Belden Q1 2024 Earnings Report
Key Takeaways
Belden reported Q1 2024 results with revenues of $536 million, a 17% year-over-year decrease, and GAAP EPS of $0.90, down 38% year-over-year. The company exceeded expectations for both revenues and EPS, and announced an agreement to acquire Precision Optical Technologies, Inc.
Revenues totaled $536 million, down 17% year-over-year and organically.
GAAP EPS was $0.90, a 38% decrease year-over-year.
Adjusted EPS was $1.24, a 26% decrease year-over-year.
Entered into an agreement to acquire Precision Optical Technologies, Inc. for $290 million in cash.
Belden
Belden
Belden Revenue by Segment
Forward Guidance
Belden anticipates customer destocking and other temporary headwinds will persist into Q2 2024, with end demand expected to be stable relative to Q1. The company projects revenues between $565 million and $580 million, GAAP EPS between $1.00 and $1.10, and adjusted EPS between $1.30 and $1.40.
Positive Outlook
- Solutions are being embraced by customers and partners.
- Teams continue to lean into transformation.
- Ever-increasing need for data and automation continues.
- Reindustrialization trends are just starting.
- Portfolio is well-positioned to succeed as the next investment cycle ramps up.
Challenges Ahead
- Customer destocking is expected to continue into the second quarter.
- Temporary headwinds are expected to continue into the second quarter.
- End demand is expected to be stable with revenues up slightly, in line with normal seasonal patterns.
- Second quarter guidance does not reflect the impact of the Precision Optical Technologies acquisition.
- Results are subject to various factors that could impact future operating results.