Belden (BDC) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue reached $655 million, up 4–4.5% year-over-year and 8% sequentially, exceeding guidance and driven by acquisitions such as Precision Optical Technologies and Voleatech.

• Adjusted EPS was $1.70, up 13% sequentially but down 4% year-over-year; GAAP EPS was $1.30, down 24% year-over-year.

• Orders increased 8% sequentially and 28% year-over-year, marking the fourth consecutive quarter of order growth.

• Free cash flow for the trailing twelve months was $211 million, supporting ongoing capital deployment and acquisitions.

• $115 million in share repurchases year-to-date, reducing share count by 1.2 million.

Financial highlights

• Q3 revenue: $655 million, up 4–4.5% year-over-year and 8% sequentially; gross profit was $244–$247.6 million, up 1–1.2% year-over-year.

• Adjusted EBITDA was $113 million, margin 17.2%, down 120 bps year-over-year but up 70 bps sequentially.

• Net income for Q3 was $54–$71 million, down from $72 million in the prior-year quarter.

• Adjusted EPS was $1.70, compared to $1.78 in Q3 2023.

• Cash and cash equivalents at quarter-end were $323 million.

Outlook and guidance

• Q4 2024 revenue expected between $645–$660 million, up 17–20% year-over-year; adjusted EPS guidance is $1.62–$1.72, up 11–18%.

• Q4 GAAP EPS guidance is $1.05–$1.15, up 15–26% year-over-year.

• Long-term targets include mid-single-digit organic revenue CAGR, 25–30% incremental EBITDA margins, and at least $8.00 EPS by 2025.

• Management anticipates steady order patterns and continued focus on high-growth verticals and tuck-in acquisitions.