Belden Inc (BDC)

Belden Completes Acquisition of RUCKUS NetworksJuly 1, 2026 8:33 AM
Business Wire Establishes Leading end-to-end IT/OT Networking Solution for Enterprise and Industrial Customers Belden Inc. (NYSE: BDC) (“Belden” or the “Company”), a leading global supplier of specialty networking solutions, today announced that it has completed its acquisition of RUCKUS Networks (“RUCKUS”), a global provider of intelligent network solutions, from Vistance Networks (Nasdaq: VISN). RUCKUS’ leading enterprise networking portfolio, including industry-leading Wi-Fi, enterprise switching capabilities and AI driven network management platforms, make Belden a preeminent provider of complete, end-to-end IT/OT networking solutions. The acquisition materially expands the combined organization's addressable market and capitalizes on a significant industrial opportunity while delivering compelling enhancements to Belden’s financial profile. “We are pleased to officially welcome RUCKUS into the Belden family," said Ashish Chand, President and CEO of Belden. “This addition to our portfolio accelerates our transformation into a full-stack networking solutions provider that delivers broader, higher-value solutions for customers across enterprise and industrial environments. I look forward to working with the full team as we capitalize on the benefits of this acquisition to create long-term value for customers and stockholders alike.” Advisors Lewis Rice is serving as lead legal advisor and Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to Belden. 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 anticipated benefits from the RUCKUS acquisition, expected strengthening of Belden’s product offering, future market, growth and synergy opportunities, and the level of RUCKUS expected growth and financial contributions, including adjusted earnings per share, adjusted gross margin, adjusted EBITDA and adjusted EBITDA margin, and our outlook for net leverage, the remainder of 2026 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. Pro forma, projected and estimated numbers are used for illustrative purposes only, are not forecasts, and may not reflect actual results. Actual results may differ materially from those suggested by any forward-looking statements for a number of reasons, including, without limitation: the inability to integrate and/or realize the benefits of the RUCKUS acquisition, including expected synergies; that the announcement of the acquisition could disrupt Belden’s or RUCKUS’ relationships with customers, employees or other business partners; disruptions in the Company’s information systems including due to cyber-attacks; the impact of volatility in global trade policies and tariffs; 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; foreign and domestic political, economic and other uncertainties, including changes in currency exchange rates; the impact of a challenging global economy, including the impact of inflation, or a downturn in served markets; inflation and changes in the price and availability of raw materials leading to higher input and labor costs; 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 successfully implement artificial intelligence into our product offerings and back office processes; our reliance on legacy information technology systems and the challenges associated with their maintenance and upgrade; difficulty in forecasting revenues due to the unpredictable timing of orders related to customer projects as well as the impacts of channel inventory; the inability to execute and realize the expected benefits from strategic initiatives (including revenue growth, cost control, and productivity improvement programs); the inability to achieve our strategic priorities in emerging markets; the presence of substitute products in the marketplace; the impacts of extreme weather events and other climate-related catastrophes; the possibility of future epidemics or pandemics; volatility in credit and foreign exchange markets; changes in tax laws and variability in the Company’s quarterly and annual effective tax rates; the inability to successfully complete and integrate acquisitions, in furtherance of the Company’s strategic plan, as well as the inability to accurately forecast the financial impacts of acquisitions; 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 sustainability 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, 2025, filed with the SEC on February 17, 2026. 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 complete connection solutions that unlock untold possibilities for our customers, their customers and the world. We advance ideas and technologies that enable a safer, smarter and more prosperous future. Throughout our 120+ year history we have evolved as a company, but our purpose remains: making connections. By connecting people, information and ideas, we make it possible. 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 X/Twitter. BDC-Financial View source version on businesswire.com: https://www.businesswire.com/news/home/20260630770473/en/ Belden Contacts Belden Investor Relations
Aaron Reddington, CFA
+1 (317) 219-9359
Investor.Relations@Belden.com Andy Brimmer / Haley Salas
Joele Frank, Wilkinson Brimmer Katcher
+1 (212) 355-4449 Original: Belden Completes Acquisition of RUCKUS Networks

Belden Announces Pricing of $1.85 Billion Senior Secured Term Loan B FacilityJune 11, 2026 5:30 PM
Business Wire Belden Inc. (NYSE: BDC) (“Belden” or the “Company”), a leading global supplier of specialty networking solutions, announced today that it has successfully syndicated and priced a new $1.85 billion aggregate principal amount senior secured term loan B due 2033 (the "Facility").The loans under the Facility will be issued at a price equal to 99.75% of their face value (or with an original issue discount of 0.25%) and bear interest at SOFR plus 2.25%, with closing expected concurrent with and subject to the consummation of the Company's previously announced pending acquisition (the "Acquisition") of RUCKUS Networks ("RUCKUS") subject to the satisfaction of customary closing conditions. Belden intends to use the proceeds from the Facility, together with cash on hand, to fund the previously announced acquisition of RUCKUS, including any related fees and expenses. This press release does not constitute an offer to sell, or the solicitation of any offer to buy, any securities, nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification of such securities under the securities laws of that jurisdiction. 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 the closing of the acquisition. 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 risk that the RUCKUS transaction may not be completed in a timely manner or at all, the inability to integrate or realize the benefits of the RUCKUS transaction, disruptions in the Company’s information systems including due to cyber-attacks; the impact of volatility in global trade policies and tariffs; 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; foreign and domestic political, economic and other uncertainties, including changes in currency exchange rates; the impact of a challenging global economy, including the impact of inflation, or a downturn in served markets; inflation and changes in the price and availability of raw materials leading to higher input and labor costs; 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 successfully implement artificial intelligence into our product offerings and back office processes; our reliance on legacy information technology systems and the challenges associated with their maintenance and upgrade; difficulty in forecasting revenues due to the unpredictable timing of orders related to customer projects as well as the impacts of channel inventory; the inability to execute and realize the expected benefits from strategic initiatives (including revenue growth, cost control, and productivity improvement programs); the inability to achieve our strategic priorities in emerging markets; the presence of substitute products in the marketplace; the impacts of extreme weather events and other climate-related catastrophes; the possibility of future epidemics or pandemics; volatility in credit and foreign exchange markets; changes in tax laws and variability in the Company’s quarterly and annual effective tax rates; the inability to successfully complete and integrate acquisitions, in furtherance of the Company’s strategic plan, as well as the inability to accurately forecast the financial impacts of acquisitions; 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 sustainability 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, 2025, filed with the SEC on February 17, 2026. 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 complete connection solutions that unlock untold possibilities for our customers, their customers and the world. We advance ideas and technologies that enable a safer, smarter and more prosperous future. Throughout our 120+ year history we have evolved as a company, but our purpose remains – making connections. By connecting people, information and ideas, we make it possible. 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 X/Twitter. BDC-Financial View source version on businesswire.com: https://www.businesswire.com/news/home/20260611446333/en/ Belden Investor Relations
Aaron Reddington, CFA
+1 (317) 219-9359
Investor.Relations@Belden.com Original: Belden Announces Pricing of $1.85 Billion Senior Secured Term Loan B Facility

Belden Declares Quarterly DividendMay 21, 2026 4:05 PM
Business Wire The Board of Directors of Belden Inc. (NYSE: BDC) today declared a quarterly dividend to holders of common stock of $0.05 per share payable on July 9, 2026, to shareholders of record as of June 16, 2026. About Belden Belden Inc. delivers complete connection solutions that unlock untold possibilities for our customers, their customers and the world. We advance ideas and technologies that enable a safer, smarter and more prosperous future. Throughout our 120+ year history we have evolved as a company, but our purpose remains – making connections. By connecting people, information and ideas, we make it possible. 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 X/Twitter. BDC-Financial View source version on businesswire.com: https://www.businesswire.com/news/home/20260521507141/en/ Belden Investor Relations
Aaron Reddington, CFA
(317) 219-9359
Investor.Relations@Belden.com Original: Belden Declares Quarterly Dividend

Belden to Recognize Joseph C. Belden Innovation Award Finalists at Annual Innovation SummitMay 5, 2026 11:30 AM
Business Wire The winner of the 3rd annual award will be announced on July 28 Belden Inc. (NYSE: BDC), a leading global provider of complete connection solutions is pleased to announce that three companies have been selected as finalists for the 3rd annual Joseph C. Belden Innovation Award. The three finalists were selected from a highly competitive field of submissions by a panel of industry expert judges. This year’s entries were evaluated on how effectively they enable IT/OT convergence. The three finalists are united by a common focus: bridging IT and OT to capitalize on technological advances, unlock data-driven efficiencies, and drive greater agility and profitability across diverse applications. Fellow innovators and thought leaders will explore the disruptive trends that are shaping the industry while honoring the 2026 Joseph C. Belden Innovation Award finalists and winner at the Belden Innovation Summit in July. The finalists are: G-SPACE: The company submitted G-SPACE, a machine learning platform for microgravity product design. G-SPACE turns complex experiment data into actionable insights for R&D and manufacturing teams, enabling faster analytics, optimization and prediction. Standardized workflows help scale microgravity experiments into repeatable processes, accelerating space-made products with lower risk. PROLIM: The company submitted PROMIS, an AI-native Digital Manufacturing Platform for Industry 4.0. PROMIS integrates AI, IoT and automation to deliver real-time visibility, predictive insights and operational excellence. Seamlessly connected with PLM, ERP and MES systems like Siemens and SAP, PROMIS optimizes performance, quality and compliance across global manufacturing. Thread: The company submitted Thread, an AI-powered workflow platform that automates the handoff from sales to delivery for network infrastructure projects helping bridge IT requirements and field/operational execution. For telco and ISP cabling deployments, Thread captures scope, site details and partner requirements, standardizes implementation milestones and coordinates internal teams and installers, reducing delays, rework and time-to-service. The Summit will be hosted by Jeff Winter, Belden's Vice President of Commercial Strategy and one of the most recognized voices in industrial automation and Industry 4.0. Ranked the #1 global thought leader for Industry 4.0 by Onalytica and the #1 global influencer in manufacturing by Manufacturing Digital Magazine, Winter has over two decades of experience spanning automation, controls and digital transformation — making him the ideal guide for a conversation at the intersection of innovation, IT/OT convergence and the future of manufacturing. The award is named after Belden’s founder, Joseph C. Belden. 2026 marks the 150th anniversary of Joe Belden’s birth, and this year’s summit commemorates this milestone while celebrating the innovative spirit that has shaped Belden from the start. His patents and ingenuity helped the company become an early telecommunications leader, laying the foundation for modern-day Belden’s portfolio of network and data solutions. The Joseph C. Belden Innovation Award shines a spotlight on innovations that power the future in industries such as healthcare, manufacturing and telecommunications. To learn more about the Joseph C. Belden Innovation Award, visit our website: https://www.belden.com/About/Joseph-C-Belden-Innovation-Award About Belden Belden Inc. delivers complete connection solutions that unlock untold possibilities for our customers, their customers and the world. We advance ideas and technologies that enable a safer, smarter and more prosperous future. Throughout our 120+ year history we have evolved as a company, but our purpose remains – making connections. By connecting people, information and ideas, we make it possible. 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 X/Twitter. Belden and the Belden logo are trademarks or registered trademarks of Belden Inc. or its affiliated companies in the United States and other jurisdictions. Belden and other parties may also have trademark rights in other terms used herein. View source version on businesswire.com: https://www.businesswire.com/news/home/20260505075921/en/ For more information, contact:
Scott R. Todd
Manager, Public Relations and Thought Leadership
+1.317.316.6473
scott.todd@belden.com   Original: Belden to Recognize Joseph C. Belden Innovation Award Finalists at Annual Innovation Summit

Belden Reports First Quarter 2026 ResultsApril 30, 2026 7:05 AM
Business Wire
Separately Announces Definitive Agreement to Acquire RUCKUS Networks


Belden Inc. (NYSE: BDC) (“Belden” or the “Company”), a leading global supplier of specialty networking solutions, today reported fiscal first quarter results for the period ended March 29, 2026.


First Quarter 2026 Highlights



Revenues of $696 million, up 11% y/y and up 7% y/y organically



GAAP EPS of $1.30, up 2% y/y



Adjusted EPS of $1.77, up 11% y/y



Repurchased 0.3 million shares for $30 million during the quarter



"Belden delivered a strong start to 2026, with revenues up 11% year over year and up 7% organically, reflecting continued momentum in our solutions strategy and solid execution across the business,” said Ashish Chand, President and CEO of Belden Inc. “Adjusted EPS of $1.77 was up 11% year over year, demonstrating the earnings power of our growing solutions portfolio. Customers continue to invest in digitization, automation and IT/OT convergence, and Belden is increasingly positioned as the solutions partner of choice to help them build secure, reliable, high-performance networks. Together with RUCKUS, Belden will be positioned to deliver the most comprehensive IT/OT networking solution in the industry."


First Quarter 2026


Revenues for the quarter increased by $71 million, or 11%, to $696 million from $625 million in the year-ago period. Revenues increased 7% organically. Net income was $51 million, compared to $52 million in the year-ago period. Net income as a percentage of revenues was 7.3%, compared to 8.3% in the year-ago period. EPS totaled $1.30 for the quarter, compared to $1.27 in the year-ago period.


Adjusted EBITDA was $118 million, up $14 million, or 14%, compared to $104 million in the year-ago period. Adjusted EBITDA margin was 17.0%, up 40 bps, compared to 16.6% in the year-ago period. Adjusted EPS was $1.77, increasing 11% compared to $1.60 in the year-ago period. Adjusted results are non-GAAP measures, and a non-GAAP reconciliation table is provided as an appendix to this release.


Acquisition of RUCKUS Networks


In a separate press release issued today, Belden announced that it has entered into a definitive agreement to acquire RUCKUS Networks (“RUCKUS”), a global provider of intelligent network solutions, from Vistance Networks (Nasdaq: VISN) for approximately $1.85 billion.


Outlook


"While underlying demand signals remain encouraging, near-term visibility is limited and the broader macroeconomic and geopolitical environment remains fluid. Our teams and customers are actively managing input costs and supply chain resiliency, and our guidance reflects a balanced, measured view consistent with typical seasonal patterns. The long-term fundamentals driving our business, data growth, automation, and IT/OT convergence have not changed. We remain focused on disciplined execution as we advance our solutions strategy and compound value over time," said Dr. Chand. Assuming the continuation of current market conditions, the table below provides guidance for the second quarter of 2026 on a standalone basis, excluding any contribution from the proposed acquisition of RUCKUS.




Second Quarter 2026:






 






 








 






 






Guidance








Revenues (million)






 






$735 - $750








GAAP EPS






 






$1.53 - $1.63








Adjusted EPS






 






$1.95 - $2.05







Earnings Conference Call


Management will host a conference call today at 8:30 am ET to discuss Belden's agreement to acquire RUCKUS, as well as the quarterly results. The listen-only audio of the conference call will be broadcast live online at https://investor.belden.com. The dial-in number for participants is 1-800-330-6710 with confirmation code 5588336. A replay of this conference call will remain accessible in the investor relations section of the Company’s website for a limited time.


Earnings per Share (EPS) and Organic Growth


All references to EPS within this earnings release refer to net income per diluted share. Organic growth is calculated as the change in revenues excluding the impacts from currency exchange rates, copper prices, acquisitions, and divestitures.




BELDEN INC.




CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS




(Unaudited)









 



 






 






Three Months Ended








 






 






March 29, 2026






 






March 30, 2025








 






 






 






 






 








 






 






(In thousands, except per share data)








Revenues






 






$






696,375






 






 






$






624,861






 








Cost of sales






 






 






(438,287






)






 






 






(379,021






)








Gross profit






 






 






258,088






 






 






 






245,840






 








Selling, general and administrative expenses






 






 






(138,652






)






 






 






(131,522






)








Research and development expenses






 






 






(30,089






)






 






 






(28,417






)








Amortization of intangibles






 






 






(11,388






)






 






 






(13,275






)








Operating income






 






 






77,959






 






 






 






72,626






 








Interest expense, net






 






 






(13,459






)






 






 






(10,104






)








Non-operating pension cost






 






 






(456






)






 






 






(441






)








Loss on debt extinguishment






 






 






(1,273






)






 






 






—






 








Income before taxes






 






 






62,771






 






 






 






62,081






 








Income tax expense






 






 






(11,744






)






 






 






(10,144






)








Net income






 






 






51,027






 






 






 






51,937






 








 






 






 






 






 








Weighted average number of common shares and equivalents:






 






 






 






 








Basic






 






 






38,814






 






 






 






40,166






 








Diluted






 






 






39,395






 






 






 






40,844






 








 






 






 






 






 








Basic income per share






 






$






1.31






 






 






$






1.29






 








 






 






 






 






 








Diluted income per share






 






$






1.30






 






 






$






1.27






 








 






 






 






 






 








Common stock dividends declared per share






 






$






0.05






 






 






$






0.05






 









BELDEN INC.




CONDENSED CONSOLIDATED BALANCE SHEETS











 



 






 






March 29,

2026






 






December 31,

2025








 






 






 






 






 








 






 






(Unaudited)






 






 








 






 






(In thousands)








ASSETS








Current assets:






 






 






 






 








Cash and cash equivalents






 






$






272,151






 






 






$






389,887






 








Receivables, net






 






 






499,090






 






 






 






462,845






 








Inventories, net






 






 






423,124






 






 






 






402,345






 








Other current assets






 






 






85,522






 






 






 






94,303






 








Total current assets






 






 






1,279,887






 






 






 






1,349,380






 








Property, plant and equipment, less accumulated depreciation






 






 






569,389






 






 






 






566,020






 








Operating lease right-of-use assets






 






 






105,749






 






 






 






113,033






 








Goodwill






 






 






1,034,037






 






 






 






1,036,821






 








Intangible assets, less accumulated amortization






 






 






392,431






 






 






 






399,799






 








Deferred income taxes






 






 






14,099






 






 






 






14,512






 








Other long-lived assets






 






 






63,832






 






 






 






64,056






 








 






 






$






3,459,424






 






 






$






3,543,621






 








 






 






 






 






 








LIABILITIES AND STOCKHOLDERS’ EQUITY








Current liabilities:






 






 






 






 








Accounts payable






 






$






326,931






 






 






$






361,432






 








Accrued liabilities






 






 






286,703






 






 






 






336,067






 








Total current liabilities






 






 






613,634






 






 






 






697,499






 








Long-term debt






 






 






1,260,359






 






 






 






1,285,666






 








Postretirement benefits






 






 






62,767






 






 






 






63,598






 








Deferred income taxes






 






 






112,458






 






 






 






98,060






 








Long-term operating lease liabilities






 






 






89,874






 






 






 






94,372






 








Other long-term liabilities






 






 






37,331






 






 






 






40,002






 








Stockholders’ equity:






 






 






 






 








Common stock






 






 






503






 






 






 






503






 








Additional paid-in capital






 






 






862,720






 






 






 






867,457






 








Retained earnings






 






 






1,454,639






 






 






 






1,405,572






 








Accumulated other comprehensive loss






 






 






(95,715






)






 






 






(97,204






)








Treasury stock






 






 






(939,146






)






 






 






(911,904






)








Total stockholders’ equity






 






 






1,283,001






 






 






 






1,264,424






 








 






 






$






3,459,424






 






 






$






3,543,621






 









BELDEN INC.




CONDENSED CONSOLIDATED CASH FLOW STATEMENTS




(Unaudited)









 



 






 






Three Months Ended








 






 






March 29, 2026






 






March 30, 2025








 






 






 






 






 








 






 






(In thousands)








Cash flows from operating activities:






 






 






 






 








Net income






 






$






51,027






 






 






$






51,937






 








Adjustments to reconcile net income to cash flows from operating activities:






 






 






 






 








Depreciation and amortization






 






 






32,456






 






 






 






29,784






 








Share-based compensation






 






 






9,161






 






 






 






7,776






 








Loss on debt extinguishment






 






 






1,273






 






 






 






—






 








Changes in operating assets and liabilities, net of the effects of currency exchange rate changes, acquired businesses and disposals:






 






 






 






 








Receivables






 






 






(37,906






)






 






 






(5,934






)








Inventories






 






 






(21,883






)






 






 






(26,676






)








Accounts payable






 






 






(19,431






)






 






 






(8,612






)








Accrued liabilities






 






 






(36,679






)






 






 






(40,913






)








Income taxes






 






 






2,393






 






 






 






6,813






 








Other assets






 






 






5,594






 






 






 






(3,634






)








Other liabilities






 






 






(4,671






)






 






 






(3,100






)








Net cash provided by (used for) operating activities






 






 






(18,666






)






 






 






7,441






 








Cash flows from investing activities:






 






 






 






 








Capital expenditures






 






 






(44,392






)






 






 






(32,202






)








Proceeds from disposal of tangible assets






 






 






—






 






 






 






106






 








Cash from business acquisitions






 






 






—






 






 






 






7,918






 








Net cash used for investing activities






 






 






(44,392






)






 






 






(24,178






)








Cash flows from financing activities:






 






 






 






 








Payments under borrowing arrangements






 






 






(535,860






)






 






 






—






 








Payments under share repurchase program, including excise tax






 






 






(30,381






)






 






 






(84,492






)








Withholding tax payments for share-based payment awards






 






 






(17,700






)






 






 






(13,671






)








Debt issuance costs paid






 






 






(8,630






)






 






 






—






 








Cash dividends paid






 






 






(1,970






)






 






 






(2,017






)








Payments under financing lease obligations






 






 






(492






)






 






 






(422






)








Proceeds from issuance of common stock






 






 






4,696






 






 






 






3,818






 








Borrowings under credit arrangements






 






 






537,255






 






 






 






—






 








Net cash used for financing activities






 






 






(53,082






)






 






 






(96,784






)








Effect of foreign currency exchange rate changes on cash and cash equivalents






 






 






(1,596






)






 






 






2,216






 








Decrease in cash and cash equivalents






 






 






(117,736






)






 






 






(111,305






)








Cash and cash equivalents, beginning of period






 






 






389,887






 






 






 






370,302






 








Cash and cash equivalents, end of period






 






$






272,151






 






 






$






258,997






 









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.









 






 






Three Months Ended








 






 






March 29, 2026






 






March 30, 2025








 






 






 






 






 








 






 






(In thousands, except percentages and per share amounts)








Revenues






 






$






696,375






 






 






$






624,861






 








 






 






 






 






 








GAAP gross profit






 






$






258,088






 






 






$






245,840






 








Amortization of software development intangible assets






 






 






3,372






 






 






 






2,613






 








Severance, restructuring, and acquisition integration costs






 






 






3,981






 






 






 






9






 








Adjusted gross profit






 






$






265,441






 






 






$






248,462






 








 






 






 






 






 








GAAP gross profit margin






 






 






37.1






%






 






 






39.3






%








Adjusted gross profit margin






 






 






38.1






%






 






 






39.8






%








 






 






 






 






 








GAAP selling, general and administrative expenses






 






$






(138,652






)






 






$






(131,522






)








Severance, restructuring, and acquisition integration costs






 






 






3,879






 






 






 






1,594






 








Adjustments related to acquisitions and divestitures






 






 






(955






)






 






 






298






 








Adjusted selling, general and administrative expenses






 






$






(135,728






)






 






$






(129,630






)








 






 






 






 






 








GAAP research and development expenses






 






$






(30,089






)






 






$






(28,417






)








Severance, restructuring, and acquisition integration costs






 






 






1,192






 






 






 






95






 








Adjusted research and development expenses






 






$






(28,897






)






 






$






(28,322






)








 






 






 






 






 








GAAP net income






 






$






51,027






 






 






$






51,937






 








Income tax expense






 






 






11,744






 






 






 






10,144






 








Interest expense, net






 






 






13,459






 






 






 






10,104






 








Loss on debt extinguishment






 






 






1,273






 






 






 






—






 








Total non-operating adjustments






 






 






26,476






 






 






 






20,248






 








 






 






 






 






 








Amortization of intangible assets






 






 






11,388






 






 






 






13,275






 








Amortization of software development intangible assets






 






 






3,372






 






 






 






2,613






 








Severance, restructuring, and acquisition integration costs






 






 






9,052






 






 






 






1,698






 








Adjustments related to acquisitions and divestitures






 






 






(955






)






 






 






298






 








Total operating income adjustments






 






 






22,857






 






 






 






17,884






 








Depreciation expense






 






 






17,696






 






 






 






13,896






 








 






 






 






 






 








Adjusted EBITDA






 






$






118,056






 






 






$






103,965






 








 






 






 






 






 








GAAP net income margin






 






 






7.3






%






 






 






8.3






%








Adjusted EBITDA margin






 






 






17.0






%






 






 






16.6






%








 






 






 






 






 








GAAP net income






 






$






51,027






 






 






$






51,937






 








Plus: Operating income adjustments from above






 






 






22,857






 






 






 






17,884






 








Less: Tax effect of adjustments above






 






 






5,488






 






 






 






4,336






 








Plus: Loss on debt extinguishment






 






 






1,273






 






 






 






—






 








Adjusted net income






 






$






69,669






 






 






$






65,485






 








 






 






 






 






 








GAAP income per diluted share






 






$






1.30






 






 






$






1.27






 








Adjusted income per diluted share






 






$






1.77






 






 






$






1.60






 








 






 






 






 






 








GAAP and adjusted diluted weighted average shares






 






 






39,395






 






 






 






40,844






 









BELDEN INC.




RECONCILIATION OF NON-GAAP MEASURES




(Unaudited)













 



 






 






Three Months ended






 






GAAP






 






Non-GAAP








 






 






March 29,

2026






 






March 30,

2025






 






Revenue

Growth






 






Foreign

Currency

Impact






 






Copper Pass-

Through

Pricing

Impact






 






Acquisitions

and

Divestitures

Impact






 






Organic

Growth








 






 






(In thousands, except percentages)








Revenues






 






$






696,375






 






$






624,861






 






11






%






 






2






%






 






2






%






 






—






%






 






7






%









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 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 Ended








 






 






March 29, 2026






 






March 30, 2025








 






 






 






 






 








 






 






(In thousands)








GAAP net cash provided by (used for) operating activities






 






$






(18,666






)






 






$






7,441






 








Capital expenditures






 






 






(44,392






)






 






 






(32,202






)








Proceeds from disposal of tangible assets






 






 






—






 






 






 






106






 








Non-GAAP free cash flow






 






$






(63,058






)






 






$






(24,655






)









BELDEN INC.




RECONCILIATION OF NON-GAAP MEASURES




(Unaudited)










 








 






 






Three Months Ended








 






 






June 28, 2026








 






 






 








 






 








GAAP EPS






 






$1.53 - $1.63








Amortization of intangible assets






 






0.28








Severance, restructuring, and acquisition integration costs






 






0.08








Adjustments related to acquisitions and divestitures






 






0.06








Adjusted EPS






 






$1.95 - $2.05







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.


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 the closing of the acquisition and our outlook for the remainder of 2026 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 risk that the RUCKUS transaction may not be completed in a timely manner or at all, the inability to integrate or realize the benefits of the RUCKUS transaction, disruptions in the Company’s information systems including due to cyber-attacks; the impact of volatility in global trade policies and tariffs; 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; foreign and domestic political, economic and other uncertainties, including changes in currency exchange rates; the impact of a challenging global economy, including the impact of inflation, or a downturn in served markets; inflation and changes in the price and availability of raw materials leading to higher input and labor costs; 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 successfully implement artificial intelligence into our product offerings and back office processes; our reliance on legacy information technology systems and the challenges associated with their maintenance and upgrade; difficulty in forecasting revenues due to the unpredictable timing of orders related to customer projects as well as the impacts of channel inventory; the inability to execute and realize the expected benefits from strategic initiatives (including revenue growth, cost control, and productivity improvement programs); the inability to achieve our strategic priorities in emerging markets; the presence of substitute products in the marketplace; the impacts of extreme weather events and other climate-related catastrophes; the possibility of future epidemics or pandemics; volatility in credit and foreign exchange markets; changes in tax laws and variability in the Company’s quarterly and annual effective tax rates; the inability to successfully complete and integrate acquisitions, in furtherance of the Company’s strategic plan, as well as the inability to accurately forecast the financial impacts of acquisitions; 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 sustainability 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, 2025, filed with the SEC on February 17, 2026. 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 complete connection solutions that unlock untold possibilities for our customers, their customers and the world. We advance ideas and technologies that enable a safer, smarter and more prosperous future. Throughout our 120+ year history we have evolved as a company, but our purpose remains – making connections. By connecting people, information and ideas, we make it possible. 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 X/Twitter.


BDC-Financial

View source version on businesswire.com: https://www.businesswire.com/news/home/20260430926628/en/
Belden Investor Relations

Aaron Reddington, CFA

(317) 219-9359

Investor.Relations@Belden.com


Original: Belden Reports First Quarter 2026 Results