Q3 2024 Belden Inc Earnings Call Transcript
Key Points
- Belden Inc (BDC) reported third-quarter revenue of $655 million, exceeding the high end of their guidance and marking an 8% sequential increase.
- Earnings per share for the quarter were $1.70, surpassing expectations and reflecting a 13% sequential growth.
- The company achieved a fourth consecutive quarter of order growth, with orders up 28% year-over-year.
- Belden Inc (BDC) successfully acquired Voleatech, enhancing their cybersecurity capabilities and accelerating their active product portfolio.
- The company continues to generate strong free cash flow, with trailing-12-month free cash flow at $211 million, allowing for strategic investments and share repurchases.
- Organic revenue growth was down 2% year-over-year, with automation solutions declining by 3% and smart infrastructure solutions by 1%.
- Gross profit margins decreased by 40 basis points sequentially to 37.8%.
- The automation solutions segment saw a 2% revenue decline compared to the prior year, with EBITDA margins dropping from 22.5% to 21.4%.
- The company's cash and cash equivalents decreased significantly from $597 million at the end of 2023 to $323 million, partly due to acquisition costs.
- Belden Inc (BDC) continues to face challenges in the discrete automation market, with no significant recovery observed yet.
Good morning, everyone. And thank you for joining us for Belden's third 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.
Turning to slide 2 in the presentation. During this call, management will make certain forward-looking statements in reliance upon the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. For more information, please review today's press release and our most recent annual report on Form 10-K.
Additionally, during todayâs call, management will reference
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