Belden Inc. (NYSE:BDC) Q3 2023 Earnings Conference Call November 2, 2023 8:30 AM ET

Company Participants

Aaron Reddington - Vice President-Investor Relations

Ashish Chand - President & Chief Executive Officer

Jeremy Parks - Senior Vice President & Chief Financial Officer

Conference Call Participants

William Stein - Truist Securities

Rob Jamieson - UBS

Mark Delaney - Goldman Sachs

Reuben Garner - Benchmark Company

Steven Fox - Fox Advisors

Operator

Ladies and gentlemen, thank you for standing by. Welcome to this morning's Belden reports Third Quarter 2023 Results Call. Just a reminder, this call is being recorded. At this time, you’re in a listen-only mode. Later, we will conduct a question-and-answer session. [Operator Instructions]

I would now like to turn the call over to Aaron Reddington, Vice President of Investor Relations. Please go ahead, sir.

Aaron Reddington

Thank you. Good morning everyone, and thank you for joining us for Belden's Third Quarter 2023 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 two in the presentation. During this call, management will make certain forward-looking statements. For more information, please review today's press release and our most recent annual report on Form 10-K. Additionally, during today’s call, management will reference adjusted or non-GAAP financial information. In accordance with Regulation G, the appendix to our presentation and the investor relations section of our website contains a reconciliation of the most closely associated GAAP financial information to the non-GAAP financial information we communicate.

I will now turn the call over to our President and CEO, Ashish Chand.

Ashish Chand

Thank you, Aaron, and good morning everyone. We appreciate you joining us today. As highlighted in our communication three weeks ago, third quarter results were below our expectations, as demand unexpectedly weakened within our industrial and broadband markets adding to ongoing pressure from channel destocking.

Despite a softening in demand, our expanding solutions-driven mix drove gross margin outperformance, resulting in Belden achieving the lower end of our initial adjusted EPS outlook. Our proactive efforts towards becoming a premier solutions provider continue, even amid the current market weakness. We believe this approach will drive incremental growth and margin expansion over the long term.