Belden Inc (NYSE:BDC) reported a revenue of $627 million for the third quarter of 2023, reflecting a 7% decrease compared to the same period last year. The company’s GAAP earnings per share stood at $1.70, marking a 28% year-over-year decline.
Share Repurchase
During the quarter, Belden Inc executed share repurchases totaling $64 million, with a year-to-date total of $150 million.
Net Profit and Outlook
The company recorded a net profit of $72 million for the quarter, down from $104 million in the previous year. Belden Inc, a leading global provider of networking infrastructure and digitization solutions, faced weak demand across its markets in the third quarter. Despite challenges, expansion in solution offerings contributed to gross profit growth.
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Strategic Measures
Belden Inc anticipates ongoing challenges in the fourth quarter and likely into the following year. The company plans to mitigate temporary demand declines by enhancing productivity to better align with expected conditions.
Financial Metrics
Net profit as a percentage of revenue amounted to 11.5%, down from 15.5% in the previous year. Revenue in the industrial automation solutions and enterprise solutions segments decreased by 4% and 14%, respectively. The adjusted EBITDA was $115 million compared to $118 million in the previous year, with adjusted EBITDA margin increasing to 18.4% from 17.6%.
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Fourth Quarter Expectations
For the fourth quarter of 2023, Belden Inc expects revenue in the range of $510 million to $530 million. GAAP earnings per share are projected to be between $0.49 and $0.64, while adjusted earnings per share are estimated to be between $1.05 and $1.20. The company anticipates continued demand declines, customer capital expenditure pauses, and sales channel pressures.
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