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Published: 2024-02-08 00:00:00 ET
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EX-99.1 2 companynewsreleasedatedfeb.htm EX-99.1 Document
Exhibit 99.1
beldennewphotoiia.jpg
1 North Brentwood Boulevard  Phone: 314.854.8000
15th Floor  Fax: 314.854.8003
St. Louis, Missouri 63105  
  www.Belden.com
News Release


Belden Reports Fourth Quarter and Full Year 2023 Results

St. Louis, Missouri – February 8, 2024 - Belden Inc. (NYSE: BDC) (the “Company”), a leading global supplier of network infrastructure and digitization solutions, today reported fiscal fourth quarter and full year results for the period ended December 31, 2023.

Fourth Quarter 2023 Highlights
•Revenues of $551 million, down 16% y/y and down 18% organically
•GAAP EPS of $0.91, down 35% y/y
•Adjusted EPS of $1.46, down 17% y/y
•Executed $42 million of share repurchases during the quarter, and $50 million through January 2024

Full Year 2023 Highlights
•Revenues of $2.512 billion, down 4% y/y and down 4% organically
•GAAP EPS of $5.66, down 6% y/y
•Adjusted EPS of $6.83, up 7% y/y
•Executed $192 million of share repurchases during the year, and $200 million through January 2024

“Given recent industry-wide demand challenges, our team performed well as we wrapped up another transformational year for Belden,” said Ashish Chand, President and CEO of Belden Inc. “For the fourth quarter, our revenues and EPS both exceeded expectations as our solutions transformation continues to drive incremental demand and margin expansion. Revenues for the year were down 4%, driven by broad customer destocking and other temporary headwinds. Despite lower volumes, our profitability continues to improve with gross profit margins increasing by 270 basis points to 38.5% and EBITDA margins increasing by 40 basis points to 17.4%. Our solid execution led to EPS increasing 7% for the full year to $6.83.”

Fourth Quarter 2023

Revenues for the quarter totaled $551 million, decreasing $108 million, or 16%, compared to $659 million in the year-ago period. Revenue declined organically by 18%, with Industrial Automation Solutions down 17% and Enterprise Solutions down 19%. Net income was $39 million, compared to $61 million in the year-ago period. Net income as a percentage of revenue was 7.0%, compared to 9.3% in the year-ago period. EPS totaled $0.91 for the quarter, compared to $1.40 in the year-ago period.

Adjusted EBITDA was $88 million, decreasing $27 million, down 23%, compared to $115 million in the year-ago period. Adjusted EBITDA margin was 16.0%, down 140 bps, compared to 17.4% in the year-ago period. Adjusted EPS was $1.46, decreasing 17% compared to $1.75 in the year-ago period. Relative to our prior guidance, Adjusted EPS benefited in the fourth quarter by $0.15 from a lower-than-expected tax rate. Adjusted results are non-GAAP measures, and a non-GAAP reconciliation table is provided as an appendix to this release.



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Full Year 2023

Revenues for the year totaled $2.512 billion, decreasing $94 million, or 4%, compared to $2.606 billion in the prior year. Revenue declined organically by 4%, with Industrial Automation Solutions down 1% and Enterprise Solutions down 8%. Net income was $243 million, compared to $268 million in the prior year. Net income as a percentage of revenue was 9.7%, compared to 10.3% in the prior year. EPS totaled $5.66, compared to $6.01 in the prior year.

Adjusted EBITDA was $438 million, decreasing $6 million, or 1%, compared to $444 million in the prior year. Adjusted EBITDA margin was 17.4%, up 40 bps, compared to 17.0% in the prior year. Adjusted EPS was $6.83, increasing 7% compared to $6.41 in the prior year.

Outlook

“I am pleased with our full year 2023 results and execution during ongoing challenges,” said Dr. Chand. “The ever-increasing need for data and automation continues. Our long-term growth opportunities are considerable, and with our continued transformation towards solutions, our portfolio is well-positioned to succeed as the next investment cycle ramps up. I am confident in the ability of the Belden team to continue to transform our business, adjust to changing market conditions, leverage our superior product portfolio, and capitalize on growth opportunities in all market conditions as we continue to generate sustainable, long-term shareholder value.”

Challenges from the prior year are anticipated to continue into the first quarter, including customer destocking and other temporary headwinds. Relative to the fourth quarter, end demand is expected to be stable with revenue down, in line with normal seasonal patterns.

Assuming no significant changes to the current market environment, the table below provides guidance for the first quarter of 2024.

First Quarter 2024:
Guidance
Revenues (million)$505 - $520
GAAP EPS$0.65 - $0.75
Adjusted EPS$1.00 - $1.10

Earnings Conference Call

Management will host a conference call today at 8:30 am ET to discuss the results. The listen-only audio of the conference call will be broadcast live via the Internet at https://investor.belden.com. The dial-in number for participants is 1-888-254-3590 with confirmation code 9183010. A replay of this conference call will remain accessible in the investor relations section of the Company’s website for a limited time.

Net Income, Earnings per Share (EPS), and Organic Growth

All references to net income and EPS within this earnings release refer to income from continuing operations and income from continuing operations per diluted share attributable to Belden stockholders, respectively. Organic growth is calculated as the change in revenues excluding the impacts from currency exchange rates, copper prices, acquisitions and divestitures.
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BELDEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 Three Months EndedTwelve Months Ended
 December 31, 2023December 31, 2022December 31, 2023December 31, 2022
 (In thousands, except per share data)
Revenues$551,243 $659,072 $2,512,084 $2,606,485 
Cost of sales(344,878)(412,594)(1,557,118)(1,690,196)
Gross profit206,365 246,478 954,966 916,289 
Selling, general and administrative expenses(126,414)(129,889)(492,702)(448,636)
Research and development expenses(25,883)(28,599)(116,427)(104,350)
Amortization of intangibles(10,113)(9,761)(40,375)(37,860)
Gain on sale of assets— — 12,056 37,891 
Operating income43,955 78,229 317,518 363,334 
Interest expense, net(8,032)(7,984)(33,625)(43,554)
Loss on debt extinguishment— — — (6,392)
Non-operating pension benefit401 1,709 1,863 4,005 
Income from continuing operations before taxes36,324 71,954 285,756 317,393 
Income tax benefit (expense)2,185 (10,631)(43,200)(49,645)
Income from continuing operations38,509 61,323 242,556 267,748 
Loss from discontinued operations, net of tax— — — (3,685)
Gain (loss) on disposal of discontinued operations, net of tax— 692 — (9,241)
Net income 38,509 62,015 242,556 254,822 
Less: Net income (loss) attributable to noncontrolling interest42 48 (203)159 
Net income attributable to Belden stockholders$38,467 $61,967 $242,759 $254,663 
Weighted average number of common shares and equivalents:
Basic41,565 42,819 42,237 43,845 
Diluted42,046 43,705 42,859 44,537 
Basic income (loss) per share attributable to Belden stockholders:
        Continuing operations$0.93 $1.43 $5.75 $6.10 
        Discontinued operations— — — (0.08)
        Disposal of discontinued operations— 0.02 — (0.21)
        Net income (loss)$0.93 $1.45 $5.75 $5.81 
Diluted income (loss) per share attributable to Belden stockholders:
        Continuing operations$0.91 $1.40 $5.66 $6.01 
        Discontinued operations— — — (0.08)
        Disposal of discontinued operations— 0.02 — (0.21)
        Net income (loss)$0.91 $1.42 $5.66 $5.72 
Common stock dividends declared per share$0.05 $0.05 $0.20 $0.20 

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BELDEN INC.
OPERATING SEGMENT INFORMATION
(Unaudited)

Enterprise
Solutions		Industrial Automation SolutionsTotal
Segments
 (In thousands, except percentages)
For the three months ended December 31, 2023
Segment Revenues$251,054 $300,189 $551,243 
Segment EBITDA30,253 57,666 87,919 
Segment EBITDA margin12.1 %19.2 %15.9 %
Depreciation expense6,164 6,737 12,901 
Amortization of intangibles4,914 5,199 10,113 
Amortization of software development intangible assets— 2,457 2,457 
Severance, restructuring, and acquisition integration costs6,074 7,232 13,306 
Adjustments related to acquisitions and divestitures4,837 298 5,135 
For the three months ended December 31, 2022
Segment Revenues$303,403 $355,669 $659,072 
Segment EBITDA42,699 70,436 113,135 
Segment EBITDA margin14.1 %19.8 %17.2 %
Depreciation expense6,173 6,053 12,226 
Amortization of intangibles4,544 5,217 9,761 
Amortization of software development intangible assets2 1,017 1,019 
Severance, restructuring, and acquisition integration costs1,595 950 2,545 
Adjustments related to acquisitions and divestitures8,684 596 9,280 
For the twelve months ended December 31, 2023
Segment Revenues$1,122,831 $1,389,253 $2,512,084 
Segment EBITDA149,107 287,328 436,435 
Segment EBITDA margin13.3 %20.7 %17.4 %
Depreciation expense24,943 26,436 51,379 
Amortization of intangibles20,085 20,290 40,375 
Amortization of software development intangible assets— 7,692 7,692 
Severance, restructuring, and acquisition integration costs11,221 13,931 25,152 
Adjustments related to acquisitions and divestitures5,359 818 6,177 
For the twelve months ended December 31, 2022
Segment Revenues$1,198,478 $1,408,007 $2,606,485 
Segment EBITDA161,517 277,079 438,596 
Segment EBITDA margin13.5 %19.7 %16.8 %
Depreciation expense23,387 23,282 46,669 
Amortization of intangibles17,595 20,265 37,860 
Amortization of software development intangible assets54 3,821 3,875 
Severance, restructuring, and acquisition integration costs9,200 7,485 16,685 
Adjustments related to acquisitions and divestitures5,589 2,244 7,833 

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BELDEN INC.
OPERATING SEGMENT RECONCILIATION TO CONSOLIDATED RESULTS
(Unaudited)
 
 Three Months EndedTwelve Months Ended
 December 31, 2023December 31, 2022December 31, 2023December 31, 2022
 (In thousands)
Total Segment and Consolidated Revenues$551,243 $659,072 $2,512,084 $2,606,485 
Total Segment EBITDA$87,919 $113,135 $436,435 $438,596 
    Total non-operating pension benefit401 1,709 1,863 4,005 
    Non-operating pension settlement loss— 235 — 1,189 
    Eliminations(52)(75)(198)(231)
Consolidated Adjusted EBITDA (1)88,268 115,004 438,100 443,559 
    Severance, restructuring, and acquisition integration costs(13,306)(2,545)(25,152)(16,685)
    Depreciation expense(12,901)(12,226)(51,379)(46,669)
    Amortization of intangibles (10,113)(9,761)(40,375)(37,860)
    Interest expense, net(8,032)(7,984)(33,625)(43,554)
    Adjustments related to acquisitions and divestitures(5,135)(9,280)(6,177)(7,833)
    Amortization of software development intangible assets(2,457)(1,019)(7,692)(3,875)
    Non-operating pension settlement loss— (235)— (1,189)
    Loss on debt extinguishment— — — (6,392)
    Gain on sale of assets— — 12,056 37,891 
Income from continuing operations before taxes $36,324 $71,954 $285,756 $317,393 
 
(1)Consolidated Adjusted EBITDA is a non-GAAP measure. See Reconciliation of Non-GAAP Measures for additional information.

















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BELDEN INC.
CONDENSED CONSOLIDATED BALANCE SHEETS


December 31, 2023December 31, 2022
(Unaudited)
 (In thousands)
ASSETS
Current assets:
Cash and cash equivalents$597,044 $687,676 
Receivables, net413,806 440,102 
Inventories, net366,987 341,563 
Other current assets79,142 66,866 
            Total current assets1,456,979 1,536,207 
Property, plant and equipment, less accumulated depreciation451,069 381,864 
Operating lease right-of-use assets89,686 73,376 
Goodwill907,331 862,253 
Intangible assets, less accumulated amortization269,144 246,830 
Deferred income taxes15,739 14,642 
Other long-lived assets50,243 46,503 
$3,240,191 $3,161,675 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$343,215 $350,058 
Accrued liabilities290,289 289,861 
Total current liabilities633,504 639,919 
Long-term debt1,204,211 1,161,176 
Postretirement benefits74,573 67,828 
Deferred income taxes49,472 58,582 
Long-term operating lease liabilities74,941 59,250 
Other long-term liabilities37,188 30,970 
Stockholders’ equity:
Common stock503 503 
Additional paid-in capital818,663 825,669 
Retained earnings985,807 751,522 
Accumulated other comprehensive loss(41,279)(5,871)
Treasury stock(597,437)(428,812)
Total Belden stockholders’ equity1,166,257 1,143,011 
Noncontrolling interests45 939 
Total stockholders’ equity1,166,302 1,143,950 
$3,240,191 $3,161,675 


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BELDEN INC.
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS
(Unaudited) 
 Twelve Months Ended
 December 31, 2023December 31, 2022
 (In thousands)
Cash flows from operating activities:
Net income $242,556 $254,822 
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization99,446 88,738 
Share-based compensation21,024 23,676 
Loss on debt extinguishment— 6,392 
Deferred income tax benefit(12,957)(627)
Gain on sale of assets(12,056)(37,891)
Changes in operating assets and liabilities, net of the effects of currency exchange rate changes, acquired businesses and disposals:
Receivables24,527 (33,605)
Inventories(15,331)5,558 
Accounts payable(8,175)(20,595)
Accrued liabilities(16,292)(5,416)
Income taxes(3,668)2,335 
Other assets(9,314)2,881 
Other liabilities9,878 (4,972)
Net cash provided by operating activities319,638 281,296 
Cash flows from investing activities:
Capital expenditures(116,731)(105,094)
Cash used for acquisitions and investments, net of cash acquired
(106,712)(104,603)
Proceeds from disposal of businesses, net of cash sold9,300 334,574 
Proceeds from disposal of tangible assets13,785 43,534 
Net cash provided by (used for) investing activities(200,358)168,411 
Cash flows from financing activities:
Payments under share repurchase program(192,135)(150,000)
Withholding tax payments for share-based payment awards(17,444)(7,186)
Cash dividends paid(8,498)(8,949)
Payments under financing lease obligations(423)(157)
Payments under borrowing arrangements— (230,639)
   Proceeds from issuance of common stock6,568 3,717 
Net cash used for financing activities(211,932)(393,214)
Effect of foreign currency exchange rate changes on cash and cash equivalents2,020 (12,574)
   Increase (decrease) in cash and cash equivalents (90,632)43,919 
Cash and cash equivalents, beginning of period687,676 643,757 
   Cash and cash equivalents, end of period$597,044 $687,676 
The Condensed Consolidated Cash Flow Statement includes the results of discontinued operations up to the disposal date, February 22, 2022.
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BELDEN INC.
RECONCILIATION OF NON-GAAP MEASURES
(Unaudited)


In addition to reporting financial results in accordance with accounting principles generally accepted in the United States, we provide non-GAAP operating results adjusted for certain items, including: asset impairments; accelerated depreciation expense due to plant consolidation activities; purchase accounting effects related to acquisitions, such as the adjustment of acquired inventory to fair value, and transaction costs; severance, restructuring, and acquisition integration costs; gains (losses) recognized on the disposal of businesses and assets; amortization of intangible assets; gains (losses) on debt extinguishment; certain gains (losses) from patent settlements; discontinued operations; and other costs. We adjust for the items listed above in all periods presented, unless the impact is clearly immaterial to our financial statements. When we calculate the tax effect of the adjustments, we include all current and deferred income tax expense commensurate with the adjusted measure of pre-tax profitability.

We utilize the adjusted results to review our ongoing operations without the effect of these adjustments and for comparison to budgeted operating results. We believe the adjusted results are useful to investors because they help them compare our results to previous periods and provide important insights into underlying trends in the business and how management oversees our business operations on a day-to-day basis. As an example, we adjust for acquisition-related expenses, such as amortization of intangibles and impacts of fair value adjustments because they generally are not related to the acquired business' core business performance. As an additional example, we exclude the costs of restructuring programs, which can occur from time to time for our current businesses and/or recently acquired businesses. We exclude the costs in calculating adjusted results to allow us and investors to evaluate the performance of the business based upon its expected ongoing operating structure. We believe the adjusted measures, accompanied by the disclosure of the costs of these programs, provides valuable insight.

Adjusted results should be considered only in conjunction with results reported according to accounting principles generally accepted in the United States.















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Three Months EndedTwelve Months Ended
December 31, 2023December 31, 2022December 31, 2023December 31, 2022
(In thousands, except percentages and per share amounts)
GAAP and Adjusted Revenues$551,243 $659,072 $2,512,084 $2,606,485 
GAAP gross profit$206,365 $246,478 $954,966 $916,289 
Severance, restructuring, and acquisition integration costs2,088 1,317 3,488 10,088 
Amortization of software development intangible assets2,457 1,019 7,692 3,875 
Adjustments related to acquisitions and divestitures(270)— 252 1,648 
Adjusted gross profit$210,640 $248,814 $966,398 $931,900 
GAAP gross profit margin37.4 %37.4 %38.0 %35.2 %
Adjusted gross profit margin38.2 %37.8 %38.5 %35.8 %
GAAP selling, general and administrative expenses$(126,414)$(129,889)(492,702)(448,636)
Severance, restructuring, and acquisition integration costs9,637 1,228 20,039 6,597 
Adjustments related to acquisitions and divestitures5,405 9,280 5,925 6,185 
Adjusted selling, general and administrative expenses$(111,372)$(119,381)$(466,738)$(435,854)
GAAP research and development expenses$(25,883)$(28,599)$(116,427)$(104,350)
Severance, restructuring, and acquisition integration costs1,581 — 1,625 — 
Adjusted research and development expenses$(24,302)$(28,599)$(114,802)$(104,350)
GAAP income from continuing operations$38,509 $61,323 $242,556 $267,748 
Income tax expense (benefit)(2,185)10,631 43,200 49,645 
Interest expense, net8,032 7,984 33,625 43,554 
Loss on debt extinguishment— — — 6,392 
Non-operating pension settlement loss— 235 — 1,189 
Total non-operating adjustments5,847 18,850 76,825 100,780 
Amortization of intangible assets10,113 9,761 40,375 37,860 
Severance, restructuring, and acquisition integration costs13,306 2,545 25,152 16,685 
Amortization of software development intangible assets2,457 1,019 7,692 3,875 
Adjustments related to acquisitions and divestitures5,135 9,280 6,177 7,833 
Gain on sale of assets— — (12,056)(37,891)
Total operating income adjustments31,011 22,605 67,340 28,362 
Depreciation expense12,901 12,226 51,379 46,669 
Adjusted EBITDA$88,268 $115,004 $438,100 $443,559 
GAAP income from continuing operations margin7.0 %9.3 %9.7 %10.3 %
Adjusted EBITDA margin16.0 %17.4 %17.4 %17.0 %
GAAP income from continuing operations$38,509 $61,323 $242,556 $267,748 
Less: Net income (loss) attributable to noncontrolling interest42 48 (203)159 
GAAP net income from continuing operations attributable to Belden stockholders$38,467 $61,275 $242,759 $267,589 
GAAP income from continuing operations$38,509 $61,323 $242,556 $267,748 
Plus: Operating income adjustments from above31,011 22,605 67,340 28,362 
Plus: Loss on debt extinguishment— — — 6,392 
Plus: Non-operating pension settlement loss— 235 — 1,189 
Less: Net income (loss) attributable to noncontrolling interest42 48 (203)159 
Less: Tax effect of adjustments above8,108 7,809 17,310 18,169 
Adjusted net income from continuing operations attributable to Belden stockholders$61,370 $76,306 $292,789 $285,363 
GAAP income from continuing operations per diluted share attributable to Belden stockholders (EPS)$0.91 $1.40 $5.66 $6.01 
Adjusted income from continuing operations per diluted share attributable to Belden stockholders(Adjusted EPS)$1.46 $1.75 $6.83 $6.41 
GAAP and adjusted diluted weighted average shares42,046 43,705 42,859 44,537 
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BELDEN INC.
RECONCILIATION OF NON-GAAP MEASURES
(Unaudited)
We define free cash flow, which is a non-GAAP financial measure, as net cash from operating activities adjusted for capital expenditures net of the proceeds from the disposal of tangible assets. We believe free cash flow provides useful information to investors regarding our ability to generate cash from business operations that is available for acquisitions and other investments, service of debt principal, dividends and share repurchases. We use free cash flow, as defined, as one financial measure to monitor and evaluate performance and liquidity. Non-GAAP financial measures should be considered only in conjunction with financial measures reported according to accounting principles generally accepted in the United States. Our definition of free cash flow may differ from definitions used by other companies.
 
 Three Months EndedTwelve Months Ended
 December 31, 2023December 31, 2022December 31, 2023December 31, 2022
 (In thousands)
GAAP net cash provided by operating activities$159,645 $202,496 $319,638 $281,296 
Capital expenditures(54,861)(54,844)(116,731)(105,094)
Proceeds from disposal of assets— — 13,785 43,534 
Non-GAAP free cash flow$104,784 $147,652 $216,692 $219,736 



BELDEN INC.
RECONCILIATION OF NON-GAAP MEASURES
2024 Guidance
 Three Months Ended
 March 31, 2024
 
GAAP income from continuing operations per diluted share attributable to Belden common stockholders$0.65 - $0.75
Amortization of intangible assets0.24
Severance, restructuring, and acquisition integration costs0.10
       Adjustments related to acquisitions and divestitures0.01
Adjusted income from continuing operations per diluted share attributable to Belden common stockholders$1.00 - $1.10

Our guidance is based upon information currently available regarding events and conditions that will impact our future operating results. In particular, our results are subject to the factors listed under "Forward-Looking Statements" in this release. In addition, our actual results are likely to be impacted by other additional events for which information is not available, such as asset impairments, adjustments related to acquisitions and divestitures, severance, restructuring, and acquisition integration costs, gains (losses) recognized on the disposal of assets, gains (losses) on debt extinguishment, discontinued operations, and other gains (losses) related to events or conditions that are not yet known.
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Forward-Looking Statements

This release contains, and any statements made by us concerning the subject matter of this release may contain, forward-looking statements, including our outlook for the first quarter of 2024 and beyond. Forward-looking statements also include any statements regarding future financial performance (including revenues, growth, expenses, earnings, margins, cash flows, dividends, capital expenditures and financial condition), plans and objectives, and related assumptions. In some cases these statements are identifiable through the use of words such as “anticipate,” “believe,” “estimate,” “forecast,” “guide,” “expect,” “intend,” “plan,” “project,” “target,” “can,” “could,” “may,” “should,” “will,” “would” and similar expressions. Forward-looking statements reflect management’s current beliefs and expectations and are not guarantees of future performance. Actual results may differ materially from those suggested by any forward-looking statements for a number of reasons, including, without limitation: the impact of a challenging global economy, including the impact of inflation, or a downturn in served markets; the competitiveness of the global markets in which we operate; the inability of the Company to develop and introduce new products; competitive responses to our products; the inability to execute and realize the expected benefits from strategic initiatives (including revenue growth, cost control, and productivity improvement programs); foreign and domestic political, economic and other uncertainties, including changes in currency exchange rates; the impact of disruptions in the global supply chain, including the inability to timely obtain raw materials and components in sufficient quantities on commercially reasonable terms; the inability to achieve our strategic priorities in emerging markets; the impact of changes in global tariffs and trade agreements; volatility in credit and foreign exchange markets; the presence of substitute products in the marketplace; disruptions in the Company’s information systems including due to cyber-attacks; inflation and changes in the price and availability of raw materials leading to higher input and labor costs; the possibility of a resurgence of COVID-19 or the spread of other viruses; difficulty in forecasting revenue due to the unpredictable timing of orders related to customer projects as well as the impacts of channel inventory; changes in tax laws and variability in the Company’s quarterly and annual effective tax rates; the increased prevalence of cloud computing; the inability to successfully complete and integrate acquisitions in furtherance of the Company’s strategic plan; the inability to retain key employees; disruption of, or changes in, the Company’s key distribution channels; the presence of activists proposing certain actions by the Company; perceived or actual product failures; the impact of regulatory requirements and other legal compliance issues; inability to satisfy the increasing expectations with respect to environmental, social and governance matters; assertions that the Company violates the intellectual property of others and the ownership of intellectual property by competitors and others that prevents the use of that intellectual property by the Company; risks related to the use of open source software; the impairment of goodwill and other intangible assets and the resulting impact on financial performance; disruptions and increased costs attendant to collective bargaining groups and other labor matters; and other factors.

For a more complete discussion of risk factors, please see our Annual Report on Form 10-K for the period ended December 31, 2022, filed with the SEC on February 24, 2023. Although the content of this release represents our best judgment as of the date of this report based on information currently available and reasonable assumptions, we give no assurances that the expectations will prove to be accurate. Deviations from the expectations may be material. For these reasons, Belden cautions readers to not place undue reliance on these forward-looking statements, which speak only as of the date made. Belden disclaims any duty to update any forward-looking statements as a result of new information, future developments, or otherwise, except as required by law.

About Belden

Belden Inc. delivers the infrastructure that makes the digital journey simpler, smarter and secure. We’re moving beyond connectivity, from what we make to what we make possible through a performance-driven portfolio, forward-thinking expertise and purpose-built solutions. With a legacy of quality and reliability spanning 120-plus years, we have a strong foundation to continue building the future. We are headquartered in St. Louis and have manufacturing capabilities in North America, Europe, Asia, and Africa. For more information, visit us at www.belden.com; follow us on Facebook, LinkedIn and Twitter.

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Contact:
Belden Investor Relations
Aaron Reddington, CFA
(317) 219-9359
Investor.Relations@Belden.com
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