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Apr 04, 2021
Belden Q1 2021 Earnings Report
Belden reported strong results exceeding guidance, driven by improved demand trends and organic growth.
Key Takeaways
Belden Inc. reported a strong first quarter in 2021, with revenues increasing by 15.7% to $536.4 million compared to the previous year. Net income also saw a significant increase, reaching $28.7 million, and adjusted EPS rose by 40.3% to $0.94. The company has raised its full-year guidance for revenue and EPS, reflecting confidence in continued improvement in end market conditions.
Total revenues increased by 15.7% to $536.4 million compared to the year-ago period.
Net income was $28.7 million, up from $14.9 million in the prior-year period.
Adjusted EPS increased by 40.3% to $0.94 compared to $0.67 in the first quarter 2020.
Full-year 2021 revenue and EPS guidance was raised due to better-than-expected performance and improved outlook.
Belden
Belden
Forward Guidance
The Company expects second quarter 2021 revenues to be $535 - $550 million. For the year ending December 31, 2021, the Company now expects revenues to be $2.130 - $2.180 billion, compared to prior guidance of $1.990 - $2.050 billion. The Company expects second quarter 2021 GAAP EPS to be $0.38 - $0.48. For the year ending December 31, 2021, the Company now expects GAAP EPS to be $1.97 - $2.27, compared to prior guidance of $1.70 - $2.10. The Company expects second quarter 2021 adjusted EPS to be $0.88 - $0.98. For the year ending December 31, 2021, the Company now expects adjusted EPS to be $3.50 - $3.80, compared to prior guidance of $2.90 - $3.30.
Positive Outlook
- End market conditions are improving.
- Recent order rates are encouraging.
- Solid execution is expected.
- Full year 2021 guidance increased.
- Portfolio aligned around favorable secular trends.
Challenges Ahead
- Uncertainty regarding the duration and magnitude of the impact of COVID-19 and the economic recovery from that impact.
- 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.
- Cost and availability of raw materials including copper, plastic compounds, electronic components, and other materials.