NYSE$BDC

Belden Inc · Q1 2024 earnings

Q1 2024 earnings · · Investor relations

Briefing

Reported revenues and EPS exceeding expectations amidst customer destocking and a dynamic environment.

Belden reported Q1 2024 results with revenues of $536 million, a 17% year-over-year decrease, and GAAP EPS of $0.90, down 38% year-over-year. The company exceeded expectations for both revenues and EPS, and announced an agreement to acquire Precision Optical Technologies, Inc.

  • Revenues totaled $536 million, down 17% year-over-year and organically.
  • GAAP EPS was $0.90, a 38% decrease year-over-year.
  • Adjusted EPS was $1.24, a 26% decrease year-over-year.
  • Entered into an agreement to acquire Precision Optical Technologies, Inc. for $290 million in cash.

Headline financials

Total Revenue

$536M

Previous: $642M-16.5%
EPS

$0.90

Previous: $1.68-46.4%
Adjusted EBITDA margin

15.8%

Previous: 17.4%-9.2%
Smart Infra. Solutions EBITDA margin

11.0%

No prior period
Automation Solutions EBITDA margin

19.5%

No prior period
Adjusted EBITDA

$84.7M

No prior period
Capital Expenditures

-$24.3M

Previous: -$13.8M-75.2%
Free Cash Flow

$13.1M

Previous: $49.3M-73.5%
Net Income

$37.3M

Previous: $63.2M-41.0%
Operating Income

$53M

Previous: $85.5M-38.0%
Gross Profit

$202M

Previous: $246M-18.1%
Cash & Equivalents

$507M

Previous: $589M-14.0%
Total Assets

$3.12B

Previous: $3.07B+1.7%

Revenue & EPS history

Belden · Revenue · Quarterly

$536M

Q1 2024-16.5%vs Q1 2023
Beat estimate in 13 of 15 quarters(87%)
ActualEstimate

Revenue by segment

Belden · $672M total across 2 segments · Q2 2025

  • Automation Solutions
    $366M—
  • Smart Infrastructure Solutions
    $306M—

Forward guidance

Belden anticipates customer destocking and other temporary headwinds will persist into Q2 2024, with end demand expected to be stable relative to Q1. The company projects revenues between $565 million and $580 million, GAAP EPS between $1.00 and $1.10, and adjusted EPS between $1.30 and $1.40.

Tailwinds

  • Solutions are being embraced by customers and partners.
  • Teams continue to lean into transformation.
  • Ever-increasing need for data and automation continues.
  • Reindustrialization trends are just starting.
  • Portfolio is well-positioned to succeed as the next investment cycle ramps up.

Headwinds

  • Customer destocking is expected to continue into the second quarter.
  • Temporary headwinds are expected to continue into the second quarter.
  • End demand is expected to be stable with revenues up slightly, in line with normal seasonal patterns.
  • Second quarter guidance does not reflect the impact of the Precision Optical Technologies acquisition.
  • Results are subject to various factors that could impact future operating results.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 19 quarterly earnings reports · overlaid with Q1 2024

Historical avgQ1 2024

+0.7%

Avg return

Earnings day

+0.7%

Avg return

5 days after

+1.8%

Avg return

30 days after

54%

36 / 67 earnings

Positive

+22.4%

Q3 2015

Best reaction

-18.6%

Q2 2019

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q2 2025———
Q1 2026-11.3%-12.1%-17.6%
Q4 2025+6.1%+3.0%-19.5%
Q3 2025+1.7%-1.4%-5.0%
Q1 2025-1.7%+0.4%+3.0%
Q3 2024-2.1%+0.7%+4.0%
Q2 2024+7.2%+4.1%+15.7%
Q1 2024+8.5%+11.2%+17.7%
Q4 2023+11.7%+11.2%+20.3%
Q3 2023-9.4%-11.1%-4.7%
Q2 2023-7.2%-7.2%-0.1%
Q1 2023-1.2%+1.1%+13.4%
Q4 2022+5.9%+8.8%+0.8%
Q3 2022+3.5%+8.8%+14.7%
Q2 2022+4.2%+4.6%-0.4%
Q1 2022+7.6%+6.3%+9.5%
Q4 2021-2.3%-2.6%-2.3%
Q3 2021-2.1%+1.4%-4.6%
Q2 2021+5.0%+5.7%+19.0%
Q1 2021+17.6%+20.6%+24.9%
Q4 2020-13.7%-14.8%-14.7%
Q3 2020-5.2%-4.0%+20.3%
Q2 2020+1.4%+1.5%+7.2%
Q1 2020-4.1%-11.3%-4.5%
Q4 2019+7.9%+3.3%-17.0%
Q3 2019-7.5%-2.3%-3.0%
Q2 2019-18.6%-20.0%-19.0%
Q1 2019+8.8%+11.7%-7.8%
Q4 2018+6.6%+9.4%-5.2%
Q3 2018-7.9%-3.0%-1.8%
Q2 2018+8.9%+7.2%+12.3%
Q1 2018-5.7%-3.7%-10.7%
Q4 2017-12.3%-14.1%-13.0%
Q3 2017+2.5%+2.9%+5.2%
Q2 2017+0.6%-0.2%+6.7%
Q1 2017+7.2%+7.7%+8.3%
Q4 2016+0.7%-1.1%-6.3%
Q3 2016-5.4%-0.7%+16.0%
Q2 2016+9.3%+5.0%+5.8%
Q1 2016-2.4%——
Q4 2015+19.7%——
Q3 2015+22.4%——
Q2 2015-11.7%——
Q1 2015-8.6%——
Q4 2014-0.1%——
Q3 2014+2.2%——
Q2 2014+0.5%——
Q1 2014-1.2%——
Q4 2013+6.3%——
Q3 2013-0.6%——
Q2 2013+4.1%——
Q1 2013+8.7%——
Q4 2012+1.2%——
Q3 2012+2.9%——
Q2 2012+1.1%——
Q1 2012+2.3%——
Q4 2011-0.5%——
Q3 2011-4.8%——
Q2 2011+1.1%——
Q1 2010-1.5%——
Q1 2011+1.0%——
Q4 2010+3.9%——
Q4 2008+3.9%——
Q3 2009-1.8%——
Q3 2010-1.8%——
Q2 2010-5.9%——
Q2 2009-5.9%——
Q4 2009-5.9%——

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