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Apr 02, 2023
Belden Q1 2023 Earnings Report
Reported strong first-quarter results with revenue growth and margin expansion, and completed the acquisition of Berthold Sichert GmbH.
Key Takeaways
Belden reported a strong first quarter with a 5% increase in total revenues to $642 million and a 7% organic growth. GAAP EPS increased by 49% to $1.45, and adjusted EPS rose by 28% to $1.68. The company also completed the acquisition of Berthold Sichert GmbH for $98 million and executed $50 million in share repurchases.
Total revenues reached $642 million, a 5% year-over-year increase.
Organic growth was 7% year-over-year.
GAAP EPS increased by 49% year-over-year to $1.45.
Adjusted EPS increased by 28% year-over-year to $1.68.
Forward Guidance
Belden has updated its full-year guidance and raised 2023 Revenues and Adjusted EPS. For the second quarter of 2023, Belden expects revenues of $675 - $690 million, organic growth of 3% - 5%, GAAP EPS of $1.36 - $1.46, and Adjusted EPS of $1.70 - $1.80. For the full year 2023, Belden expects revenues of $2.710 - $2.760 billion, organic growth of 3% - 5%, GAAP EPS of $5.71 - $6.01, and Adjusted EPS of $6.95 - $7.25.
Positive Outlook
- Long-term secular trends with lengthy investment cycles benefit Belden's business.
- Investments in automation, reshoring, and increased connectivity drive earnings growth.
- Increasing bandwidth usage and network upgrades support Belden's growth.
- Confident in the ability to execute strategy and generate sustainable, long-term shareholder value.
- Making excellent progress towards achieving at least $8.00 of Adjusted EPS by 2025.
Challenges Ahead
- Uncertain macro conditions.
- Impact of a challenging global economy or a downturn in served markets.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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