Belden Inc. (NYSE:BDC) Q3 2024 Earnings Conference Call October 31, 2024 8:30 AM ET

Company Participants

Aaron Reddington – Investor Relations
Ashish Chand – President and Chief Executive Officer
Jeremy Parks – Senior Vice President and Chief Financial Officer

Conference Call Participants

William Stein – Truist Securities
Rob Jamieson – Vertical Research Partners
Mark Delaney – Goldman Sachs
David Williams – Benchmark
Chris Dankert – Loop Capital Market

Aaron Reddington

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 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 really appreciate you joining us today. Let’s turn to Slide 4 for a summary of the major accomplishments we achieved in the third quarter and key messages I would like to highlight. As a reminder, I will be referring to adjusted results today. First, let me congratulate our team on another solid quarter as we delivered results slightly ahead of expectations. Performance was stable for the quarter, while our customers remain cautious as inventory destocking is nearing an end.

For the third quarter, our revenue and earnings per share both exceeded the high end of our guidance as our solutions transformation continues to push forward. Revenue totaled $655 million, up 8% sequentially, and earnings per share came in at $1.70 cents, up 13% sequentially. Profitability aligned with our expectations and our adjusted EBITDA margins increased sequentially by 70 basis points to 17.2%.