What does Belden do and what are its main business segments?

What is the revenue and EPS growth rate for Belden year over year?

What were the key takeaways from Belden’s earnings call?

What is Belden's latest dividend and current dividend yield?

What factors drove the changes in Belden's revenue and profit?

What is the market's earnings forecast for Belden next quarter?

What guidance did Belden's management provide for the next earnings period?

What were the key takeaways from Belden's earnings call?

- **Record Q3 Results**: $698M revenue (+7% YoY), $1.97 EPS (+16% YoY), beating guidance.
- **Strategic Wins**: $14M utility modernization project, Physical AI pilot commercial deployment.
- **Growth Drivers**: Automation Solutions up 10% YoY, reshoring trend with 10+ manufacturers planning U.S. builds.
- **2026 Outlook**: Positive on Physical AI scale, broadband recovery, and smart infrastructure solutions growth.

**【Management & CEO Opening Remarks】**
- Q3 2025 revenue reached $698 million (+7% YoY), with adjusted EPS of $1.97 (+16% YoY), both above guidance.
- Organic revenue grew 4% YoY, driven by 10% growth in Automation Solutions (Germany, China) and 3% in Smart Buildings.
- Secured a $14M multiyear utility modernization project, showcasing solutions-driven strategy.

**【CEO Strategic Highlights】**
- Physical AI collaboration with NVIDIA/Accenture: Virtual safety fence pilot achieved commercial deployment, leveraging Belden's time-sensitive networking.
- Utility market penetration: 7-10% of U.S./Western Europe PT&D market, targeting network modernization with XTran platform.
- Free cash flow $214M (12M trailing), $150M share buybacks YTD, reducing share count by 12% since 2021.

**【CFO Financial Review】**
- Q3 GAAP net income $79M (+11% YoY), gross margin 38.2% (+40bps YoY) despite copper/tariff pass-throughs.
- Automation Solutions EBITDA +10% YoY, Smart Infrastructure flat YoY (broadband down 4% YoY, offset by fiber growth).
- Q4 2025 outlook: Revenue $690-700M (+4-5% YoY), EPS $1.90-2.00 (flat to +4% YoY).

**【Q&A Highlights】**
- **Physical AI**: 10+ PoCs in manufacturing, targeting 2026 commercial scale; Belden Horizon platform enables edge AI without cloud dependency.
- **Broadband**: BEAD funding driving fiber adoption, but MSO upgrades moderating in 2025H2; 2026 outlook positive.
- **Reshoring**: Multiple U.S. manufacturers (pharma, CPG, automotive) planning 3-5yr factory builds, driving network infrastructure demand.
- **R&D Investment**: $15M+ annualized in Belden Horizon platform development, supporting solutions strategy.


Belden Inc. (BDC) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

BDC

BDC fundamentals

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