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Belden
🇺🇸 NYSE:BDC
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Apr 03, 2022

Belden Q1 2022 Earnings Report

Reported strong financial results driven by organic growth and strategic acquisitions.

Key Takeaways

Belden Inc. reported a strong first quarter in 2022, with revenues increasing by 20% compared to the year-ago period. The company completed the Tripwire divestiture and made accretive capital deployments, contributing to margin expansion and robust EPS growth. Increased full year 2022 guidance reflects better than expected performance in the quarter.

Revenues totaled $610.4 million, a 20% increase compared to the previous year.

Net income reached $44.1 million, up from $29.1 million in the year-ago period.

Adjusted EPS was $1.31, a 46% increase compared to $0.90 in the first quarter of 2021.

The company divested Tripwire for $350 million and completed strategic acquisitions in Industrial Automation and Broadband & 5G markets.

Total Revenue
$610M
Previous year: $536M
+13.8%
EPS
$1.31
Previous year: $0.94
+39.4%
Adjusted EBITDA
$99.5M
Adjusted EBITDA Margin
16.3%
Previous year: 14.9%
+9.4%
Gross Profit
$209M
Previous year: $191M
+9.2%
Cash and Equivalents
$560M
Previous year: $371M
+51.0%
Free Cash Flow
-$68.9M
Previous year: -$52.7M
+30.7%
Total Assets
$3B
Previous year: $3.15B
-4.6%

Belden

Belden

Forward Guidance

The Company expects second quarter 2022 revenues to be $625 - $640 million. For the year ending December 31, 2022, the Company now expects revenues to be $2.480 - $2.530 billion. The Company expects second quarter 2022 GAAP EPS to be $0.98 - $1.08. For the year ending December 31, 2022, the Company now expects GAAP EPS to be $4.31 - $4.61. The Company expects second quarter 2022 adjusted EPS to be $1.35 - $1.45. For the year ending December 31, 2022, the Company now expects adjusted EPS to be $5.55 - $5.85.

Positive Outlook

  • Second quarter 2022 revenues are expected to be $625 - $640 million.
  • Full year 2022 revenues are now expected to be $2.480 - $2.530 billion.
  • Full year revenue guidance represents organic growth of 7% to 9%.
  • Second quarter 2022 GAAP EPS is expected to be $0.98 - $1.08.
  • Full year 2022 GAAP EPS is now expected to be $4.31 - $4.61.

Challenges Ahead

  • Second quarter 2022 adjusted EPS is expected to be $1.35 - $1.45.
  • Full year 2022 adjusted EPS is now expected to be $5.55 - $5.85.
  • Full year EPS guidance now represents growth of 17% to 23%.
  • The macroeconomic environment is very dynamic with considerable uncertainties.
  • Results are subject to the factors listed under Forward-Looking Statements.

Company Overview

Full financial data and analysis

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