Loading...
•
Jul 02, 2023
Belden Q2 2023 Earnings Report
Achieved record quarterly revenues and adjusted EPS, with gross margins exceeding expectations.
Key Takeaways
Belden reported record quarterly revenues of $692 million, a 4% increase year-over-year, and record adjusted EPS of $1.91, a 19% increase year-over-year. Gross margins were better than expected at 38%.
Record Revenues of $692 million, +4% y/y
Organic Growth of +5% y/y
GAAP EPS of $1.60, +22% y/y
Record Adjusted EPS of $1.91, +19% y/y
Forward Guidance
Belden updates full year 2023 and provides newly issued guidance for the third quarter of 2023. Adjusted EPS guidance for 2023 now reflects year-over-year growth between 12% and 15%.
Positive Outlook
- Benefit from long-term secular trends that have lengthy investment cycles.
- Investments in automation, reshoring, increased connectivity, increasing bandwidth usage, and network upgrades all bode well for Belden to produce sustainable earnings growth.
- Confident in markets and ability to execute strategy and generate sustainable, long-term shareholder value.
- Business is transforming and continues to make excellent progress towards achieving goal of at least $8.00 of Adjusted EPS by 2025.
Challenges Ahead
- Channel partners are taking down inventory in 2023 as the supply chain continues to normalize.
- The temporary impact on orders is slightly higher than previously anticipated.
- Expect a modest impact on full-year revenue.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...