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Belden Reports Second Quarter 2025 Results

Belden Inc. (NYSE: BDC) (“Belden” or the “Company”), a leading global supplier of complete connection solutions, today reported fiscal second quarter results for the period ended June 29, 2025.

Second Quarter 2025 Highlight

  • Revenues of $672 million, up 11% y/y and up 5% y/y organically
  • GAAP EPS of $1.53, up 29% y/y
  • Adjusted EPS of $1.89, up 25% y/y

"We are pleased with our second quarter results, which demonstrate continued momentum across the business," said Ashish Chand, President and CEO of Belden Inc. "Revenues grew 11% year-over-year, with organic growth of 5%. Our profitability continues to improve, contributing to a 25% increase in Adjusted EPS for the period. Demand remains solid in both segments, with orders increasing 16% compared to the prior year and up once again sequentially. These results reflect the consistent execution of our global team and underscore the ongoing need for Belden's products and solutions, even amidst a complex geopolitical landscape."

Second Quarter 2025

Revenues for the quarter increased $68 million, or 11%, to $672 million from $604 million in the year-ago period. Revenues increased 5% organically, with Automation Solutions up 8% and Smart Infrastructure Solutions up 3%. Net income was $61 million, compared to $49 million in the year-ago period. Net income as a percentage of revenues was 9.1%, compared to 8.1% in the year-ago period. EPS totaled $1.53 for the quarter, compared to $1.19 in the year-ago period.

Adjusted EBITDA was $114 million, up $15 million, or 15%, compared to $99 million in the year-ago period. Adjusted EBITDA margin was 17.0%, up 50 bps, compared to 16.5% in the year-ago period. Adjusted EPS was $1.89, increasing 25% compared to $1.51 in the year-ago period. Relative to our prior guidance, Adjusted EPS benefited in the second quarter by $0.11 from a lower-than-expected tax rate primarily driven by the recognition of certain discrete tax benefits and a favorable geographic mix of earnings. Adjusted results are non-GAAP measures, and a non-GAAP reconciliation table is provided as an appendix to this release.

Outlook

“Looking forward, while we are mindful of the near-term complexities in the market, we see a clear and expanding medium-term opportunity aligned with our customers' most important objectives. As they continue to invest in digitizing their operations and leveraging data to improve efficiency, the demand for secure and reliable network infrastructure will only intensify. Our portfolio and expertise position us well to partner with them on this journey, supporting our long-term outlook for our business. We are confident in the growth potential of our core markets, the operational discipline of our team, and our ability to deploy capital strategically to drive growth, enhance shareholder returns, and compound value over time,” concluded Dr. Chand.

As we pursue this long-term opportunity, we continue to monitor the near-term uncertainties our customers face as they navigate this rapidly changing environment. Assuming the continuation of current market conditions, the table below provides guidance for the third quarter of 2025.

Third Quarter 2025:

 

 

 

 

Guidance

Revenues (million)

 

$670 - $685

GAAP EPS

 

$1.33 - $1.43

Adjusted EPS

 

$1.85 - $1.95

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 online at https://investor.belden.com. The dial-in number for participants is 1-888-394-8218 with confirmation code 2492248. 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) and Organic Growth

All references to EPS within this earnings release refer to net income per diluted share attributable to Belden stockholders. 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

 

 

June 29, 2025

 

June 30, 2024

 

June 29, 2025

 

June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

(In thousands, except per share data)

Revenues

 

$

671,992

 

 

$

604,336

 

 

$

1,296,853

 

 

$

1,140,011

 

Cost of sales

 

 

(413,424

)

 

 

(377,530

)

 

 

(792,445

)

 

 

(711,609

)

Gross profit

 

 

258,568

 

 

 

226,806

 

 

 

504,408

 

 

 

428,402

 

Selling, general and administrative expenses

 

 

(131,922

)

 

 

(119,497

)

 

 

(263,444

)

 

 

(230,265

)

Research and development expenses

 

 

(33,940

)

 

 

(28,457

)

 

 

(62,357

)

 

 

(55,456

)

Amortization of intangibles

 

 

(13,470

)

 

 

(9,940

)

 

 

(26,745

)

 

 

(20,749

)

Operating income

 

 

79,236

 

 

 

68,912

 

 

 

151,862

 

 

 

121,932

 

Interest expense, net

 

 

(12,200

)

 

 

(9,017

)

 

 

(22,304

)

 

 

(16,599

)

Non-operating pension benefit (cost)

 

 

(364

)

 

 

230

 

 

 

(805

)

 

 

461

 

Income before taxes

 

 

66,672

 

 

 

60,125

 

 

 

128,753

 

 

 

105,794

 

Income tax expense

 

 

(5,666

)

 

 

(11,091

)

 

 

(15,810

)

 

 

(19,451

)

Net income

 

 

61,006

 

 

 

49,034

 

 

 

112,943

 

 

 

86,343

 

Less: Net loss attributable to noncontrolling interest

 

 

 

 

 

(10

)

 

 

 

 

 

(14

)

Net income attributable to Belden stockholders

 

$

61,006

 

 

$

49,044

 

 

$

112,943

 

 

$

86,357

 

Weighted average number of common shares and equivalents:

 

 

 

 

 

 

 

 

Basic

 

 

39,511

 

 

 

40,690

 

 

 

39,835

 

 

 

40,838

 

Diluted

 

 

40,002

 

 

 

41,204

 

 

 

40,418

 

 

 

41,348

 

Basic income per share attributable to Belden stockholders

 

$

1.54

 

 

$

1.21

 

 

$

2.84

 

 

$

2.11

 

Diluted income per share attributable to Belden stockholders

 

$

1.53

 

 

$

1.19

 

 

$

2.79

 

 

$

2.09

 

Common stock dividends declared per share

 

$

0.05

 

 

$

0.05

 

 

$

0.10

 

 

$

0.10

 

BELDEN INC.

OPERATING SEGMENT INFORMATION

(Unaudited)

 

 

 

Smart Infrastructure Solutions

 

Automation Solutions

 

 

 

 

 

 

(In thousands, except percentages)

 

 

 

 

 

For the three months ended June 29, 2025

 

 

 

 

Segment Revenues

 

$

306,019

 

 

$

365,973

 

Segment EBITDA

 

 

36,224

 

 

 

78,246

 

Segment EBITDA margin

 

 

11.8

%

 

 

21.4

%

Depreciation expense

 

 

6,928

 

 

 

8,726

 

Amortization of intangibles

 

 

8,556

 

 

 

4,914

 

Amortization of software development intangible assets

 

 

 

 

 

2,943

 

Severance, restructuring, and acquisition integration costs

 

 

1,747

 

 

 

1,092

 

Adjustments related to acquisitions and divestitures

 

 

 

 

 

286

 

 

 

 

 

 

For the three months ended June 30, 2024

 

 

 

 

Segment Revenues

 

$

270,473

 

 

$

333,863

 

Segment EBITDA

 

 

31,456

 

 

 

67,737

 

Segment EBITDA margin

 

 

11.6

%

 

 

20.3

%

Depreciation expense

 

 

6,214

 

 

 

7,363

 

Amortization of intangibles

 

 

5,022

 

 

 

4,918

 

Amortization of software development intangible assets

 

 

 

 

 

2,464

 

Severance, restructuring, and acquisition integration costs

 

 

2,309

 

 

 

1,684

 

Adjustments related to acquisitions and divestitures

 

 

 

 

 

298

 

 

 

 

 

 

For the six months ended June 29, 2025

 

 

 

 

Segment Revenues

 

$

580,069

 

 

$

716,784

 

Segment EBITDA

 

 

67,359

 

 

 

151,571

 

Segment EBITDA margin

 

 

11.6

%

 

 

21.1

%

Depreciation expense

 

 

13,500

 

 

 

16,050

 

Amortization of intangibles

 

 

17,212

 

 

 

9,533

 

Amortization of software development intangible assets

 

 

18

 

 

 

5,538

 

Severance, restructuring, and acquisition integration costs

 

 

2,704

 

 

 

1,833

 

Adjustments related to acquisitions and divestitures

 

 

 

 

 

584

 

 

 

 

 

 

For the six months ended June 30, 2024

 

 

 

 

Segment Revenues

 

$

504,562

 

 

$

635,449

 

Segment EBITDA

 

 

57,244

 

 

 

126,482

 

Segment EBITDA margin

 

 

11.3

%

 

 

19.9

%

Depreciation expense

 

 

12,519

 

 

 

14,523

 

Amortization of intangibles

 

 

10,741

 

 

 

10,008

 

Amortization of software development intangible assets

 

 

 

 

 

5,177

 

Severance, restructuring, and acquisition integration costs

 

 

3,899

 

 

 

4,306

 

Adjustments related to acquisitions and divestitures

 

 

 

 

 

596

 

BELDEN INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

June 29,

2025

 

December 31,

2024

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

(In thousands)

ASSETS

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

301,486

 

 

$

370,302

 

Receivables, net

 

 

454,684

 

 

 

409,711

 

Inventories, net

 

 

388,787

 

 

 

343,099

 

Other current assets

 

 

77,682

 

 

 

73,117

 

Total current assets

 

 

1,222,639

 

 

 

1,196,229

 

Property, plant and equipment, less accumulated depreciation

 

 

525,385

 

 

 

495,625

 

Operating lease right-of-use assets

 

 

116,426

 

 

 

118,551

 

Goodwill

 

 

1,034,870

 

 

 

1,018,677

 

Intangible assets, less accumulated amortization

 

 

415,336

 

 

 

419,074

 

Deferred income taxes

 

 

17,970

 

 

 

16,353

 

Other long-lived assets

 

 

67,031

 

 

 

63,429

 

 

 

$

3,399,657

 

 

$

3,327,938

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

 

 

 

 

Accounts payable

 

$

303,868

 

 

$

315,724

 

Accrued liabilities

 

 

311,726

 

 

 

306,980

 

Total current liabilities

 

 

615,594

 

 

 

622,704

 

Long-term debt

 

 

1,271,338

 

 

 

1,130,101

 

Postretirement benefits

 

 

69,308

 

 

 

63,260

 

Deferred income taxes

 

 

70,133

 

 

 

77,333

 

Long-term operating lease liabilities

 

 

96,861

 

 

 

100,049

 

Other long-term liabilities

 

 

41,948

 

 

 

39,755

 

Stockholders’ equity:

 

 

 

 

Common stock

 

 

503

 

 

 

503

 

Additional paid-in capital

 

 

847,732

 

 

 

839,755

 

Retained earnings

 

 

1,284,960

 

 

 

1,176,036

 

Accumulated other comprehensive loss

 

 

(80,578

)

 

 

(3,532

)

Treasury stock

 

 

(818,142

)

 

 

(718,026

)

Total stockholders’ equity

 

 

1,234,475

 

 

 

1,294,736

 

 

 

$

3,399,657

 

 

$

3,327,938

 

BELDEN INC.

CONDENSED CONSOLIDATED CASH FLOW STATEMENTS

(Unaudited)

 

 

 

Six Months Ended

 

 

June 29, 2025

 

June 30, 2024

 

 

 

 

 

 

 

(In thousands)

Cash flows from operating activities:

 

 

 

 

Net income

 

$

112,943

 

 

$

86,343

 

Adjustments to reconcile net income to cash flows from operating activities:

 

 

 

 

Depreciation and amortization

 

 

61,851

 

 

 

52,968

 

Share-based compensation

 

 

14,603

 

 

 

14,643

 

Changes in operating assets and liabilities, net of the effects of currency exchange rate changes, acquired businesses and disposals:

 

 

 

 

Receivables

 

 

(31,773

)

 

 

30,880

 

Inventories

 

 

(35,758

)

 

 

204

Accounts payable

 

 

(23,462

)

 

 

(90,025

)

Accrued liabilities

 

 

(14,314

)

 

 

(16,788

)

Income taxes

 

 

(4,355

)

 

 

2,097

 

Other assets

 

 

(3,674

)

 

 

1,728

 

Other liabilities

 

 

13,409

 

 

 

3,630

 

Net cash provided by operating activities

 

 

89,470

 

 

 

85,680

 

Cash flows from investing activities:

 

 

 

 

Capital expenditures

 

 

(57,353

)

 

 

(46,246

)

Cash from business acquisitions

 

 

7,918

 

 

 

526

 

Proceeds from disposal of tangible assets

 

 

115

 

 

 

60

 

Net cash used for investing activities

 

 

(49,320

)

 

 

(45,660

)

Cash flows from financing activities:

 

 

 

 

Payments under share repurchase program, including excise tax

 

 

(100,967

)

 

 

(57,865

)

Payments on revolving credit facility

 

 

(50,000

)

 

 

 

Withholding tax payments for share-based payment awards

 

 

(14,157

)

 

 

(8,110

)

Cash dividends paid

 

 

(4,024

)

 

 

(4,119

)

Payments under financing lease obligations

 

 

(878

)

 

 

(455

)

Proceeds from issuance of common stock

 

 

3,818

 

 

 

3,152

 

Borrowings on revolving credit facility

 

 

50,000

 

 

 

 

Net cash used for financing activities

 

 

(116,208

)

 

 

(67,397

)

Effect of foreign currency exchange rate changes on cash and cash equivalents

 

 

7,242

 

 

 

(4,916

)

Decrease in cash and cash equivalents

 

 

(68,816

)

 

 

(32,293

)

Cash and cash equivalents, beginning of period

 

 

370,302

 

 

 

597,044

 

Cash and cash equivalents, end of period

 

$

301,486

 

 

$

564,751

 

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

 

 

June 29, 2025

 

June 30, 2024

 

June 29, 2025

 

June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

(In thousands, except percentages and per share amounts)

Revenues

 

$

671,992

 

 

$

604,336

 

 

$

1,296,853

 

$

1,140,011

 

GAAP gross profit

 

$

258,568

 

 

$

226,806

 

 

$

504,408

 

 

$

428,402

 

Amortization of software development intangible assets

 

 

2,943

 

 

 

2,464

 

 

 

5,556

 

 

 

5,177

 

Severance, restructuring, and acquisition integration costs

 

 

2

 

 

 

1,299

 

 

 

11

 

 

 

2,586

 

Adjusted gross profit

 

$

261,513

 

 

$

230,569

 

 

$

509,975

 

 

$

436,165

 

GAAP gross profit margin

 

 

38.5

%

 

 

37.5

%

 

 

38.9

%

 

 

37.6

%

Adjusted gross profit margin

 

 

38.9

%

 

 

38.2

%

 

 

39.3

%

 

 

38.3

%

GAAP selling, general and administrative expenses

 

$

(131,922

)

 

$

(119,497

)

 

$

(263,444

)

 

$

(230,265

)

Severance, restructuring, and acquisition integration costs

 

 

2,837

 

 

 

2,941

 

 

 

4,431

 

 

 

5,267

 

Adjustments related to acquisitions and divestitures

 

 

286

 

 

 

298

 

 

 

584

 

 

 

596

 

Adjusted selling, general and administrative expenses

 

$

(128,799

)

 

$

(116,258

)

 

$

(258,429

)

 

$

(224,402

)

GAAP research and development expenses

 

$

(33,940

)

 

$

(28,457

)

 

$

(62,357

)

 

$

(55,456

)

Severance, restructuring, and acquisition integration costs

 

 

 

 

 

(247

)

 

 

95

 

 

 

352

 

Adjusted research and development expenses

 

$

(33,940

)

 

$

(28,704

)

 

$

(62,262

)

 

$

(55,104

)

GAAP net income

 

$

61,006

 

 

$

49,034

 

 

$

112,943

 

 

$

86,343

 

Income tax expense

 

 

5,666

 

 

 

11,091

 

 

 

15,810

 

 

 

19,451

 

Interest expense, net

 

 

12,200

 

 

 

9,017

 

 

 

22,304

 

 

 

16,599

 

Total non-operating adjustments

 

 

17,866

 

 

 

20,108

 

 

 

38,114

 

 

 

36,050

 

Amortization of intangible assets

 

 

13,470

 

 

 

9,940

 

 

 

26,745

 

 

 

20,749

 

Amortization of software development intangible assets

 

 

2,943

 

 

 

2,464

 

 

 

5,556

 

 

 

5,177

 

Severance, restructuring, and acquisition integration costs

 

 

2,839

 

 

 

3,993

 

 

 

4,537

 

 

 

8,205

 

Adjustments related to acquisitions and divestitures

 

 

286

 

 

 

298

 

 

 

584

 

 

 

596

 

Total operating income adjustments

 

 

19,538

 

 

 

16,695

 

 

 

37,422

 

 

 

34,727

 

Depreciation expense

 

 

15,654

 

 

 

13,577

 

 

 

29,550

 

 

 

27,042

 

Adjusted EBITDA

 

$

114,064

 

 

$

99,414

 

 

$

218,029

 

 

$

184,162

 

GAAP net income margin

 

 

9.1

%

 

 

8.1

%

 

 

8.7

%

 

 

7.6

%

Adjusted EBITDA margin

 

 

17.0

%

 

 

16.5

%

 

 

16.8

%

 

 

16.2

%

GAAP net income

 

$

61,006

 

 

$

49,034

 

 

$

112,943

 

 

$

86,343

 

Less: Net loss attributable to noncontrolling interest

 

 

 

 

 

(10

)

 

 

 

 

 

(14

)

GAAP net income attributable to Belden stockholders

 

$

61,006

 

 

$

49,044

 

 

$

112,943

 

 

$

86,357

 

GAAP net income

 

$

61,006

 

 

$

49,034

 

 

$

112,943

 

 

$

86,343

 

Plus: Operating income adjustments from above

 

 

19,538

 

 

 

16,695

 

 

 

37,422

 

 

 

34,727

 

Less: Tax effect of adjustments above

 

 

4,937

 

 

 

3,541

 

 

 

9,273

 

 

 

7,610

 

Less: Net loss attributable to noncontrolling interest

 

 

 

 

 

(10

)

 

 

 

 

 

(14

)

Adjusted net income attributable to Belden stockholders

 

$

75,607

 

 

$

62,198

 

 

$

141,092

 

 

$

113,474

 

GAAP income per diluted share attributable to Belden stockholders

 

$

1.53

 

 

$

1.19

 

 

$

2.79

 

 

$

2.09

 

Adjusted income per diluted share attributable to Belden stockholders

 

$

1.89

 

 

$

1.51

 

 

$

3.49

 

 

$

2.74

 

GAAP and adjusted diluted weighted average shares

 

 

40,002

 

 

 

41,204

 

 

 

40,418

 

 

 

41,348

 

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

 

 

June 29, 2025

 

June 30, 2024

 

June 29, 2025

 

June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

GAAP net cash provided by operating activities

 

$

82,029

 

 

$

82,959

 

 

$

89,470

 

 

$

85,680

 

Capital expenditures

 

 

(25,151

)

 

 

(21,996

)

 

 

(57,353

)

 

 

(46,246

)

Proceeds from disposal of tangible assets

 

 

9

 

 

 

 

 

 

115

 

 

 

60

 

Non-GAAP free cash flow

 

$

56,887

 

 

$

60,963

 

 

$

32,232

 

 

$

39,494

 

BELDEN INC.

RECONCILIATION OF NON-GAAP MEASURES

2025 Guidance

 

 

 

Three Months Ended

 

 

September 28, 2025

 

 

 

 

 

GAAP income per diluted share attributable to Belden stockholders

 

$1.33 - $1.43

Amortization of intangible assets

 

0.32

Severance, restructuring, and acquisition integration costs

 

0.19

Adjustments related to acquisitions and divestitures

 

0.01

Adjusted income per diluted share attributable to Belden stockholders

 

$1.85 - $1.95

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 third quarter of 2025 and beyond. 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 volatility in global trade policies and tariffs; disruptions in the Company’s information systems including due to cyber-attacks; foreign and domestic political, economic and other uncertainties, including changes in currency exchange rates; the impact of a challenging global economy, including the impact of inflation, or a downturn in served markets; inflation and changes in the price and availability of raw materials leading to higher input and labor costs; the competitiveness of the global markets in which we operate; 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 of the Company to develop and introduce new products; competitive responses to our products; difficulty in forecasting revenues due to the unpredictable timing of orders related to customer projects as well as the impacts of channel inventory; the inability to execute and realize the expected benefits from strategic initiatives (including revenue growth, cost control, and productivity improvement programs); the inability to achieve our strategic priorities in emerging markets; the presence of substitute products in the marketplace; the impacts of extreme weather events and other climate-related catastrophes; the possibility of future epidemics or pandemics; volatility in credit and foreign exchange markets; changes in tax laws and variability in the Company’s quarterly and annual effective tax rates; the inability to successfully complete and integrate acquisitions, in furtherance of the Company’s strategic plan, as well as the inability to accurately forecast the financial impacts of acquisitions; 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, 2024, filed with the SEC on February 13, 2025. 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 complete connection solutions that unlock untold possibilities for our customers, their customers and the world. We advance ideas and technologies that enable a safer, smarter and more prosperous future. Throughout our 120+ year history we have evolved as a company, but our purpose remains – making connections. By connecting people, information and ideas, we make it possible. 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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