Belden Inc. reported its financial results for the third quarter and the nine months ended September 29, 2024, highlighting a mixed performance in revenue and profitability compared to the previous fiscal period.
For the third quarter of 2024, Belden's revenues reached $654.9 million, marking a 4.5% increase from $626.8 million in the same quarter of 2023. However, for the nine months ended September 29, 2024, total revenues were $1.8 billion, reflecting an 8.5% decline from $2.0 billion in the prior year. The increase in quarterly revenue was attributed to acquisitions, which contributed $34.5 million, and favorable copper pass-through pricing, while lower sales volume negatively impacted results by $15.2 million.
Gross profit for Q3 2024 was $244.0 million, a slight increase of 1.2% from $241.2 million in Q3 2023. However, operating income decreased significantly to $75.3 million from $95.4 million year-over-year, a decline of 21.0%. For the nine-month period, operating income fell to $197.3 million, down 27.9% from $273.6 million in the previous year. Net income for Q3 2024 was $53.7 million, down from $72.3 million in Q3 2023, while net income for the nine months was $140.0 million, compared to $204.0 million in the prior year.
Belden's strategic developments included two significant acquisitions: Precision Optical Technologies for $289.6 million, enhancing its Smart Infrastructure Solutions segment, and Voleatech GmbH for €5.0 million, aimed at bolstering its Automation Solutions segment. The company also repurchased 0.2 million shares for $20.1 million during Q3 2024, with a remaining authorization of $357.3 million under its share repurchase program.
The company’s total assets increased to $3.34 billion as of September 29, 2024, up from $3.24 billion at the end of 2023. However, cash and cash equivalents decreased significantly to $323.0 million from $597.0 million at the end of 2023, primarily due to increased cash used for acquisitions and investing activities, which totaled $366.2 million for the nine months.
Belden's report also noted a restructuring initiative that incurred severance costs of $4.1 million in Q3 2024. The company continues to face challenges from inflation and fluctuating commodity prices, which may impact future profitability.
About BELDEN INC.
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