Belden Reports Strong Results for Second Quarter 2018

Aug 01, 2018

ST. LOUIS--(BUSINESS WIRE)-- Belden Inc. (NYSE: BDC), a global leader in high quality, end-to-end signal transmission solutions for mission-critical applications, today reported fiscal second quarter 2018 results for the period ended July 1, 2018.

Second Quarter 2018

On a GAAP basis, revenues for the quarter totaled $668.6 million, increasing $58.0 million, or 9.5%, compared to $610.6 million in the second quarter 2017. Net income was $28.9 million, a decrease of $7.1 million from the prior-year period. Net income included after-tax restructuring and acquisition integration costs of $18.8 million, primarily related to the acquisition of Snell Advanced Media (“SAM”), which was completed during the first quarter 2018. Net income as a percentage of revenues was 4.3% compared to 5.9% in the prior-year period. EPS was $0.49 compared to $0.64 in the second quarter 2017.

Adjusted revenues for the quarter totaled $671.4 million, increasing $60.8 million, or 10.0%, compared to $610.6 million in the second quarter 2017. Adjusted EBITDA margin in the second quarter was 18.3%, consistent with the year-ago period. Adjusted EPS was $1.52 compared to $1.29 in the second quarter 2017. Adjusted results are non-GAAP measures, and a non-GAAP reconciliation table is provided as an appendix to this release.

John Stroup, President, CEO, and Chairman of Belden Inc., said, “Second quarter revenues and EPS were above our guided ranges. I am extremely pleased to report record quarterly revenues that exceeded our long-term growth goal and robust adjusted earnings growth.”

Outlook

“We expect improved organic growth, solid margin expansion, and double-digit EPS growth in the second half of the year. We are on track to meet our commitments for the full year 2018, and we are well-positioned for success longer term,” said Mr. Stroup.

On a GAAP basis, the Company expects third quarter 2018 revenues to be $667 - $687 million and EPS to be $1.73 - $1.83. For the full year ending December 31, 2018, the Company now expects revenues to be $2.633 - $2.663 billion, compared to prior guidance of $2.623 - $2.673 billion, and EPS to be $3.52 - $3.72, compared to prior guidance of $2.44 - $2.69.

The Company expects third quarter 2018 adjusted revenues to be $670 - $690 million and adjusted EPS to be $1.65 - $1.75. For the full year ending December 31, 2018, the Company now expects adjusted revenues to be $2.643 - $2.673 billion, compared to prior guidance of $2.633 - $2.683 billion, and adjusted EPS to be $6.28 - $6.48, compared to prior guidance of $6.23 - $6.48.

Earnings Conference Call

Management will host a conference call today at 8:30 am ET to discuss the results of the quarter. The listen-only audio of the conference call will be broadcast live via the Internet at http://investor.belden.com. The dial-in number for participants in the U.S. is 800-281-7973; the dial-in number for participants outside the U.S. is 323-794-2093. A replay of this conference call will remain accessible in the investor relations section of the Company’s website for a limited time.

Net Income and Earnings per Share (EPS)

All references to Net Income and EPS within this earnings release refer to net income attributable to Belden and income from continuing operations per diluted share attributable to Belden common stockholders, respectively.

Use of Non-GAAP Financial Information

Adjusted results are non-GAAP measures that reflect certain adjustments the Company makes to provide insight into operating results. GAAP to non-GAAP reconciliations accompany the condensed consolidated financial statements included in this release and have been published to the investor relations section of the Company’s website at http://investor.belden.com.


 
 
BELDEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)




 


Three Months Ended
Six Months Ended


July 1, 2018   July 2, 2017
July 1, 2018   July 2, 2017








 


(In thousands, except per share data)
Revenues
$ 668,639

$ 610,633

$ 1,274,204

$ 1,162,014
Cost of sales
(411,043 )
(367,529 )
(786,014 )
(696,536 )
Gross profit
257,596

243,104

488,190

465,478
Selling, general and administrative expenses
(138,842 )
(118,071 )
(263,714 )
(230,657 )
Research and development
(37,209 )
(35,144 )
(74,310 )
(69,666 )
Amortization of intangibles
(25,039 )
(27,113 )
(49,457 )
(50,782 )
Operating income
56,506

62,776

100,709

114,373
Interest expense, net
(15,088 )
(23,533 )
(32,066 )
(47,039 )
Non-operating pension costs
(257 )
(295 )
(532 )
(555 )
Loss on debt extinguishment
(3,030 )
(847 )
(22,990 )
(847 )
Income before taxes
38,131

38,101

45,121

65,932
Income tax expense
(9,339 )
(2,210 )
(13,759 )
(4,460 )
Net income
28,792

35,891

31,362

61,472
Less: Net loss attributable to noncontrolling interest
(77 )
(86 )
(125 )
(192 )
Net income attributable to Belden
28,869

35,977

31,487

61,664
Less: Preferred stock dividends
8,733  
8,733  
17,466  
17,466  
Net income attributable to Belden common stockholders
$ 20,136  
$ 27,244  
$ 14,021  
$ 44,198  








 
Weighted average number of common shares and equivalents:







Basic
40,735

42,283

41,184

42,249
Diluted
40,974

42,832

41,492

42,753








 
Basic income per share attributable to Belden common stockholders:
$ 0.49  
$ 0.64  
$ 0.34  
$ 1.05  








 
Diluted income per share attributable to Belden common stockholders:
$ 0.49  
$ 0.64  
$ 0.34  
$ 1.03  








 
Common stock dividends declared per share
$ 0.05

$ 0.05

$ 0.10

$ 0.10
















 

 
 
 
BELDEN INC.
OPERATING SEGMENT INFORMATION
(Unaudited)






 


Enterprise
Industrial
Total


Solutions
Solutions
Segments






 

(In thousands, except percentages)






 

For the three months ended July 1, 2018







Segment Revenues
$ 399,695

$ 271,746

$ 671,441
Segment EBITDA
70,281

53,225

123,506
Segment EBITDA margin
17.6 %
19.6 %
18.4 %
Depreciation expense
7,153

4,873

12,026
Amortization of intangibles
11,809

13,230

25,039
Amortization of software development intangible assets
488



488
Severance, restructuring, and acquisition integration costs
22,887

2,041

24,928
Purchase accounting effects of acquisitions
1,036



1,036
Deferred revenue adjustments
2,802



2,802






 

For the three months ended July 2, 2017







Segment Revenues
$ 348,804

$ 261,829

$ 610,633
Segment EBITDA
56,441

54,081

110,522
Segment EBITDA margin
16.2 %
20.7 %
18.1 %
Depreciation expense
6,753

4,775

11,528
Amortization of intangibles
13,882

13,231

27,113
Severance, restructuring, and acquisition integration costs
9,111

449

9,560
Purchase accounting effects of acquisitions
1,167



1,167






 

For the six months ended July 1, 2018







Segment Revenues
$ 750,685

$ 528,179

$ 1,278,864
Segment EBITDA
127,733

99,651

227,384
Segment EBITDA margin
17.0 %
18.9 %
17.8 %
Depreciation expense
14,373

9,518

23,891
Amortization of intangibles
22,979

26,478

49,457
Amortization of software development intangible assets
724



724
Severance, restructuring, and acquisition integration costs
37,421

7,901

45,322
Purchase accounting effects of acquisitions
1,538



1,538
Deferred revenue adjustments
4,660



4,660

 







For the six months ended July 2, 2017







Segment Revenues
$ 663,082

$ 498,932

$ 1,162,014
Segment EBITDA
105,964

97,928

203,892
Segment EBITDA margin
16.0 %
19.6 %
17.5 %
Depreciation expense
13,301

9,610

22,911
Amortization of intangibles
24,321

26,461

50,782
Severance, restructuring, and acquisition integration costs
14,392

1,768

16,160
Purchase accounting effects of acquisitions
1,167



1,167









 

 
 
BELDEN INC.
OPERATING SEGMENT RECONCILIATION TO CONSOLIDATED RESULTS
(Unaudited)




 


Three Months Ended
Six Months Ended


July 1, 2018   July 2, 2017
July 1, 2018   July 2, 2017








 


(In thousands)
Total Segment Revenues
$ 671,441

$ 610,633

$ 1,278,864

$ 1,162,014
Deferred revenue adjustments
(2,802 )
 
(4,660 )
 
Consolidated Revenues
$ 668,639  
$ 610,633  
$ 1,274,204  
$ 1,162,014  








 
Total Segment EBITDA
$ 123,506

$ 110,522

$ 227,384

$ 203,892
Income from equity method investment


2,277



3,284
Non-operating pension costs
(257 )
(295 )
(532 )
(555 )
Eliminations
(681 )
(655 )
(989 )
(1,783 )
Consolidated Adjusted EBITDA (1)
122,568

111,849

225,863

204,838
Amortization of intangibles
(25,039 )
(27,113 )
(49,457 )
(50,782 )
Severance, restructuring, and acquisition integration costs
(24,928 )
(9,560 )
(45,322 )
(16,160 )
Interest expense, net
(15,088 )
(23,533 )
(32,066 )
(47,039 )
Depreciation expense
(12,026 )
(11,528 )
(23,891 )
(22,911 )
Loss on debt extinguishment
(3,030 )
(847 )
(22,990 )
(847 )
Deferred revenue adjustments
(2,802 )


(4,660 )

Purchase accounting effects related to acquisitions
(1,036 )
(1,167 )
(1,538 )
(1,167 )
Amortization of software development intangible assets
(488 )


(724 )

Loss on sale of assets
 
 
(94 )
 
Consolidated income before taxes
$ 38,131  
$ 38,101  
$ 45,121  
$ 65,932  
















 

(1) Consolidated Adjusted EBITDA is a non-GAAP measure. See Reconciliation of Non-GAAP Measures for additional information.

















 

 
 
BELDEN INC.
CONDENSED CONSOLIDATED BALANCE SHEETS




 


July 1, 2018
December 31, 2017


(Unaudited)



(In thousands)
ASSETS
Current assets:



Cash and cash equivalents
$ 261,449

$ 561,108
Receivables, net
463,225

473,570
Inventories, net
319,133

297,226
Other current assets
48,779  
40,167  
Total current assets
1,092,586

1,372,071
Property, plant and equipment, less accumulated depreciation
345,593

337,322
Goodwill
1,553,269

1,478,257
Intangible assets, less accumulated amortization
547,981

545,207
Deferred income taxes
65,439

42,549
Other long-lived assets
34,551  
65,207  


$ 3,639,419  
$ 3,840,613  




 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:



Accounts payable
$ 302,651

$ 376,277
Accrued liabilities
309,264  
302,651  
Total current liabilities
611,915

678,928
Long-term debt
1,482,928

1,560,748
Postretirement benefits
126,023

102,085
Deferred income taxes
32,669

27,713
Other long-term liabilities
34,774

36,273
Stockholders’ equity:



Preferred stock
1

1
Common stock
503

503
Additional paid-in capital
1,129,490

1,123,832
Retained earnings
814,071

833,610
Accumulated other comprehensive loss
(68,406 )
(98,026 )
Treasury stock
(525,054 )
(425,685 )
Total Belden stockholders’ equity
1,350,605  
1,434,235  
Noncontrolling interest
505  
631  
Total stockholders’ equity
1,351,110  
1,434,866  


$ 3,639,419  
$ 3,840,613  








 

 
BELDEN INC.
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS
(Unaudited)


 


Six Months Ended


July 1, 2018   July 2, 2017




 


(In thousands)
Cash flows from operating activities:



Net income
$ 31,362

$ 61,472
Adjustments to reconcile net income to net cash provided by (used for) operating activities:



Depreciation and amortization
74,072

73,693
Share-based compensation
7,868

8,924
Loss on debt extinguishment
22,990

847
Changes in operating assets and liabilities, net of the effects of currency exchange rate changes and acquired businesses:



Receivables
(12,370 )
(17,982 )
Inventories
(14,486 )
(42,052 )
Accounts payable
(84,689 )
14,748
Accrued liabilities
(30,351 )
(55,094 )
Accrued taxes
(4,142 )
(12,523 )
Other assets
(17,275 )
(6,573 )
Other liabilities
(2,341 )
9,321  
Net cash provided by (used for) operating activities
(29,362 )
34,781
Cash flows from investing activities:



Cash used to acquire businesses, net of cash acquired
(84,580 )
(166,945 )
Capital expenditures
(39,493 )
(22,197 )
Proceeds from disposal of tangible assets
1,517


Proceeds from disposal of business
40,171  
 
Net cash used for investing activities
(82,385 )
(189,142 )
Cash flows from financing activities:



Payments under borrowing arrangements
(484,757 )
(5,221 )
Payments under share repurchase program
(100,000 )

Cash dividends paid
(22,034 )
(21,688 )
Debt issuance costs paid
(7,469 )
(2,044 )
Withholding tax payments for share-based payment awards
(1,579 )
(4,726 )
Redemption of stockholders' rights agreement
(411 )

Borrowings under credit arrangements
431,270  
 
Net cash used for financing activities
(184,980 )
(33,679 )
Effect of foreign currency exchange rate changes on cash and cash equivalents
(2,932 )
10,284  
Decrease in cash and cash equivalents
(299,659 )
(177,756 )
Cash and cash equivalents, beginning of period
561,108  
848,116  
Cash and cash equivalents, end of period
$ 261,449  
$ 670,360  








 

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 and deferred revenue to fair value and transaction costs; severance, restructuring, and acquisition integration costs; gains (losses) recognized on the disposal of businesses and tangible assets; amortization of intangible assets; gains (losses) on debt extinguishment; certain revenues and 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 the purchase accounting effect of recording deferred revenue at fair value in order to reflect the revenues that would have otherwise been recorded by acquired businesses had they remained as independent entities. We believe this presentation is useful in evaluating the underlying performance of acquired companies. Similarly, we adjust for other acquisition-related expenses, such as amortization of intangibles and other 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


July 1, 2018   July 2, 2017
July 1, 2018   July 2, 2017








 


(In thousands, except percentages and per share amounts)
GAAP revenues
$ 668,639

$ 610,633

$ 1,274,204

$ 1,162,014
Deferred revenue adjustments
2,802  
 
4,660  
 
Adjusted revenues
$ 671,441  
$ 610,633  
$ 1,278,864  
$ 1,162,014  








 
GAAP gross profit
$ 257,596

$ 243,104

$ 488,190

$ 465,478
Severance, restructuring, and acquisition integration costs
7,231

8,189

16,662

14,117
Deferred revenue adjustments
2,802



4,660


Purchase accounting effects related to acquisitions
773

1,167

1,275

1,167
Amortization of software development intangible assets
488



724


Accelerated depreciation
 
266  
 
532  
Adjusted gross profit
$ 268,890  
$ 252,726  
$ 511,511  
$ 481,294  








 
GAAP gross profit margin
38.5 %
39.8 %
38.3 %
40.1 %
Adjusted gross profit margin
40.0 %
41.4 %
40.0 %
41.4 %








 
GAAP selling, general and administrative expenses
$ (138,842 )
$ (118,071 )
$ (263,714 )
$ (230,657 )
Severance, restructuring, and acquisition integration costs
14,544

1,362

23,946

2,090
Purchase accounting effects related to acquisitions
263



263


Loss on sale of assets
 
 
94  
 
Adjusted selling, general and administrative expenses
$ (124,035 )
$ (116,709 )
$ (239,411 )
$ (228,567 )








 
GAAP research and development
$ (37,209 )
$ (35,144 )
$ (74,310 )
$ (69,666 )
Severance, restructuring, and acquisition integration costs
3,153  
9  
4,714  
(47 )
Adjusted research and development
$ (34,056 )
$ (35,135 )
$ (69,596 )
$ (69,713 )








 
GAAP net income attributable to Belden
$ 28,869

$ 35,977

$ 31,487

$ 61,664
Interest expense, net
15,088

23,533

32,066

47,039
Loss on debt extinguishment
3,030

847

22,990

847
Income tax expense
9,339

2,210

13,759

4,460
Noncontrolling interest
(77 )
(86 )
(125 )
(192 )
Total non-operating adjustments
27,380  
26,504  
68,690  
52,154  








 
Amortization of intangible assets
25,039

27,113

49,457

50,782
Severance, restructuring, and acquisition integration costs
24,928

9,560

45,322

16,160
Deferred revenue adjustments
2,802



4,660


Purchase accounting effects related to acquisitions
1,036

1,167

1,538

1,167
Amortization of software development intangible assets
488



724


Loss on sale of assets




94


Accelerated depreciation
 
266  
 
532  
Total operating income adjustments
54,293

38,106

101,795

68,641
Depreciation expense
12,026  
11,262  
23,891  
22,379  








 
Adjusted EBITDA
$ 122,568  
$ 111,849  
$ 225,863  
$ 204,838  








 
GAAP net income margin
4.3 %
5.9 %
2.5 %
5.3 %
Adjusted EBITDA margin
18.3 %
18.3 %
17.7 %
17.6 %








 
GAAP net income attributable to Belden
$ 28,869

$ 35,977

$ 31,487

$ 61,664
Operating income adjustments from above
54,293

38,106

101,795

68,641
Loss on debt extinguishment
3,030

847

22,990

847
Tax effect of adjustments above
(13,577 )
(10,592 )
(25,689 )
(18,968 )
Impact of Tax Cuts and Jobs Act enactment




(473 )

Amortization expense attributable to noncontrolling interest, net of tax
(16 )
(16 )
(33 )
(31 )
Adjusted net income attributable to Belden
$ 72,599  
$ 64,322  
$ 130,077  
$ 112,153  








 
GAAP net income attributable to Belden
$ 28,869

$ 35,977

$ 31,487

$ 61,664
Less: Preferred stock dividends
8,733  
8,733  
17,466  
17,466  
GAAP net income attributable to Belden common stockholders
$ 20,136  
$ 27,244  
$ 14,021  
$ 44,198  








 
Adjusted net income attributable to Belden
$ 72,599

$ 64,322

$ 130,077

$ 112,153
Less: Preferred stock dividends
 
 
 
17,466  
Adjusted net income attributable to Belden common stockholders
$ 72,599  
$ 64,322  
$ 130,077  
$ 94,687  








 
GAAP income per diluted share attributable to Belden common stockholders
$ 0.49

$ 0.64

$ 0.34

$ 1.03
Adjusted income per diluted share attributable to Belden common stockholders
$ 1.52

$ 1.29

$ 2.69

$ 2.21








 
GAAP diluted weighted average shares
40,974

42,832

41,492

42,753
Adjustment for anti-dilutive shares that are dilutive under adjusted measures
6,857  
6,857  
6,857  
 
Adjusted diluted weighted average shares
47,831  
49,689  
48,349  
42,753  












 

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 tangible 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


July 1, 2018   July 2, 2017
July 1, 2018   July 2, 2017








 


(In thousands)
GAAP net cash provided by (used for) operating activities
$ 54,498

$ 47,044

$ (29,362 )
$ 34,781
Capital expenditures, net of proceeds from the disposal of tangible assets
(22,101 )
(11,798 )
(37,976 )
(22,197 )
Non-GAAP free cash flow
$ 32,397  
$ 35,246  
$ (67,338 )
$ 12,584  
















 

 
 
BELDEN INC.
RECONCILIATION OF NON-GAAP MEASURES
2018 REVENUES AND EARNINGS GUIDANCE




 


Year Ended
Three Months Ended


December 31, 2018
September 30, 2018
Adjusted revenues
$2.643 - $2.673 billion
$670 - $690 million
Deferred revenue adjustments
($10 million)
($3 million)
GAAP revenues
$2.633 - $2.663 billion
$667 - $687 million




 
Adjusted income per diluted share attributable to Belden common stockholders
$6.28 - $6.48
$1.65 - $1.75
Amortization of intangible assets
$(1.76)
$(0.42)
Severance, restructuring, and acquisition integration costs
$(1.30)
$(0.37)
Gain from patent litigation, net of costs
$0.93
$0.93
Loss on debt extinguishment
$(0.41)
$—
Deferred revenue adjustments
$(0.18)
$(0.05)
Purchase accounting effects of acquisitions
$(0.04)
$(0.01)
GAAP income per diluted share attributable to Belden common stockholders
$3.52 - $3.72
$1.73 - $1.83




 

Our guidance for income per diluted share attributable to Belden common stockholders 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, purchase accounting effects related to acquisitions, severance, restructuring, and acquisition integration costs, gains (losses) recognized on the disposal of tangible 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 and any statements made by us concerning the release may contain forward-looking statements including our expectations for the third quarter and full-year 2018. Forward-looking statements include statements regarding future financial performance (including revenues, 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 a challenging global economy or a downturn in served markets; the competitiveness of the global broadcast, enterprise, and industrial markets; volatility in credit and foreign exchange markets; 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 inability of the Company to develop and introduce new products and competitive responses to our products; the increased prevalence of cloud computing; the inability to successfully complete and integrate acquisitions in furtherance of the Company’s strategic plan; foreign and domestic political, economic and other uncertainties, including changes in currency exchange rates; changes in tax laws and variability in the Company’s quarterly and annual effective tax rates; the increased influence of chief information officers and similar high-level executives; disruptions in the Company’s information systems including due to cyber-attacks; perceived or actual product failures; risks related to the use of open source software; the cost and availability of raw materials including copper, plastic compounds, electronic components, and other materials; difficulty in forecasting revenue due to the unpredictable timing of large orders; disruption of, or changes in, the Company’s key distribution channels; the inability to retain senior management and key employees; 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; the impact of regulatory requirements and other legal compliance issues; 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 year ended December 31, 2017, filed with the SEC on February 13, 2018. 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 a comprehensive product portfolio designed to meet the mission-critical network infrastructure needs of industrial and enterprise markets. With innovative solutions targeted at reliable and secure transmission of rapidly growing amounts of data, audio and video needed for today's applications, Belden is at the center of the global transformation to a connected world. Founded in 1902, the company is headquartered in St. Louis and has manufacturing capabilities in North and South America, Europe and Asia. For more information, visit us at www.belden.com or follow us on Twitter @BeldenInc.

Belden Investor Relations
314-854-8054
Investor.Relations@Belden.com

Source: Belden Inc.

NYSE: BDC 44.00 -0.39 ( -0.88% ) Volume: 104,035 min 20 minute delay December 14, 2018

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