Belden Reports Results for First Quarter 2020

Apr 29, 2020

ST. LOUIS--(BUSINESS WIRE)-- Belden Inc. (NYSE: BDC), a leading global supplier of specialty networking solutions, today reported fiscal first quarter 2020 results for the period ended March 29, 2020.

First Quarter 2020

Revenues for the quarter totaled $463.5 million, compared to $500.1 million in the prior-year period. EPS totaled $0.33 compared to $0.48 in the first quarter 2019.

Adjusted EPS was $0.67 compared to $0.84 in the first quarter 2019. 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, “Our first quarter results were tracking in line with our expectations through February before this unprecedented pandemic disrupted the global economy. We are committed to supporting our associates and our customers during these challenging times, and offering our expertise and resources to assist in combatting COVID-19.”

Outlook

“Our strong balance sheet and liquidity position will allow us to successfully navigate this difficult economic environment. We are taking appropriate steps to manage expenses and protect cash flows in the near term, while positioning the Company for profitable growth longer term. Our teams have identified a number of incremental savings opportunities, and we are increasing the $40 million SG&A cost reduction program to $60 million. That said, we are maintaining our direct labor force and capacity levels in anticipation of improving demand trends in the second half of the year. Many of our businesses, such as Broadband & 5G and Discrete Manufacturing, will emerge stronger than ever, and we see compelling long-term growth opportunities as we continue our transformation. We look forward to providing revenue and EPS guidance again as visibility returns,” said Mr. Stroup.

Earnings Conference Call

Management will host a conference call today at 8:30 am ET to discuss 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 888-599-8686; the dial-in number for participants outside the U.S. is 720-543-0302. 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)

All references to EPS within this earnings release refer to income from continuing operations per diluted share attributable to Belden common stockholders.

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

 

 

March 29, 2020

 

March 31, 2019

 

 

 

 

 

 

 

(In thousands, except per share data)

Revenues

 

$

463,526

 

 

$

500,140

 

Cost of sales

 

(293,025)

 

 

(313,284)

 

Gross profit

 

170,501

 

 

186,856

 

Selling, general and administrative expenses

 

(98,389)

 

 

(97,955)

 

Research and development expenses

 

(26,219)

 

 

(23,247)

 

Amortization of intangibles

 

(16,185)

 

 

(18,164)

 

Operating income

 

29,708

 

 

47,490

 

Interest expense, net

 

(13,324)

 

 

(13,988)

 

Non-operating pension benefit

 

699

 

 

603

 

Income from continuing operations before taxes

 

17,083

 

 

34,105

 

Income tax expense

 

(2,192)

 

 

(6,170)

 

Income from continuing operations

 

14,891

 

 

27,935

 

Loss from discontinued operations, net of tax

 

(26,110)

 

 

(2,757)

 

Net income (loss)

 

(11,219)

 

 

25,178

 

Less: Net loss attributable to noncontrolling interest

 

(30)

 

 

(24)

 

Net income (loss) attributable to Belden

 

(11,189)

 

 

25,202

 

Less: Preferred stock dividends

 

 

 

8,733

 

Net income (loss) attributable to Belden common stockholders

 

$

(11,189)

 

 

$

16,469

 

 

 

 

 

 

Weighted average number of common shares and equivalents:

 

 

 

 

Basic

 

45,390

 

 

39,420

 

Diluted

 

45,538

 

 

39,660

 

 

 

 

 

 

Basic income (loss) per share attributable to Belden common stockholders:

 

 

 

 

Continuing operations attributable to Belden common stockholders

 

$

0.33

 

 

$

0.48

 

Discontinued operations attributable to Belden common stockholders

 

(0.58)

 

 

(0.07)

 

Net income (loss) per share attributable to Belden common stockholders

 

$

(0.25)

 

 

$

0.42

 

 

 

 

 

 

Diluted income (loss) per share attributable to Belden common stockholders:

 

 

 

 

Continuing operations attributable to Belden common stockholders

 

$

0.33

 

 

$

0.48

 

Discontinued operations attributable to Belden common stockholders

 

(0.58)

 

 

(0.07)

 

Net income (loss) per share attributable to Belden common stockholders

 

$

(0.25)

 

 

$

0.42

 

 

 

 

 

 

Common stock dividends declared per share

 

$

0.05

 

 

$

0.05

 

BELDEN INC.

OPERATING SEGMENT INFORMATION

(Unaudited)

Effective January 1, 2020, we transferred our West Penn Wire business and multi-conductor product lines from the Enterprise Solutions segment to the Industrial Solutions segment, and as such, have recast the prior period segment information.

 

 

Enterprise Solutions

 

Industrial Solutions

 

Total Segments

 

 

 

 

 

 

 

 

(In thousands, except percentages)

For the three months ended March 29, 2020

 

 

 

 

 

 

Segment Revenues

 

$

212,213

 

 

$

251,313

 

 

$

463,526

 

Segment EBITDA

 

24,712

 

 

35,527

 

 

60,239

 

Segment EBITDA margin

 

11.6

%

 

14.1

%

 

13.0

%

Depreciation expense

 

5,081

 

 

5,201

 

 

10,282

 

Amortization of intangibles

 

5,504

 

 

10,681

 

 

16,185

 

Amortization of software development intangible assets

 

55

 

 

275

 

 

330

 

Severance, restructuring, and acquisition integration costs

 

2,550

 

 

1,069

 

 

3,619

 

Purchase accounting effects of acquisitions

 

20

 

 

 

 

20

 

 

 

 

 

 

 

 

For the three months ended March 31, 2019

 

 

 

 

 

 

Segment Revenues

 

$

207,083

 

 

$

293,057

 

 

$

500,140

 

Segment EBITDA

 

21,635

 

 

54,664

 

 

76,299

 

Segment EBITDA margin

 

10.4

%

 

18.7

%

 

15.3

%

Depreciation expense

 

4,805

 

 

5,298

 

 

10,103

 

Amortization of intangibles

 

4,699

 

 

13,465

 

 

18,164

 

Amortization of software development intangible assets

 

36

 

 

23

 

 

59

 

 

 

 

 

 

 

 

For the three months ended June 30, 2019

 

 

 

 

 

 

Segment Revenues

 

$

245,325

 

 

$

303,028

 

 

$

548,353

 

Segment EBITDA

 

35,571

 

 

55,744

 

 

91,315

 

Segment EBITDA margin

 

14.5

%

 

18.4

%

 

16.7

%

Depreciation expense

 

4,852

 

 

5,056

 

 

9,908

 

Amortization of intangibles

 

5,726

 

 

13,342

 

 

19,068

 

Amortization of software development intangible assets

 

35

 

 

28

 

 

63

 

Severance, restructuring, and acquisition integrations costs

 

2,519

 

 

 

 

2,519

 

Purchase accounting effects of acquisitions

 

718

 

 

 

 

718

 

 

 

 

 

 

 

 

For the three months ended September 29, 2019

 

 

 

 

 

 

Segment Revenues

 

$

247,236

 

 

$

285,862

 

 

$

533,098

 

Segment EBITDA

 

35,868

 

 

54,849

 

 

90,717

 

Segment EBITDA margin

 

14.5

%

 

19.2

%

 

17.0

%

Depreciation expense

 

4,919

 

 

5,060

 

 

9,979

 

Amortization of intangibles

 

6,269

 

 

12,757

 

 

19,026

 

Amortization of software development intangible assets

 

49

 

 

36

 

 

85

 

Severance, restructuring, and acquisition integrations costs

 

3,047

 

 

 

 

3,047

 

Purchase accounting effects of acquisitions

 

(186)

 

 

 

 

(186)

 

 

 

 

 

 

 

 

For the three months ended December 31, 2019

 

 

 

 

 

 

Segment Revenues

 

$

246,397

 

 

$

303,291

 

 

$

549,688

 

Segment EBITDA

 

33,852

 

 

60,854

 

 

94,706

 

Segment EBITDA margin

 

13.7

%

 

20.1

%

 

17.2

%

Depreciation expense

 

5,137

 

 

5,282

 

 

10,419

 

Amortization of intangibles

 

5,630

 

 

12,721

 

 

18,351

 

Amortization of software development intangible assets

 

55

 

 

263

 

 

318

 

Severance, restructuring, and acquisition integrations costs

 

5,238

 

 

15,740

 

 

20,978

 

Purchase accounting effects of acquisitions

 

60

 

 

 

 

60

 

 

 

BELDEN INC.

OPERATING SEGMENT RECONCILIATION TO CONSOLIDATED RESULTS

(Unaudited)

 

 

 

Three Months Ended

 

 

March 29, 2020

 

March 31, 2019

 

 

 

 

 

 

 

(In thousands)

Total Segment Revenues

 

$

463,526

 

 

$

500,140

 

Deferred revenue adjustments

 

 

 

 

Consolidated Revenues

 

$

463,526

 

 

$

500,140

 

 

 

 

 

 

Total Segment EBITDA

 

$

60,239

 

 

$

76,299

 

Eliminations

 

(95)

 

 

(483)

 

Total non-operating pension benefit

 

699

 

 

603

 

Consolidated Adjusted EBITDA (1)

 

60,843

 

 

76,419

 

Amortization of intangibles

 

(16,185)

 

 

(18,164)

 

Interest expense, net

 

(13,324)

 

 

(13,988)

 

Depreciation expense

 

(10,282)

 

 

(10,103)

 

Severance, restructuring, and acquisition integration costs

 

(3,619)

 

 

 

Amortization of software development intangible assets

 

(330)

 

 

(59)

 

Purchase accounting effects related to acquisitions

 

(20)

 

 

 

Income from continuing operations before taxes

 

$

17,083

 

 

$

34,105

 

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

 

 

 

BELDEN INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

March 29, 2020

 

December 31, 2019

 

 

(Unaudited)

 

 

 

 

(In thousands)

ASSETS

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

250,993

 

 

$

407,480

 

Receivables, net

 

307,064

 

 

334,634

 

Inventories, net

 

252,921

 

 

231,333

 

Other current assets

 

31,781

 

 

29,172

 

Current assets of discontinued operations

 

344,212

 

 

375,135

 

Total current assets

 

1,186,971

 

 

1,377,754

 

Property, plant and equipment, less accumulated depreciation

 

336,441

 

 

345,918

 

Operating lease right-of-use assets

 

58,960

 

 

62,251

 

Goodwill

 

1,238,837

 

 

1,243,669

 

Intangible assets, less accumulated amortization

 

323,648

 

 

339,505

 

Deferred income taxes

 

23,758

 

 

25,216

 

Other long-lived assets

 

10,693

 

 

12,446

 

 

 

$

3,179,308

 

 

$

3,406,759

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

 

 

 

 

Accounts payable

 

$

220,195

 

 

$

268,466

 

Accrued liabilities

 

218,568

 

 

283,799

 

Current liabilities of discontinued operations

 

135,455

 

 

170,279

 

Total current liabilities

 

574,218

 

 

722,544

 

Long-term debt

 

1,385,438

 

 

1,439,484

 

Postretirement benefits

 

124,968

 

 

136,227

 

Deferred income taxes

 

46,796

 

 

48,725

 

Long-term operating lease liabilities

 

52,084

 

 

55,652

 

Other long-term liabilities

 

42,769

 

 

38,308

 

Stockholders’ equity:

 

 

 

 

Common stock

 

503

 

 

503

 

Additional paid-in capital

 

812,490

 

 

811,955

 

Retained earnings

 

501,611

 

 

518,004

 

Accumulated other comprehensive loss

 

(41,095)

 

 

(63,418)

 

Treasury stock

 

(326,266)

 

 

(307,197)

 

Total Belden stockholders’ equity

 

947,243

 

 

959,847

 

Noncontrolling interests

 

5,792

 

 

5,972

 

Total stockholders’ equity

 

953,035

 

 

965,819

 

 

 

$

3,179,308

 

 

$

3,406,759

 

 

 

BELDEN INC.

CONDENSED CONSOLIDATED CASH FLOW STATEMENTS

(Unaudited)

 

 

 

Three Months Ended

 

 

March 29, 2020

 

March 31, 2019

 

 

 

 

 

 

 

(In thousands)

Cash flows from operating activities:

 

 

 

 

Net income (loss)

 

$

(11,219)

 

 

$

25,178

 

Adjustments to reconcile net income (loss) to net cash used for operating activities:

 

 

 

 

Depreciation and amortization

 

26,798

 

 

37,001

 

Asset impairment of discontinued operations

 

23,197

 

 

 

Share-based compensation

 

3,708

 

 

2,216

 

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

 

 

 

 

Receivables

 

43,627

 

 

61,388

 

Inventories

 

(29,054)

 

 

(9,485)

 

Accounts payable

 

(50,827)

 

 

(97,450)

 

Accrued liabilities

 

(38,425)

 

 

(70,925)

 

Income taxes

 

(16,500)

 

 

609

 

Other assets

 

6,144

 

 

650

 

Other liabilities

 

(9,501)

 

 

4,758

 

Net cash used for operating activities

 

(52,052)

 

 

(46,060)

 

Cash flows from investing activities:

 

 

 

 

Capital expenditures

 

(20,935)

 

 

(23,595)

 

Cash from business acquisitions, net of cash acquired

 

590

 

 

 

Proceeds from disposal of tangible assets

 

2,090

 

 

10

 

Net cash used for investing activities

 

(18,255)

 

 

(23,585)

 

Cash flows from financing activities:

 

 

 

 

Payment of earnout consideration

 

(29,300)

 

 

 

Payments under share repurchase program

 

(21,239)

 

 

 

Cash dividends paid

 

(2,296)

 

 

(10,725)

 

Withholding tax payments for share-based payment awards

 

(1,003)

 

 

(1,940)

 

Other

 

(58)

 

 

(70)

 

Net cash used for financing activities

 

(53,896)

 

 

(12,735)

 

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

 

(7,947)

 

 

752

 

Decrease in cash and cash equivalents

 

(132,150)

 

 

(81,628)

 

Cash and cash equivalents, beginning of period

 

425,885

 

 

420,610

 

Cash and cash equivalents, end of period

 

$

293,735

 

 

$

338,982

 

For all periods presented, the Consolidated Cash Flow Statement includes the results of the Grass Valley disposal group.

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

 

 

March 29, 2020

 

March 31, 2019

 

 

 

 

 

 

 

(In thousands, except percentages and per share amounts)

GAAP and adjusted revenues

 

$

463,526

 

 

$

500,140

 

 

 

 

 

 

GAAP gross profit

 

$

170,501

 

 

$

186,856

 

Amortization of software development intangible assets

 

330

 

 

59

 

Severance, restructuring, and acquisition integration costs

 

45

 

 

 

Purchase accounting effects related to acquisitions

 

20

 

 

 

Adjusted gross profit

 

$

170,896

 

 

$

186,915

 

 

 

 

 

 

GAAP gross profit margin

 

36.8

%

 

37.4

%

Adjusted gross profit margin

 

36.9

%

 

37.4

%

 

 

 

 

 

GAAP selling, general and administrative expenses

 

$

(98,389)

 

 

$

(97,955)

 

Severance, restructuring, and acquisition integration costs

 

3,574

 

 

 

Adjusted selling, general and administrative expenses

 

$

(94,815)

 

 

$

(97,955)

 

 

 

 

 

 

GAAP and adjusted research and development expenses

 

$

(26,219)

 

 

$

(23,247)

 

 

 

 

 

 

GAAP net income (loss) attributable to Belden

 

$

(11,189)

 

 

$

25,202

 

Loss from discontinued operations, net of tax

 

26,110

 

 

2,757

 

Interest expense, net

 

13,324

 

 

13,988

 

Income tax expense

 

2,192

 

 

6,170

 

Noncontrolling interest

 

(30)

 

 

(24)

 

Total non-operating adjustments

 

41,596

 

 

22,891

 

 

 

 

 

 

Amortization of intangible assets

 

16,185

 

 

18,164

 

Severance, restructuring, and acquisition integration costs

 

3,619

 

 

 

Amortization of software development intangible assets

 

330

 

 

59

 

Purchase accounting effects related to acquisitions

 

20

 

 

 

Total operating income adjustments

 

20,154

 

 

18,223

 

Depreciation expense

 

10,282

 

 

10,103

 

 

 

 

 

 

Adjusted EBITDA

 

$

60,843

 

 

$

76,419

 

 

 

 

 

 

GAAP net income (loss) margin

 

(2.4)

%

 

5.0

%

Adjusted EBITDA margin

 

13.1

%

 

15.3

%

 

 

 

 

 

GAAP net income (loss) attributable to Belden

 

$

(11,189)

 

 

$

25,202

 

Operating income adjustments from above

 

20,154

 

 

18,223

 

Loss from discontinued operations, net of tax

 

26,110

 

 

2,757

 

Tax effect of adjustments above

 

(4,595)

 

 

(4,197)

 

Adjusted net income attributable to Belden

 

$

30,480

 

 

$

41,985

 

 

 

 

 

 

GAAP net income (loss) attributable to Belden

 

$

(11,189)

 

 

$

25,202

 

Loss from discontinued operations, net of tax

 

26,110

 

 

2,757

 

Less: Preferred stock dividends

 

 

 

8,733

 

GAAP net income attributable to Belden common stockholders

 

$

14,921

 

 

$

19,226

 

 

 

 

 

 

Adjusted net income attributable to Belden

 

$

30,480

 

 

$

41,985

 

Less: Preferred stock dividends

 

 

 

8,733

 

Adjusted net income attributable to Belden common stockholders

 

$

30,480

 

 

$

33,252

 

GAAP income from continuing operations per diluted share attributable to Belden common stockholders

 

$

0.33

 

 

$

0.48

 

Adjusted income from continuing operations per diluted share attributable to Belden common stockholders

 

$

0.67

 

 

$

0.84

 

 

 

 

 

 

GAAP and adjusted diluted weighted average shares

 

45,538

 

 

39,660

 

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

 

 

March 29, 2020

 

March 31, 2019

 

 

 

 

 

 

 

(In thousands)

GAAP net cash used for operating activities

 

$

(52,052)

 

 

$

(46,060)

 

Capital expenditures, net of proceeds from the disposal of tangible assets

 

(18,845)

 

 

(23,585)

 

Non-GAAP free cash flow

 

$

(70,897)

 

 

$

(69,645)

 

Forward-Looking Statements

This release and any statements made by us concerning the subject matter of this release may contain forward-looking statements, including our expectations for the second quarter and full-year 2020, the Grass Valley divestment plan and the results of our restructuring program. Forward-looking statements also include any 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 lack of certainty as to the duration and magnitude of the impact of COVID-19 and the economic recovery from that impact; the timing of, and the need of the parties to satisfy various closing conditions for, the Grass Valley divestment; the results of the Company’s impairment analysis, which could reduce EPS and adjusted EPS; 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 influence of chief information officers and similar high-level executives; the increased prevalence of cloud computing; 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 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 impact of a challenging global economy or a downturn in served markets; the impact of changes in global tariffs and trade agreements; difficulty in forecasting revenue due to the unpredictable timing of orders related to customer projects; the competitiveness of the global markets in which we operate; volatility in credit and foreign exchange markets; the cost and availability of raw materials including copper, plastic compounds, electronic components, and other materials; the inability to obtain components in sufficient quantities on commercially reasonable terms; 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; 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 quarter ended December 31, 2019, filed with the SEC on February 11, 2020. 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.

Latest Presentations