Belden Reports Strong Results for Third Quarter 2021

Rhea-AI Summary

Belden Inc. (NYSE: BDC) reported strong fiscal Q3 2021 results, with revenues of $630.8 million, a 33% increase year-over-year. Net income reached $41.3 million, up from $20.6 million, and EPS improved to $0.91 from $0.46. Adjusted EBITDA rose to $100.7 million, a 54% increase, resulting in an adjusted EBITDA margin of 16.0%. The company raised its full-year guidance, now expecting revenues of $2.385 - $2.400 billion and EPS of $4.67 - $4.77 for 2021, reflecting strong order rates and growth initiatives.

Positive

• Revenue increased by 33% year-over-year to $630.8 million.
• Net income surged to $41.3 million compared to $20.6 million in the previous year.
• Adjusted EBITDA rose 54% to $100.7 million.
• Adjusted EPS improved by 82% to $1.31.
• Full-year revenue guidance increased to $2.385 - $2.400 billion.
• Full-year EPS guidance raised to $4.67 - $4.77.

Negative

• Net leverage remains at 2.8x, though improved from pandemic levels.

ST. LOUIS--(BUSINESS WIRE)-- Belden Inc. (NYSE: BDC), a leading global supplier of specialty networking solutions, today reported fiscal third quarter 2021 results for the period ended October 3, 2021.

Third Quarter 2021

Revenues for the quarter totaled $630.8 million, increasing $155.0 million, or 33%, compared to $475.8 million in the year-ago period. Net income was $41.3 million, compared to $20.6 million in the year-ago period. Net income as a percentage of revenue was 6.5% compared to 4.3% in the year-ago period. EPS totaled $0.91, compared to $0.46 in the third quarter 2020.

Adjusted revenues for the quarter totaled $631.3 million. Adjusted EBITDA was $100.7 million, increasing $35.4 million, or 54%, compared to $65.3 million in the year-ago period. Adjusted EBITDA margin was 16.0%, compared to 13.7% in the year-ago period. Adjusted EPS was $1.31, increasing 82% compared to $0.72 in the third quarter 2020. Adjusted results are non-GAAP measures, and a non-GAAP reconciliation table is provided as an appendix to this release.

Roel Vestjens, President and CEO of Belden Inc., said, “We delivered another outstanding quarter. Total revenues and EPS exceeded the high end of our guidance ranges, with revenues increasing 33% overall and 24% on an organic basis. Our teams are navigating the inflationary environment and the global supply chain challenges, yet driving solid growth, margin expansion, and cash flow. We took steps to further strengthen our balance sheet during the quarter, and net leverage of 2.8x is now back within our targeted range for the first time since the outbreak of the pandemic.”

Outlook

“I am encouraged by our order rates and continued solid execution. We are increasing our full year 2021 guidance to reflect better than expected performance in the third quarter and an improved outlook for the fourth quarter. We are executing several strategic growth initiatives, such as enhancing our solution selling capabilities and introducing innovative new products, and our strong results reflect the significant momentum we are gaining with customers. I am optimistic about our future and confident that the Company is well positioned to drive profitable growth and shareholder value,” said Mr. Vestjens.

On a GAAP basis, the Company expects fourth quarter 2021 revenues to be $614 - $629 million and EPS to be $0.77 - $0.87. For the full year ending December 31, 2021, the Company now expects revenues to be $2.383 - $2.398 billion, compared to prior guidance of $2.318 - $2.348 billion, and EPS to be $3.27 - $3.37, compared to prior guidance of $2.83 - $3.03.

The Company expects fourth quarter 2021 adjusted revenues to be $615 - $630 million and adjusted EPS to be $1.21 - $1.31. For the full year ending December 31, 2021, the Company now expects adjusted revenues to be $2.385 - $2.400 billion, compared to prior guidance of $2.320 - $2.350 billion, and adjusted EPS to be $4.67 - $4.77, compared to prior guidance of $4.37 - $4.57.

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 https://investor.belden.com. The dial-in number for participants is 800-367-2403, with confirmation code 6838798. 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 income from continuing operations and income from continuing operations per diluted share attributable to Belden 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 https://investor.belden.com.

BELDEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
	Three Months Ended								Nine Months Ended
	October 3, 2021				September 27, 2020				October 3, 2021				September 27, 2020
				.				.				.
	(In thousands, except per share data)
Revenues	$	630,835			$	475,839			$	1,769,190			$	1,364,176
Cost of sales	(407,559		)		(308,247		)		(1,143,035		)		(876,143		)
Gross profit	223,276				167,592				626,155				488,033
Selling, general and administrative expenses	(109,963		)		(85,037		)		(313,966		)		(275,129		)
Research and development expenses	(32,451		)		(30,324		)		(94,873		)		(81,633		)
Amortization of intangibles	(9,696		)		(16,104		)		(28,745		)		(48,306		)
Operating income	71,166				36,127				188,571				82,965
Interest expense, net	(16,251		)		(15,607		)		(46,640		)		(43,188		)
Loss on debt extinguishment	(5,715		)		—				(5,715		)		—
Non-operating pension benefit	992				680				3,121				2,079
Income from continuing operations before taxes	50,192				21,200				139,337				41,856
Income tax expense	(8,875		)		(631		)		(25,307		)		(3,223		)
Income from continuing operations	41,317				20,569				114,030				38,633
Loss from discontinued operations, net of tax	—				(6,231		)		—				(103,395		)
Gain on disposal of discontinued operations, net of tax	—				2,743				—				2,743
Net income (loss)	41,317				17,081				114,030				(62,019		)
Less: Net income attributable to noncontrolling interest	53				85				336				79
Net income (loss) attributable to Belden stockholders	$	41,264			$	16,996			$	113,694			$	(62,098	)
Weighted average number of common shares and equivalents:
Basic	44,851				44,567				44,762				44,834
Diluted	45,425				44,709				45,242				44,968
Basic income (loss) per share attributable to Belden stockholders:
Continuing operations	$	0.92			$	0.46			$	2.54			$	0.86
Discontinued operations	—				(0.14		)		—				(2.31		)
Disposal of discontinued operations	—				0.06				—				0.06
Net income (loss)	$	0.92			$	0.38			$	2.54			$	(1.39	)
Diluted income (loss) per share attributable to Belden stockholders:
Continuing operations	$	0.91			$	0.46			$	2.51			$	0.86
Discontinued operations	—				(0.14		)		—				(2.31		)
Disposal of discontinued operations	—				0.06				—				0.06
Net income (loss)	$	0.91			$	0.38			$	2.51			$	(1.39	)
Common stock dividends declared per share	$	0.05			$	0.05			$	0.15			$	0.15

BELDEN INC.
OPERATING SEGMENT INFORMATION
(Unaudited)
		Enterprise Solutions				Industrial Solutions				Total Segments
	(In thousands, except percentages)
For the three months ended October 3, 2021
Segment Revenues		$	286,231			$	345,107			$	631,338
Segment EBITDA		40,156				59,582				99,738
Segment EBITDA margin		14.0		%		17.3		%		15.8		%
Depreciation expense		5,270				6,000				11,270
Amortization of intangibles		4,427				5,269				9,696
Amortization of software development intangible assets		20				770				790
Severance, restructuring, and acquisition integration costs		3,381				947				4,328
Adjustments related to acquisitions and divestitures		(510		)		2,974				2,464
For the three months ended September 27, 2020
Segment Revenues		$	229,097			$	246,742			$	475,839
Segment EBITDA		26,250				38,391				64,641
Segment EBITDA margin		11.5		%		15.6		%		13.6		%
Depreciation expense		5,005				5,450				10,455
Amortization of intangibles		5,408				10,696				16,104
Amortization of software development intangible assets		73				456				529
Severance, restructuring, and acquisition integration costs		1,337				20				1,357
For the nine months ended October 3, 2021
Segment Revenues		$	780,114			$	990,428			$	1,770,542
Segment EBITDA		103,531				167,676				271,207
Segment EBITDA margin		13.3		%		16.9		%		15.3		%
Depreciation expense		15,985				18,212				34,197
Amortization of intangibles		13,202				15,543				28,745
Amortization of software development intangible assets		72				2,014				2,086
Severance, restructuring, and acquisition integration costs		7,756				4,783				12,539
Adjustments related to acquisitions and divestitures		(6,828		)		11,825				4,997
For the nine months ended September 27, 2020
Segment Revenues		$	644,684			$	719,492			$	1,364,176
Segment EBITDA		73,193				100,367				173,560
Segment EBITDA margin		11.4		%		13.9		%		12.7		%
Depreciation expense		15,208				15,861				31,069
Amortization of intangibles		16,266				32,040				48,306
Amortization of software development intangible assets		184				1,061				1,245
Severance, restructuring, and acquisition integration costs		6,310				3,138				9,448
Adjustments related to acquisitions and divestitures		125				—				125

BELDEN INC.
OPERATING SEGMENT RECONCILIATION TO CONSOLIDATED RESULTS
(Unaudited)
		Three Months Ended								Nine Months Ended
		October 3, 2021				September 27, 2020				October 3, 2021				September 27, 2020
		(In thousands)
Total Segment Revenues		$	631,338			$	475,839			$	1,770,542			$	1,364,176
Adjustments related to acquisitions		(503		)		—				(1,352		)		—
Consolidated Revenues		$	630,835			$	475,839			$	1,769,190			$	1,364,176
Total Segment EBITDA		$	99,738			$	64,641			$	271,207			$	173,560
Eliminations		(24		)		(69		)		(72		)		(402		)
Total non-operating pension benefit		992				680				3,121				2,079
Consolidated Adjusted EBITDA (1)		100,706				65,252				274,256				175,237
Interest expense, net		(16,251		)		(15,607		)		(46,640		)		(43,188		)
Depreciation expense		(11,270		)		(10,455		)		(34,197		)		(31,069		)
Amortization of intangibles		(9,696		)		(16,104		)		(28,745		)		(48,306		)
Severance, restructuring, and acquisition integration costs		(4,328		)		(1,357		)		(12,539		)		(9,448		)
Loss on debt extinguishment		(5,715		)		—				(5,715		)		—
Adjustments related to acquisitions and divestitures		(2,464		)		—				(4,997		)		(125		)
Amortization of software development intangible assets		(790		)		(529		)		(2,086		)		(1,245		)
Income from continuing operations before taxes		$	50,192			$	21,200			$	139,337			$	41,856
(1) Consolidated Adjusted EBITDA is a non-GAAP measure. See Reconciliation of Non-GAAP Measures for additional information.

BELDEN INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
		October 3, 2021				December 31, 2020
		(Unaudited)
		(In thousands)
ASSETS
Current assets:
Cash and cash equivalents		$	457,753			$	501,994
Receivables, net		421,703				296,817
Inventories, net		312,088				247,298
Other current assets		48,890				52,289
Assets held for sale		27,559				—
Total current assets		1,267,993				1,098,398
Property, plant and equipment, less accumulated depreciation		334,407				368,620
Operating lease right-of-use assets		57,141				54,787
Goodwill		1,283,364				1,251,938
Intangible assets, less accumulated amortization		307,186				287,071
Deferred income taxes		29,057				29,536
Other long-lived assets		56,037				49,384
		$	3,335,185			$	3,139,734
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	321,253			$	244,120
Accrued liabilities		301,174				276,641
Total current liabilities		622,427				520,761
Long-term debt		1,492,642				1,573,726
Postretirement benefits		144,526				160,400
Deferred income taxes		42,867				38,400
Long-term operating lease liabilities		47,054				46,398
Other long-term liabilities		39,898				42,998
Stockholders’ equity:
Common stock		503				503
Additional paid-in capital		830,368				823,605
Retained earnings		557,764				450,876
Accumulated other comprehensive loss		(131,265		)		(191,851		)
Treasury stock		(317,852		)		(332,552		)
Total Belden stockholders’ equity		939,518				750,581
Noncontrolling interests		6,253				6,470
Total stockholders’ equity		945,771				757,051
		$	3,335,185			$	3,139,734

BELDEN INC.
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS
(Unaudited)
		Nine Months Ended
		October 3, 2021				September 27, 2020
		(In thousands)
Cash flows from operating activities:
Net income (loss)		$	114,030			$	(62,019	)
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation and amortization		65,028				80,620
Share-based compensation		18,242				13,650
Asset impairment		9,283				113,007
Loss on debt extinguishment		5,715				—
Gain on disposal of business		—				(2,743		)
Changes in operating assets and liabilities, net of the effects of currency exchange rate changes, acquired businesses and disposals:
Receivables		(128,997		)		35,645
Inventories		(58,900		)		(9,327		)
Accounts payable		73,740				(69,579		)
Accrued liabilities		17,796				(11,646		)
Income taxes		5,159				(30,416		)
Other assets		(1,794		)		1,860
Other liabilities		(17,383		)		(20,363		)
Net cash provided by operating activities		101,919				38,689
Cash flows from investing activities:
Cash from (used for) business acquisitions, net of cash acquired		(73,749		)		590
Capital expenditures		(55,569		)		(56,809		)
Purchase of intangible assets		(3,650		)		—
Proceeds from disposal of tangible assets		3,249				3,090
Proceeds from disposal of businesses, net of cash sold		10,798				50,051
Net cash used for investing activities		(118,921		)		(3,078		)
Cash flows from financing activities:
Payments under borrowing arrangements		(360,304		)		(190,000		)
Debt issuance costs paid		(7,785		)		—
Cash dividends paid		(6,740		)		(6,800		)
Payments under financing lease obligations		(3,116		)		(154		)
Withholding tax payments for share-based payment awards		(2,103		)		(1,331		)
Payments under share repurchase program		—				(35,000		)
Payment of earnout consideration		—				(29,300		)
Borrowings under credit arrangements		356,010				190,000
Net cash used for financing activities		(24,038		)		(72,585		)
Effect of foreign currency exchange rate changes on cash and cash equivalents		(3,201		)		2,586
Decrease in cash and cash equivalents		(44,241		)		(34,388		)
Cash and cash equivalents, beginning of period		501,994				425,885
Cash and cash equivalents, end of period		$	457,753			$	391,497

For the period ended September 27, 2020, the Condensed Consolidated Cash Flow Statement includes the results of discontinued operations up to the disposal date, July 2, 2020.

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								Nine Months Ended
		October 3, 2021				September 27, 2020				October 3, 2021				September 27, 2020
		(In thousands, except percentages and per share amounts)
GAAP revenues		$	630,835			$	475,839			$	1,769,190			$	1,364,176
Adjustments related to acquisitions		503				—				1,352				—
Adjusted revenues		$	631,338			$	475,839			$	1,770,542			$	1,364,176
GAAP gross profit		$	223,276			$	167,592			$	626,155			$	488,033
Adjustments related to acquisitions and divestitures		890				—				3,701				125
Severance, restructuring, and acquisition integration costs		2,943				85				4,306				222
Amortization of software development intangible assets		790				529				2,086				1,245
Adjusted gross profit		$	227,899			$	168,206			$	636,248			$	489,625
GAAP gross profit margin		35.4		%		35.2		%		35.4		%		35.8		%
Adjusted gross profit margin		36.1		%		35.3		%		35.9		%		35.9		%
GAAP selling, general and administrative expenses		$	(109,963	)		$	(85,037	)		$	(313,966	)		$	(275,129	)
Severance, restructuring, and acquisition integration costs		1,385				1,272				8,233				9,226
Adjustments related to acquisitions and divestitures		1,574				—				1,296				—
Adjusted selling, general and administrative expenses		$	(107,004	)		$	(83,765	)		$	(304,437	)		$	(265,903	)
GAAP and adjusted research and development expenses		$	(32,451	)		$	(30,324	)		$	(94,873	)		$	(81,633	)
GAAP income from continuing operations		$	41,317			$	20,569			$	114,030			$	38,633
Interest expense, net		16,251				15,607				46,640				43,188
Income tax expense		8,875				631				25,307				3,223
Loss on debt extinguishment		5,715				—				5,715				—
Total non-operating adjustments		30,841				16,238				77,662				46,411
Amortization of intangible assets		9,696				16,104				28,745				48,306
Severance, restructuring, and acquisition integration costs		4,328				1,357				12,539				9,448
Adjustments related to acquisitions and divestitures		2,464				—				4,997				125
Amortization of software development intangible assets		790				529				2,086				1,245
Total operating income adjustments		17,278				17,990				48,367				59,124
Depreciation expense		11,270				10,455				34,197				31,069
Adjusted EBITDA		$	100,706			$	65,252			$	274,256			$	175,237
GAAP income from continuing operations margin		6.5		%		4.3		%		6.4		%		2.8		%
Adjusted EBITDA margin		16.0		%		13.7		%		15.5		%		12.8		%
GAAP income from continuing operations		$	41,317			$	20,569			$	114,030			$	38,633
Less: Net income attributable to noncontrolling interest		53				85				336				79
GAAP net income from continuing operations attributable to Belden stockholders		$	41,264			$	20,484			$	113,694			$	38,554
GAAP income from continuing operations		$	41,317			$	20,569			$	114,030			$	38,633
Plus: Operating income adjustments from above		17,278				17,990				48,367				59,124
Plus: Loss on debt extinguishment		5,715				—				5,715				—
Less: Net income attributable to noncontrolling interest		53				85				336				79
Less: Tax effect of adjustments above		4,638				6,292				11,002				14,687
Adjusted net income from continuing operations attributable to Belden stockholders		$	59,619			$	32,182			$	156,774			$	82,991
GAAP income from continuing operations per diluted share attributable to Belden stockholders		$	0.91			$	0.46			$	2.51			$	0.86
Adjusted income from continuing operations per diluted share attributable to Belden stockholders		$	1.31			$	0.72			$	3.47			$	1.85
GAAP and adjusted diluted weighted average shares		45,425				44,709				45,242				44,968

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								Nine Months Ended
		October 3, 2021				September 27, 2020				October 3, 2021				September 27, 2020
		(In thousands)
GAAP net cash provided by operating activities		$	74,982			$	50,819			$	101,919			$	38,689
Capital expenditures, net of proceeds from the disposal of tangible assets		(24,703		)		(15,075		)		(52,320		)		(53,719		)
Non-GAAP free cash flow		$	50,279			$	35,744			$	49,599			$	(15,030	)

BELDEN INC.
RECONCILIATION OF NON-GAAP MEASURES
2021 Guidance
		Year Ended		Three Months Ended
		December 31, 2021		December 31, 2021
		(In thousands)
GAAP revenues		$2.383 - $2.398 billion		$614 - $629 million
Adjustments related to acquisitions		$2 million		$1 million
Adjusted revenues		$2.385 - $2.400 billion		$615 - $630 million
GAAP income from continuing operations per diluted share attributable to Belden common stockholders		$3.27 - $3.37		$0.77 - $0.87
Amortization of intangible assets		0.73		0.18
Severance, restructuring, and acquisition integration costs		0.47		0.25
Loss from debt extinguishment		0.10		—
Adjustments related to acquisitions and divestitures		0.10		0.01
Adjusted income from continuing operations per diluted share attributable to Belden common stockholders		$4.67 - $4.77		$1.21 - $1.31

Our guidance for income from continuing operations 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 subject matter of this release may contain forward-looking statements, including our expectations for the fourth quarter and full-year 2021 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 impact of a challenging global economy or a downturn in served markets; disruptions in the Company’s information systems including due to cyber-attacks leading to exposures of personally identifiable information; changes in tax laws and variability in the Company’s quarterly and annual effective tax rates; the cost and availability of raw materials including copper, plastic compounds, electronic components, and other materials, particularly given the recent increase in inflation and the financial impact if we are not able to pass through cost increases to customers; the impact of the recent disruptions in the global supply chain, including the inability to obtain components in sufficient quantities on commercially reasonable terms; the competitiveness of the global markets in which we operate; difficulty in forecasting revenue due to the unpredictable timing of orders related to customer projects as well as the impacts of channel inventory; the presence of substitute products in the marketplace; the increased prevalence of cloud computing; the inability of the Company to develop and introduce new products and competitive responses to our products; the increased influence of chief information officers on purchasing decisions; 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; the impact of changes in global tariffs and trade agreements; volatility in credit and foreign exchange markets; the presence of activists proposing certain actions by the Company; 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 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 Quarterly Report on Form 10-Q for the period ended July 4, 2021, filed with the SEC on August 9, 2021. 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 audio, video and data 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 America, Europe, Asia, and Africa. For more information, visit us at www.belden.com or follow us on Twitter @BeldenInc.

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Belden Investor Relations

314-854-8054

Investor.Relations@Belden.com

Source: Belden Inc.

FAQ

What are Belden's Q3 2021 earnings results?

In Q3 2021, Belden reported revenues of $630.8 million and net income of $41.3 million.

How much did Belden's EPS increase in Q3 2021?

Belden's EPS increased to $0.91 from $0.46 year-over-year.

What is Belden's adjusted EBITDA for Q3 2021?

Belden's adjusted EBITDA for Q3 2021 was $100.7 million, up 54% from the previous year.

What is the updated revenue guidance for Belden for 2021?

Belden's updated revenue guidance for 2021 is $2.385 - $2.400 billion.

When is Belden's earnings conference call for Q3 2021?

Belden's earnings conference call for Q3 2021 is scheduled for today at 8:30 am ET.