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Jul 03, 2022
Belden Q2 2022 Earnings Report
Reported strong results driven by organic revenue growth and strategic execution.
Key Takeaways
Belden Inc. reported a strong second quarter in 2022, with revenues totaling $667 million, a 16% increase compared to the previous year. Net income increased to $59 million, and adjusted EPS grew by 31%. The company is raising its full-year 2022 guidance due to the strong quarter and improved outlook.
Revenues for the quarter totaled $667 million, up 16% compared to the year-ago period.
Net income was $59 million, compared to $45 million in the year-ago period.
Adjusted EPS was $1.60, a 31% increase compared to $1.22 in the second quarter 2021.
Full year revenue guidance now represents organic revenue growth of 12% to 13%.
Belden
Belden
Forward Guidance
The Company expects third quarter 2022 revenues to be $625 - $640 million. Driven by stronger organic growth, for the year ending December 31, 2022, the Company now expects revenues to be $2.520 - $2.550 billion.
Positive Outlook
- Full year revenue guidance now represents organic growth of 12% to 13%.
- The Company expects third quarter 2022 GAAP EPS to be $1.16 - $1.26.
- For the year ending December 31, 2022, the Company now expects GAAP EPS to be $4.67 - $4.87.
- The Company expects third quarter 2022 adjusted EPS to be $1.50 - $1.60.
- For the year ending December 31, 2022, the Company now expects adjusted EPS to be $5.90 - $6.10.
Challenges Ahead
- The macroeconomic environment remains very dynamic with considerable uncertainties, including volatile foreign exchange rates and commodity prices.
- Compared to second quarter 2022 revenues, the Company expects third quarter 2022 revenues to be lower by approximately $25 million due to a stronger U.S. dollar and lower copper pass-through pricing.
- The impact of disruptions in the global supply chain, including the inability to obtain raw materials and components in sufficient quantities on commercially reasonable terms.
- The lack of certainty as to the duration and magnitude of the impact of COVID-19 and the economic recovery from that impact.
- Foreign and domestic political, economic and other uncertainties, including changes in currency exchange rates.