Q2 2024 Belden Inc Earnings Call Transcript
Key Points
- Revenue and EPS exceeded the high end of guidance, with revenue totaling $604 million and EPS at $1.51.
- Orders in the second quarter were up 9% sequentially, marking the third consecutive quarter of orders growth.
- Trailing 12-month free cash flow was strong at $234 million, allowing for reinvestment in high-return opportunities.
- Acquisition of Precision Optical Technologies enhances product capabilities in the broadband market.
- Gross profit margins increased by 10 basis points to 38.2%, despite lower volume.
- Second quarter revenue decreased 13% year-over-year, with a 13% organic decline.
- Net income was $62 million, down from $82 million in the prior-year period.
- EBITDA margins decreased by 130 basis points to 16.5%.
- Revenue in the industrial automation solutions segment was down 12% compared to the prior year.
- Revenue in the enterprise solutions segment was down 13% compared to the prior year.
Ladies and gentlemen, thank you for standing by. Welcome to this morning's Belden report second quarter 2024 results call. Just a reminder, this call is being recorded. At this time you are in a listen only mode. (Operator Instructions) I would now like to turn the call over to Aaron Reddington, Vice President of Investor Relations. Please go ahead, sir.
Good morning, everyone, and thank you for joining us for Belden's second quarter 2024 earnings conference call. With me today are Belden's President and CEO, Ashish Chand, and Senior Vice President and CFO, Jeremy Parks. Ashish will provide a strategic overview of our business, and then Jeremy will provide a detailed review of our financial and operating results, followed by Q&A.
We issued our earnings release earlier this morning and have prepared a slide presentation that we will reference on this call. The press release, presentation, and transcript of these prepared remarks are currently available online at investor.belden.com.
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