Belden Announces Preliminary Third Quarter Results
12 Outubro 2023 - 5:15PM
Business Wire
- Preliminary Third Quarter Revenues of Approximately $625
Million
- Preliminary Third Quarter GAAP EPS range of $1.67-$1.69 and
Adjusted EPS range of $1.75-$1.77
- Management to Discuss Financial Results and Outlook on Third
Quarter Earnings Call on November 2, 2023
Belden Inc. (NYSE: BDC) (the “Company”), a leading global
supplier of network infrastructure and digitization solutions,
today announced preliminary financial results for the third quarter
of 2023.
Third quarter revenues are now expected to be approximately $625
million, compared to the prior outlook of $675 to $690 million. The
revised outlook reflects softer than anticipated end-demand across
both segments. GAAP EPS is now expected to be in the range of $1.67
to $1.69, compared to the prior outlook of $1.40 to $1.50,
primarily due to a gain on sale of assets. Adjusted EPS is now
expected to be in the range of $1.75 to $1.77, compared to the
prior outlook of $1.75 to $1.85. The Company’s earnings benefited
from a favorable mix driven by higher-margin solutions business, as
well as lower incentive compensation costs. Adjusted results are
non-GAAP measures, and a non-GAAP reconciliation table is provided
as an appendix to this release.
“While a weaker-than-anticipated macroeconomic backdrop impacted
revenues, strong gross margin performance, and reduced variable
compensation costs resulted in the Company achieving the lower end
of our prior Adjusted EPS outlook,” said Ashish Chand, President
and CEO of Belden Inc. “Demand began to weaken in the third quarter
adding to ongoing pressure from channel destocking. We believe
softer demand will continue as we move into the fourth quarter,
impacting both revenue and profitability. We are encouraged that
our shift towards solutions continues despite market weakness.
Furthermore, we are well-positioned to benefit from major secular
trends with lengthy investment cycles that will enable us to reach
our long-term targets, including automation, broadband investment,
and smart buildings.”
Belden Third Quarter Earnings Call
Belden will report results for the fiscal third quarter ended
October 1, 2023, at 8:30 a.m. Eastern Time on Thursday, November 2,
2023.
A webcast of the conference call and accompanying presentation
materials will be available in the Investor Relations section of
Belden’s corporate website at https://investor.belden.com. To
listen to a live broadcast, go to the site at least 15 minutes
prior to the scheduled start time in order to register and download
and install any necessary audio software.
To participate in the live teleconference please dial
1-888-394-8218 with confirmation code 6123821. A replay of this
conference call will remain accessible in the investor relations
section of the Company’s website for a limited time.
Earnings per Share (EPS)
All references to EPS within this earnings release refer to
income from continuing operations per diluted share attributable to
Belden 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 this release
and have been published to the investor relations section of the
Company’s website at https://investor.belden.com.
BELDEN INC RECONCILIATION OF NON-GAAP MEASURES
2023 Guidance
Three Months Ended
October 1, 2023
GAAP income from continuing operations per
diluted share attributable to Belden common stockholders
$1.67 - $1.69
Amortization of intangible assets
0.20
Severance, restructuring, and acquisition
integration costs
0.11
Adjustments related to acquisitions and
divestitures
0.01
Gain on sale of assets
(0.24)
Adjusted income from continuing operations
per diluted share attributable to Belden common stockholders
$1.75 - $1.77
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.
Forward-Looking Statements
This update includes forward-looking statements, including with
respect to our solutions transition and expected product demand
generally. In addition, the financial results summarized above are
preliminary, as we have not completed the financial statements for
the third quarter, and should be considered forward-looking
statements as well. The preliminary financial results should not be
viewed as a substitute for our full interim financial statements.
Actual outcomes may differ materially from the outcomes summarized
above for a number of reasons, including changes in customer
demand, competitor actions, general economic conditions,
adjustments made in the financial results as we complete our
financial statements and the other reasons described in our 2022
Form 10-K filed with the Securities and Exchange Commission on
February 24, 2023. The preliminary estimated financial results have
not been audited or reviewed by our independent registered public
accounting firm. Belden does not intend to update any financial
information prior to the release of its final third quarter
financial results. In addition, Belden disclaims any obligation to
update forward-looking statements 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 X/Twitter.
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version on businesswire.com: https://www.businesswire.com/news/home/20231012687022/en/
Belden Investor Relations Aaron Reddington, CFA
(317) 219-9359 Investor.Relations@Belden.com
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