—
—
—
(0.10
)
Net income
$
1.60
$
1.31
$
3.04
$
2.09
Common stock dividends declared per
share
$
0.05
$
0.05
$
0.10
$
0.10
BELDEN INC.
OPERATING SEGMENT INFORMATION
(Unaudited)
Enterprise
Solutions
Industrial
Automation
Solutions
Total
Segments
(In thousands, except
percentages)
For the three
months ended July 2, 2023
Segment Revenues
$
312,529
$
379,716
$
692,245
Segment EBITDA
43,956
78,631
122,587
Segment EBITDA margin
14.1
%
20.7
%
17.7
%
Depreciation expense
6,193
6,489
12,682
Amortization of intangibles
6,208
4,918
11,126
Amortization of software development
intangible assets
—
1,820
1,820
Severance, restructuring, and acquisition
integration costs
1,669
2,390
4,059
Adjustments related to acquisitions and
divestitures
325
(76
)
249
For the three
months ended July 3, 2022
Segment Revenues
$
307,444
$
359,107
$
666,551
Segment EBITDA
41,887
68,060
109,947
Segment EBITDA margin
13.6
%
19.0
%
16.5
%
Depreciation expense
5,768
5,602
11,370
Amortization of intangibles
4,442
4,735
9,177
Amortization of software development
intangible assets
22
959
981
Severance, restructuring, and acquisition
integration costs
4,575
1,282
5,857
Adjustments related to acquisitions and
divestitures
(558
)
1,134
576
For the six
months ended July 2, 2023
Segment Revenues
$
587,872
$
746,162
$
1,334,034
Segment EBITDA
81,161
152,418
233,579
Segment EBITDA margin
13.8
%
20.4
%
17.5
%
Depreciation expense
12,147
12,889
25,036
Amortization of intangibles
10,703
10,033
20,736
Amortization of software development
intangible assets
—
3,272
3,272
Severance, restructuring, and acquisition
integration costs
1,694
4,077
5,771
Adjustments related to acquisitions and
divestitures
325
222
547
For the six
months ended July 3, 2022
Segment Revenues
$
575,874
$
701,048
$
1,276,922
Segment EBITDA
72,708
135,588
208,296
Segment EBITDA margin
12.6
%
19.3
%
16.3
%
Depreciation expense
11,194
11,402
22,596
Amortization of intangibles
8,539
9,455
17,994
Amortization of software development
intangible assets
44
1,944
1,988
Severance, restructuring, and acquisition
integration costs
4,903
4,677
9,580
Adjustments related to acquisitions and
divestitures
(558
)
1,134
576
BELDEN INC.
OPERATING SEGMENT RECONCILIATION TO
CONSOLIDATED RESULTS
(Unaudited)
Three Months
Ended
Six Months
Ended
July 2,
2023
July 3,
2022
July 2,
2023
July 3,
2022
(In thousands)
Total Segment and Consolidated
Revenues
$
692,245
$
666,551
$
1,334,034
$
1,276,922
Total Segment EBITDA
$
122,587
$
109,947
$
233,579
$
208,296
Total non-operating pension benefit
646
1,070
1,134
2,270
Eliminations
(54
)
(50
)
(83
)
(105
)
Consolidated Adjusted EBITDA (1)
$
123,179
$
110,967
$
234,630
$
210,461
Depreciation expense
(12,682
)
(11,370
)
(25,036
)
(22,596
)
Amortization of intangibles
(11,126
)
(9,177
)
(20,736
)
(17,994
)
Interest expense, net
(8,812
)
(11,276
)
(17,013
)
(25,687
)
Amortization of software development
intangible assets
(1,820
)
(981
)
(3,272
)
(1,988
)
Severance, restructuring, and acquisition
integration costs
(4,059
)
(5,857
)
(5,771
)
(9,580
)
Adjustments related to acquisitions and
divestitures
(249
)
(576
)
(547
)
(576
)
Loss on debt extinguishment
—
—
—
(6,392
)
Income from continuing operations before
taxes
$
84,431
$
71,730
$
162,255
$
125,648
(1)
Consolidated Adjusted EBITDA is a non-GAAP
measure. See Reconciliation of Non-GAAP Measures for additional
information.
BELDEN INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
July 2, 2023
December 31, 2022
(Unaudited)
(In thousands)
ASSETS
Current assets:
Cash and cash equivalents
$
514,767
$
687,676
Receivables, net
509,801
440,102
Inventories, net
345,427
341,563
Other current assets
66,525
66,866
Total current assets
1,436,520
1,536,207
Property, plant and equipment, less
accumulated depreciation
392,593
381,864
Operating lease right-of-use assets
73,435
73,376
Goodwill
893,419
862,253
Intangible assets, less accumulated
amortization
286,583
246,830
Deferred income taxes
15,412
14,642
Other long-lived assets
47,365
46,503
$
3,145,327
$
3,161,675
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
290,382
$
350,058
Accrued liabilities
277,405
289,861
Total current liabilities
567,787
639,919
Long-term debt
1,187,152
1,161,176
Postretirement benefits
67,248
67,828
Deferred income taxes
68,172
58,582
Long-term operating lease liabilities
60,480
59,250
Other long-term liabilities
31,497
30,970
Stockholders’ equity:
Common stock
503
503
Additional paid-in capital
809,332
825,669
Retained earnings
879,179
751,522
Accumulated other comprehensive loss
(28,173
)
(5,871
)
Treasury stock
(497,873
)
(428,812
)
Total Belden stockholders’ equity
1,162,968
1,143,011
Noncontrolling interests
23
939
Total stockholders’ equity
1,162,991
1,143,950
$
3,145,327
$
3,161,675
BELDEN INC.
CONDENSED CONSOLIDATED CASH FLOW
STATEMENTS
(Unaudited)
Six Months Ended
July 2, 2023
July 3, 2022
(In thousands)
Cash flows from operating activities:
Net income
$
131,720
$
94,486
Adjustments to reconcile net income to
cash flows from operating activities:
Depreciation and amortization
49,044
42,686
Share-based compensation
12,154
10,870
Loss on debt extinguishment
—
6,392
Changes in operating assets and
liabilities, net of the effects of currency exchange rate changes,
acquired businesses and disposals:
Receivables
(71,212
)
(20,699
)
Inventories
10,347
(47,305
)
Accounts payable
(59,295
)
(23,563
)
Accrued liabilities
(22,855
)
(58,525
)
Income taxes
5,204
163
Other assets
(4,197
)
(2,634
)
Other liabilities
3,805
(10,452
)
Net cash provided by (used for) operating
activities
54,715
(8,581
)
Cash flows from investing activities:
Cash used for business acquisitions, net
of cash acquired
(97,585
)
(104,123
)
Capital expenditures
(32,729
)
(31,010
)
Proceeds from disposal of tangible
assets
9
1,424
Proceeds from disposal of businesses, net
of cash sold
9,300
338,686
Net cash provided by (used for) investing
activities
(121,005
)
204,977
Cash flows from financing activities:
Payments under share repurchase
program
(86,224
)
(66,559
)
Withholding tax payments for share-based
payment awards
(16,940
)
(5,167
)
Cash dividends paid
(4,285
)
(4,520
)
Payments under financing lease
obligations
(115
)
(83
)
Payments under borrowing arrangements
—
(230,639
)
Proceeds from issuance of common stock
1,679
3,717
Net cash used for financing activities
(105,885
)
(303,251
)
Effect of foreign currency exchange rate
changes on cash and cash equivalents
(734
)
(9,220
)
Decrease in cash and cash equivalents
(172,909
)
(116,075
)
Cash and cash equivalents, beginning of
period
687,676
643,757
Cash and cash equivalents, end of
period
$
514,767
$
527,682
The Condensed Consolidated Cash Flow Statement for the six
months ended July 3, 2022 includes the results of discontinued
operations up to the February 22, 2022 disposal date.
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 to fair value, and transaction costs; severance,
restructuring, and acquisition integration costs; gains (losses)
recognized on the disposal of businesses and assets; amortization
of intangible assets; gains (losses) on debt extinguishment;
certain 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
acquisition-related expenses, such as amortization of intangibles
and 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
July 2,
2023
July 3,
2022
July 2,
2023
July 3,
2022
(In thousands, except
percentages and per share amounts)
GAAP and Adjusted Revenues
$
692,245
$
666,551
$
1,334,034
$
1,276,922
GAAP gross profit
$
261,328
$
222,305
$
507,433
$
431,165
Severance, restructuring, and acquisition
integration costs
259
4,611
488
5,975
Amortization of software development
intangible assets
1,820
981
3,272
1,988
Adjustments related to acquisitions and
divestitures
325
1,134
325
1,134
Adjusted gross profit
$
263,732
$
229,031
$
511,518
$
440,262
GAAP gross profit margin
37.8
%
33.4
%
38.0
%
33.8
%
Adjusted gross profit margin
38.1
%
34.4
%
38.3
%
34.5
%
GAAP selling, general and administrative
expenses
$
(126,635
)
$
(105,203
)
$
(248,209
)
$
(208,269
)
Severance, restructuring, and acquisition
integration costs
3,706
1,246
5,189
3,605
Adjustments related to acquisitions and
divestitures
(76
)
(558
)
222
(558
)
Adjusted selling, general and
administrative expenses
$
(123,005
)
$
(104,515
)
$
(242,798
)
$
(205,222
)
GAAP research and development expenses
$
(30,970
)
$
(25,989
)
$
(60,354
)
$
(49,445
)
Severance, restructuring, and acquisition
integration costs
94
—
94
—
Adjusted research and development
expenses
$
(30,876
)
$
(25,989
)
$
(60,260
)
$
(49,445
)
GAAP income from continuing operations
$
68,775
$
58,642
$
131,720
$
102,738
Income tax expense
15,656
13,088
30,535
22,910
Interest expense, net
8,812
11,276
17,013
25,687
Loss on debt extinguishment
—
—
—
6,392
Total non-operating adjustments
24,468
24,364
47,548
54,989
Amortization of intangible assets
11,126
9,177
20,736
17,994
Amortization of software development
intangible assets
1,820
981
3,272
1,988
Severance, restructuring, and acquisition
integration costs
4,059
5,857
5,771
9,580
Adjustments related to acquisitions and
divestitures
249
576
547
576
Total operating income adjustments
17,254
16,591
30,326
30,138
Depreciation expense
12,682
11,370
25,036
22,596
Adjusted EBITDA
$
123,179
$
110,967
$
234,630
$
210,461
GAAP income from continuing operations
margin
9.9
%
8.8
%
9.9
%
8.0
%
Adjusted EBITDA margin
17.8
%
16.6
%
17.6
%
16.5
%
GAAP income from continuing operations
$
68,775
$
58,642
$
131,720
$
102,738
Less: Net income (loss) attributable to
noncontrolling interest
22
81
(225
)
84
GAAP net income from continuing operations
attributable to Belden stockholders
$
68,753
$
58,561
$
131,945
$
102,654
GAAP income from continuing operations
$
68,775
$
58,642
$
131,720
$
102,738
Plus: Operating income adjustments from
above
17,254
16,591
30,326
30,138
Plus: Loss on debt extinguishment
—
—
—
6,392
Less: Net income (loss) attributable to
noncontrolling interest
22
81
(225
)
84
Less: Tax effect of adjustments above
3,638
3,692
6,520
8,239
Adjusted net income from continuing
operations attributable to Belden stockholders
$
82,369
$
71,460
$
155,751
$
130,945
GAAP income from continuing operations per
diluted share attributable to Belden stockholders
$
1.60
$
1.31
$
3.04
$
2.27
Adjusted income from continuing operations
per diluted share attributable to Belden stockholders
$
1.91
$
1.60
$
3.59
$
2.90
GAAP and adjusted diluted weighted average
shares
43,088
44,782
43,380
45,179
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 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
July 2,
2023
July 3,
2022
July 2,
2023
July 3,
2022
(In thousands)
GAAP net cash provided by (used for)
operating activities
$
86,587
$
49,374
$
54,715
$
(8,581
)
Capital expenditures, net of proceeds from
disposal of tangible assets
(18,877
)
(18,679
)
(32,720
)
(29,586
)
Non-GAAP free cash flow
$
67,710
$
30,695
$
21,995
$
(38,167
)
BELDEN INC.
RECONCILIATION OF NON-GAAP
MEASURES
2023 Guidance
Year Ended
Three Months Ended
December 31, 2023
October 1, 2023
(In thousands)
GAAP income from continuing operations per
diluted share attributable to Belden common stockholders
$5.95 - $6.15
$1.40 - $1.50
Amortization of intangible assets
0.87
0.22
Severance, restructuring, and acquisition
integration costs
0.30
0.12
Adjustments related to acquisitions and
divestitures
0.03
0.01
Adjusted income from continuing operations
per diluted share attributable to Belden common stockholders
$7.15 - $7.35
$1.75 - $1.85
Our guidance 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, adjustments related to acquisitions and
divestitures, severance, restructuring, and acquisition integration
costs, gains (losses) recognized on the disposal of assets, gains
(losses) on debt extinguishment, discontinued operations, and other
gains (losses) related to events or conditions that are not yet
known. Such information is not available for our 2025 fiscal year,
and therefore we are unable to estimate 2025 GAAP income from
continuing operations per diluted share attributable to Belden
common stockholders.
Forward-Looking Statements
This release contains, and any statements made by us concerning
the subject matter of this release may contain, forward-looking
statements, including our outlook for the third quarter and full
year 2023 and Adjusted EPS for 2025. Forward-looking statements
also include any statements regarding future financial performance
(including revenues, growth, 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 impact of a challenging global economy or a downturn in served
markets; the competitiveness of the global markets in which we
operate; the inability of the Company to develop and introduce new
products; competitive responses to our products; the inability to
execute and realize the expected benefits from strategic
initiatives (including revenue growth, cost control, and
productivity improvement programs); foreign and domestic political,
economic and other uncertainties, including changes in currency
exchange rates; the impact of disruptions in the global supply
chain, including the inability to timely obtain raw materials and
components in sufficient quantities on commercially reasonable
terms; the inability to achieve our strategic priorities in
emerging markets; the impact of changes in global tariffs and trade
agreements; volatility in credit and foreign exchange markets; the
presence of substitute products in the marketplace; disruptions in
the Company’s information systems including due to cyber-attacks;
inflation and changes in the price and availability of raw
materials leading to higher input and labor costs; the possibility
of a resurgence of COVID-19 or the spread of other viruses;
difficulty in forecasting revenue due to the unpredictable timing
of orders related to customer projects as well as the impacts of
channel inventory; changes in tax laws and variability in the
Company’s quarterly and annual effective tax rates; the increased
prevalence of cloud computing; the inability to successfully
complete and integrate acquisitions in furtherance of the Company’s
strategic plan; the inability to retain key employees; disruption
of, or changes in, the Company’s key distribution channels; the
presence of activists proposing certain actions by the Company;
perceived or actual product failures; the impact of regulatory
requirements and other legal compliance issues; inability to
satisfy the increasing expectations with respect to environmental,
social and governance matters; 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; risks related to
the use of open source software; 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 period ended December 31, 2022,
filed with the SEC on February 24, 2023. 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 the infrastructure that makes the digital
journey simpler, smarter and secure. We’re moving beyond
connectivity, from what we make to what we make possible through a
performance-driven portfolio, forward-thinking expertise and
purpose-built solutions. With a legacy of quality and reliability
spanning 120-plus years, we have a strong foundation to continue
building the future. We are headquartered in St. Louis and have
manufacturing capabilities in North America, Europe, Asia, and
Africa. For more information, visit us at www.belden.com; follow us
on Facebook, LinkedIn and Twitter.
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version on businesswire.com: https://www.businesswire.com/news/home/20230803878125/en/
Belden Investor Relations Aaron Reddington, CFA
(317) 219-9359 Investor.Relations@Belden.com
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