Belden Inc. (NYSE: BDC) (the “Company”), a leading global
supplier of network infrastructure and digitization solutions,
today reported fiscal third quarter results for the period ended
October 1, 2023.
Third Quarter 2023 Highlights
- Revenues of $627 million, -7% y/y and Organic Growth of -9%
y/y
- GAAP EPS of $1.70, -28% y/y and Adjusted EPS of $1.78, +1%
y/y
- Executed $64 million of share repurchases during the quarter,
and $150 million year to date
"During the third quarter, as previously communicated, weak
demand across our markets presented challenges, yet our expanding
solutions-driven mix drove gross margin outperformance," said
Ashish Chand, President and CEO of Belden Inc. "As we look ahead,
we expect the challenges that have emerged to persist into the
fourth quarter and most likely into the coming year. We will
mitigate temporary demand weakness by taking productivity measures
to better align with these expected conditions. With continued
focus on our solutions business, we aim to not only capture share
and support better margins but to further strengthen our robust
foundation for sustainable long-term growth."
Third Quarter 2023
Revenues for the quarter were $627 million, compared to $670
million in the year-ago period. Organic year-over-year growth for
the quarter was off 9%, with Industrial Automation Solutions and
Enterprise Solutions down 4% and 14%, respectively. Net income was
$72 million, compared to $104 million in the year-ago period. Prior
year net income included a pre-tax gain on sale of assets of $38
million compared to $12 million this year. Net income as a
percentage of revenue was 11.5%, compared to 15.5% in the year-ago
period. EPS totaled $1.70 for the quarter, compared to $2.35 in the
year-ago period.
Adjusted EBITDA was $115 million, compared to $118 million in
the year-ago period. Adjusted EBITDA margins expanded 80bps to
18.4%, compared to 17.6% in the year-ago period. Adjusted EPS was
$1.78, increasing 1% compared to $1.77 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 fourth quarter is expected to be marked by ongoing demand
headwinds, pauses in capital spending by customers, and channel
destocking pressures. In the long term, the secular trends driving
our business – automation, smart infrastructure, and data
integration - remain intact, and Belden is uniquely positioned to
provide market-leading digitization solutions. We expect to weather
these temporary headwinds and surpass our prior revenue run rates
as we increase our product and solution offerings, expand into
additional use cases and verticals, and gain share with our
solutions go-to-market strategy.
Assuming no significant changes to the current market
environment, the table below provides guidance for the fourth
quarter of 2023.
Fourth Quarter
2023:
Guidance
Revenues (million)
$510 - $530
GAAP EPS
$0.49 - $0.64
Adjusted EPS
$1.05 - $1.20
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 6123821. 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
Nine Months Ended
October 1,
2023
October 2,
2022
October 1,
2023
October 2,
2022
(In thousands, except per
share data)
Revenues
$
626,807
$
670,491
$
1,960,841
$
1,947,413
Cost of sales
(385,639
)
(431,845
)
(1,212,240
)
(1,277,602
)
Gross profit
241,168
238,646
748,601
669,811
Selling, general and administrative
expenses
(118,079
)
(110,478
)
(366,288
)
(318,747
)
Research and development expenses
(30,190
)
(26,306
)
(90,544
)
(75,751
)
Amortization of intangibles
(9,526
)
(10,105
)
(30,262
)
(28,099
)
Gain on sale of assets
12,056
37,891
12,056
37,891
Operating income
95,429
129,648
273,563
285,105
Interest expense, net
(8,580
)
(9,883
)
(25,593
)
(35,570
)
Non-operating pension benefit
328
26
1,462
2,296
Loss on debt extinguishment
—
—
—
(6,392
)
Income from continuing operations before
taxes
87,177
119,791
249,432
245,439
Income tax expense
(14,850
)
(16,104
)
(45,385
)
(39,014
)
Income from continuing operations
72,327
103,687
204,047
206,425
Loss from discontinued operations, net of
tax
—
—
—
(3,685
)
Loss on disposal of discontinued
operations, net of tax
—
(5,366
)
—
(9,933
)
Net income
72,327
98,321
204,047
192,807
Less: Net income (loss) attributable to
noncontrolling interest
(20
)
27
(245
)
111
Net income attributable to Belden
stockholders
$
72,347
$
98,294
$
204,292
$
192,696
Weighted average number of common shares
and equivalents:
Basic
42,053
43,466
42,460
44,181
Diluted
42,625
44,063
43,129
44,810
Basic income (loss) per share attributable
to Belden stockholders:
Continuing operations
$
1.72
$
2.38
$
4.81
$
4.67
Discontinued operations
—
—
—
(0.08
)
Disposal of discontinued operations
—
(0.12
)
—
(0.22
)
Net income
$
1.72
$
2.26
$
4.81
$
4.36
Diluted income (loss) per share
attributable to Belden stockholders:
Continuing operations
$
1.70
$
2.35
$
4.74
$
4.60
Discontinued operations
—
—
—
(0.08
)
Disposal of discontinued operations
—
(0.12
)
—
(0.22
)
Net income
$
1.70
$
2.23
$
4.74
$
4.30
Common stock dividends declared per
share
$
0.05
$
0.05
$
0.15
$
0.15
BELDEN INC. OPERATING SEGMENT
INFORMATION (Unaudited)
Enterprise
Solutions
Industrial
Automation
Solutions
Total
Segments
(In thousands, except
percentages)
For the three
months ended October 1, 2023
Segment Revenues
$
283,905
$
342,902
$
626,807
Segment EBITDA
37,693
77,244
114,937
Segment EBITDA margin
13.3
%
22.5
%
18.3
%
Depreciation expense
6,632
6,810
13,442
Amortization of intangibles
4,468
5,058
9,526
Amortization of software development
intangible assets
—
1,963
1,963
Severance, restructuring, and acquisition
integration costs
3,453
2,622
6,075
Adjustments related to acquisitions and
divestitures
197
298
495
For the three
months ended October 2, 2022
Segment Revenues
$
319,201
$
351,290
$
670,491
Segment EBITDA
46,110
71,055
117,165
Segment EBITDA margin
14.4
%
20.2
%
17.5
%
Depreciation expense
6,020
5,827
11,847
Amortization of intangibles
4,512
5,593
10,105
Amortization of software development
intangible assets
8
860
868
Severance, restructuring, and acquisition
integration costs
2,702
1,858
4,560
Adjustments related to acquisitions and
divestitures
(2,537
)
514
(2,023
)
For the nine
months ended October 1, 2023
Segment Revenues
$
871,777
$
1,089,064
$
1,960,841
Segment EBITDA
118,854
229,662
348,516
Segment EBITDA margin
13.6
%
21.1
%
17.8
%
Depreciation expense
18,779
19,699
38,478
Amortization of intangibles
15,171
15,091
30,262
Amortization of software development
intangible assets
—
5,235
5,235
Severance, restructuring, and acquisition
integration costs
5,147
6,699
11,846
Adjustments related to acquisitions and
divestitures
522
520
1,042
For the nine
months ended October 2, 2022
Segment Revenues
$
895,075
$
1,052,338
$
1,947,413
Segment EBITDA
118,818
206,643
325,461
Segment EBITDA margin
13.3
%
19.6
%
16.7
%
Depreciation expense
17,214
17,229
34,443
Amortization of intangibles
13,051
15,048
28,099
Amortization of software development
intangible assets
52
2,804
2,856
Severance, restructuring, and acquisition
integration costs
7,605
6,535
14,140
Adjustments related to acquisitions and
divestitures
(3,095
)
1,648
(1,447
)
BELDEN INC. OPERATING SEGMENT
RECONCILIATION TO CONSOLIDATED RESULTS (Unaudited)
Three Months Ended
Nine Months Ended
October 1,
2023
October 2,
2022
October 1,
2023
October 2,
2022
(In thousands)
Total Segment and Consolidated
Revenues
$
626,807
$
670,491
$
1,960,841
$
1,947,413
Total Segment EBITDA
$
114,937
$
117,165
$
348,516
$
325,461
Total non-operating pension benefit
328
26
1,462
2,296
Non-operating pension settlement loss
—
954
—
954
Eliminations
(63
)
(51
)
(146
)
(156
)
Consolidated Adjusted EBITDA (1)
$
115,202
$
118,094
$
349,832
$
328,555
Depreciation expense
(13,442
)
(11,847
)
(38,478
)
(34,443
)
Amortization of intangibles
(9,526
)
(10,105
)
(30,262
)
(28,099
)
Interest expense, net
(8,580
)
(9,883
)
(25,593
)
(35,570
)
Amortization of software development
intangible assets
(1,963
)
(868
)
(5,235
)
(2,856
)
Adjustments related to acquisitions and
divestitures
(495
)
2,023
(1,042
)
1,447
Severance, restructuring, and acquisition
integration costs
(6,075
)
(4,560
)
(11,846
)
(14,140
)
Non-operating pension settlement loss
—
(954
)
—
(954
)
Loss on debt extinguishment
—
—
—
(6,392
)
Gain on sale of assets
12,056
37,891
12,056
37,891
Income from continuing operations before
taxes
$
87,177
$
119,791
$
249,432
$
245,439
(1)
Consolidated Adjusted EBITDA is a non-GAAP
measure. See Reconciliation of Non-GAAP Measures for additional
information.
BELDEN INC. CONDENSED CONSOLIDATED
BALANCE SHEETS
October 1, 2023
December 31, 2022
(Unaudited)
(In thousands)
ASSETS
Current assets:
Cash and cash equivalents
$
530,971
$
687,676
Receivables, net
481,125
440,102
Inventories, net
336,420
341,563
Other current assets
63,831
66,866
Total current assets
1,412,347
1,536,207
Property, plant and equipment, less
accumulated depreciation
404,950
381,864
Operating lease right-of-use assets
78,497
73,376
Goodwill
892,711
862,253
Intangible assets, less accumulated
amortization
271,615
246,830
Deferred income taxes
14,830
14,642
Other long-lived assets
54,449
46,503
$
3,129,399
$
3,161,675
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
304,851
$
350,058
Accrued liabilities
248,320
289,861
Total current liabilities
553,171
639,919
Long-term debt
1,145,796
1,161,176
Postretirement benefits
65,063
67,828
Deferred income taxes
67,709
58,582
Long-term operating lease liabilities
65,477
59,250
Other long-term liabilities
32,780
30,970
Stockholders’ equity:
Common stock
503
503
Additional paid-in capital
812,423
825,669
Retained earnings
949,422
751,522
Accumulated other comprehensive loss
(6,605
)
(5,871
)
Treasury stock
(556,343
)
(428,812
)
Total Belden stockholders’ equity
1,199,400
1,143,011
Noncontrolling interests
3
939
Total stockholders’ equity
1,199,403
1,143,950
$
3,129,399
$
3,161,675
BELDEN INC. CONDENSED CONSOLIDATED CASH
FLOW STATEMENTS (Unaudited)
Nine Months Ended
October 1, 2023
October 2, 2022
(In thousands)
Cash flows from operating activities:
Net income
$
204,047
$
192,807
Adjustments to reconcile net income to
cash flows from operating activities:
Depreciation and amortization
73,974
65,730
Share-based compensation
14,843
18,438
Loss on disposal of discontinued
operations
—
9,934
Loss on debt extinguishment
—
6,392
Gain on sale of assets
(12,056
)
(37,891
)
Changes in operating assets and
liabilities, net of the effects of currency exchange rate changes,
acquired businesses and disposals:
Receivables
(48,949
)
(42,808
)
Inventories
16,211
(11,393
)
Accounts payable
(42,456
)
(65,584
)
Accrued liabilities
(43,318
)
(41,247
)
Income taxes
548
(2,347
)
Other assets
(6,706
)
4,269
Other liabilities
3,855
(17,500
)
Net cash provided by operating
activities
159,993
78,800
Cash flows from investing activities:
Cash used for business acquisitions, net
of cash acquired
(106,712
)
(104,481
)
Capital expenditures
(61,870
)
(50,250
)
Proceeds from disposal of tangible
assets
13,785
43,534
Proceeds from disposal of businesses, net
of cash sold
9,300
334,574
Net cash provided by (used for) investing
activities
(145,497
)
223,377
Cash flows from financing activities:
Payments under share repurchase
program
(150,000
)
(136,336
)
Withholding tax payments for share-based
payment awards
(17,309
)
(6,534
)
Cash dividends paid
(6,408
)
(6,762
)
Payments under financing lease
obligations
(254
)
(123
)
Payments under borrowing arrangements
—
(230,639
)
Proceeds from issuance of common stock
6,568
3,717
Net cash used for financing activities
(167,403
)
(376,677
)
Effect of foreign currency exchange rate
changes on cash and cash equivalents
(3,798
)
(21,791
)
Decrease in cash and cash equivalents
(156,705
)
(96,291
)
Cash and cash equivalents, beginning of
period
687,676
643,757
Cash and cash equivalents, end of
period
$
530,971
$
547,466
The Condensed Consolidated Cash Flow
Statement for the nine months ended October 2, 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
Nine Months Ended
October 1,
2023
October 2,
2022
October 1,
2023
October 2,
2022
(In thousands, except
percentages and per share amounts)
GAAP and Adjusted Revenues
$
626,807
$
670,491
$
1,960,841
$
1,947,413
GAAP gross profit
$
241,168
$
238,646
$
748,601
$
669,811
Severance, restructuring, and acquisition
integration costs
912
2,796
1,400
8,771
Amortization of software development
intangible assets
1,963
868
5,235
2,856
Adjustments related to acquisitions and
divestitures
197
514
522
1,648
Adjusted gross profit
$
244,240
$
242,824
$
755,758
$
683,086
GAAP gross profit margin
38.5
%
35.6
%
38.2
%
34.4
%
Adjusted gross profit margin
39.0
%
36.2
%
38.5
%
35.1
%
GAAP selling, general and administrative
expenses
$
(118,079
)
$
(110,478
)
$
(366,288
)
$
(318,747
)
Severance, restructuring, and acquisition
integration costs
5,213
1,764
10,402
5,369
Adjustments related to acquisitions and
divestitures
298
(2,537
)
520
(3,095
)
Adjusted selling, general and
administrative expenses
$
(112,568
)
$
(111,251
)
$
(355,366
)
$
(316,473
)
GAAP research and development expenses
$
(30,190
)
$
(26,306
)
$
(90,544
)
$
(75,751
)
Severance, restructuring, and acquisition
integration costs
(50
)
—
44
—
Adjusted research and development
expenses
$
(30,240
)
$
(26,306
)
$
(90,500
)
$
(75,751
)
GAAP income from continuing operations
$
72,327
$
103,687
$
204,047
$
206,425
Income tax expense
14,850
16,104
45,385
39,014
Interest expense, net
8,580
9,883
25,593
35,570
Non-operating pension settlement loss
—
954
—
954
Loss on debt extinguishment
—
—
—
6,392
Total non-operating adjustments
23,430
26,941
70,978
81,930
Amortization of intangible assets
9,526
10,105
30,262
28,099
Severance, restructuring, and acquisition
integration costs
6,075
4,560
11,846
14,140
Amortization of software development
intangible assets
1,963
868
5,235
2,856
Adjustments related to acquisitions and
divestitures
495
(2,023
)
1,042
(1,447
)
Gain on sale of assets
(12,056
)
(37,891
)
(12,056
)
(37,891
)
Total operating income adjustments
6,003
(24,381
)
36,329
5,757
Depreciation expense
13,442
11,847
38,478
34,443
Adjusted EBITDA
$
115,202
$
118,094
$
349,832
$
328,555
GAAP income from continuing operations
margin
11.5
%
15.5
%
10.4
%
10.6
%
Adjusted EBITDA margin
18.4
%
17.6
%
17.8
%
16.9
%
GAAP income from continuing operations
$
72,327
$
103,687
$
204,047
$
206,425
Less: Net income (loss) attributable to
noncontrolling interest
(20
)
27
(245
)
111
GAAP net income from continuing operations
attributable to Belden stockholders
$
72,347
$
103,660
$
204,292
$
206,314
GAAP income from continuing operations
$
72,327
$
103,687
$
204,047
$
206,425
Plus: Operating income adjustments from
above
6,003
(24,381
)
36,329
5,757
Plus: Non-operating pension settlement
loss
—
954
—
954
Plus: Loss on debt extinguishment
—
—
—
6,392
Less: Net income (loss) attributable to
noncontrolling interest
(20
)
27
(245
)
111
Less: Tax effect of adjustments above
2,682
2,121
9,202
10,360
Adjusted net income from continuing
operations attributable to Belden stockholders
$
75,668
$
78,112
$
231,419
$
209,057
GAAP income from continuing operations per
diluted share attributable to Belden stockholders
$
1.70
$
2.35
$
4.74
$
4.60
Adjusted income from continuing operations
per diluted share attributable to Belden stockholders
$
1.78
$
1.77
$
5.37
$
4.67
GAAP and adjusted diluted weighted average
shares
42,625
44,063
43,129
44,810
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
Nine Months Ended
October 1,
2023
October 2,
2022
October 1,
2023
October 2,
2022
(In thousands)
GAAP net cash provided by operating
activities
$
105,278
$
87,381
$
159,993
$
78,800
Capital expenditures
(29,141
)
(19,240
)
(61,870
)
(50,250
)
Proceeds from disposal of tangible
assets
13,776
42,110
13,785
43,534
Non-GAAP free cash flow
$
89,913
$
110,251
$
111,908
$
72,084
BELDEN INC. RECONCILIATION OF NON-GAAP
MEASURES 2023 Guidance
Three Months Ended
December 31, 2023
GAAP income from continuing operations per
diluted share attributable to Belden common stockholders
$0.49 - $0.64
Amortization of intangible assets
0.21
Severance, restructuring, and acquisition
integration costs
0.34
Adjustments related to acquisitions and
divestitures
0.01
Adjusted income from continuing operations
per diluted share attributable to Belden common stockholders
$1.05 - $1.20
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 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 fourth 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/20231102193583/en/
Belden Investor Relations Aaron Reddington, CFA
(317) 219-9359 Investor.Relations@Belden.com
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