EX-99.1 2 companynewsreleasedatedaug.htm EX-99.1 Document

Exhibit 99.1
 
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  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 Strong Results for Second Quarter 2022

St. Louis, Missouri – August 3, 2022 - Belden Inc. (NYSE: BDC), a leading global supplier of network infrastructure solutions, today reported fiscal second quarter 2022 results for the period ended July 3, 2022.

Second Quarter 2022

Revenues for the quarter totaled $667 million, increasing $91 million, or 16%, compared to $576 million in the year-ago period. Net income was $59 million, compared to $45 million in the year-ago period. Net income as a percentage of revenue was 8.8%, compared to 7.9% in the year-ago period. EPS totaled $1.31, compared to $1.00 in the second quarter 2021.

Adjusted revenues for the quarter totaled $667 million, increasing $90 million, or 16%, compared to $577 million in the year-ago period. Adjusted EBITDA was $111 million, increasing $18 million, or 19%, compared to $93 million in the year-ago period. Adjusted EBITDA margin was 16.6%, compared to 16.1% in the year-ago period. Adjusted EPS was $1.60, increasing 31% compared to $1.22 in the second quarter 2021. Adjusted results are non-GAAP measures, and a non-GAAP reconciliation table is provided as an appendix to this release.

Roel Vestjens, President and CEO of Belden Inc., said, “We delivered another strong quarter of profitable growth. I am pleased with the revenue performance, up 18% organically, with broad-based strength across all businesses. Our global teams are executing our strategic plan and successfully navigating the inflationary environment, resulting in solid margin expansion and 31% EPS growth. Additionally, we continued to deploy capital to share repurchases, while ending the quarter with net leverage of 1.4x, below our recently announced target of 1.5x.”

Outlook

“As a result of the strong quarter and an improved outlook for the remainder of the year, we are increasing our full year 2022 guidance. Our full year revenue guidance now represents organic revenue growth of 12% to 13%, up from 7% to 9% in our prior guidance. The macroeconomic environment remains very dynamic with considerable uncertainties, including volatile foreign exchange rates and commodity prices. However, we continue to gain momentum with our strategic growth initiatives, and I am confident in our ability to support our customers, create value for our shareholders, and deliver at least $8.00 of adjusted EPS by 2025,” said Mr. Vestjens.

The Company expects third quarter 2022 revenues to be $625 - $640 million. Compared to second quarter 2022 revenues, the Company expects third quarter 2022 revenues to be lower by approximately $25 million due to a stronger U.S. dollar and lower copper pass-through pricing.

Driven by stronger organic growth, for the year ending December 31, 2022, the Company now expects revenues to be $2.520 - $2.550 billion, compared to prior guidance of $2.480 - $2.530 billion. The full year revenue guidance now represents organic growth of 12% to 13%, compared to prior guidance of 7% to 9%.



The Company expects third quarter 2022 GAAP EPS to be $1.16 - $1.26. For the year ending December 31, 2022, the Company now expects GAAP EPS to be $4.67 - $4.87, compared to prior guidance of $4.31 - $4.61.

The Company expects third quarter 2022 adjusted EPS to be $1.50 - $1.60. For the year ending December 31, 2022, the Company now expects adjusted EPS to be $5.90 - $6.10, compared to prior guidance of $5.55 - $5.85. The full year adjusted EPS guidance now represents growth of 24% to 28%.


Earnings Conference Call

Management will host a conference call today at 8:30 am ET to discuss results of the quarter. 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 888-394-8218 with confirmation code 1022870. 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 and Earnings per Share (EPS)

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.

Use of Non-GAAP Financial Information

Adjusted results are non-GAAP measures that reflect certain adjustments the Company makes to provide insight into operating results. GAAP to non-GAAP reconciliations accompany the condensed consolidated financial statements included in this release and have been published to the investor relations section of the Company’s website at https://investor.belden.com.



BELDEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 Three Months EndedSix Months Ended
 July 3, 2022July 4, 2021July 3, 2022July 4, 2021
 (In thousands, except per share data)
Revenues$666,551 $575,857 $1,276,922 $1,084,540 
Cost of sales(444,246)(384,503)(845,757)(724,003)
Gross profit222,305 191,354 431,165 360,537 
Selling, general and administrative expenses(105,203)(93,570)(208,269)(174,205)
Research and development expenses(25,989)(22,263)(49,445)(44,875)
Amortization of intangibles(9,177)(7,172)(17,994)(15,165)
Asset impairments— — — (6,995)
Operating income81,936 68,349 155,457 119,297 
Interest expense, net(11,276)(14,870)(25,687)(30,381)
Loss on debt extinguishment— — (6,392)— 
Non-operating pension benefit1,070 1,445 2,270 2,129 
Income from continuing operations before taxes71,730 54,924 125,648 91,045 
Income tax expense(13,088)(9,578)(22,910)(16,634)
Income from continuing operations58,642 45,346 102,738 74,411 
Loss from discontinued operations, net of tax— (1,374)(3,685)(1,698)
Loss on disposal of discontinued operations, net of tax— — (4,567)— 
Net income 58,642 43,972 94,486 72,713 
Less: Net income attributable to noncontrolling interest81 208 84 283 
Net income attributable to Belden stockholders$58,561 $43,764 $94,402 $72,430 
Weighted average number of common shares and equivalents:
Basic44,252 44,759 44,535 44,717 
Diluted44,782 45,262 45,179 45,162 
Basic income (loss) per share attributable to Belden stockholders:
        Continuing operations$1.32 $1.01 $2.31 $1.66 
        Discontinued operations— (0.03)(0.08)(0.04)
        Disposal of discontinued operations— — (0.10)— 
        Net income $1.32 $0.98 $2.12 $1.62 
Diluted income (loss) per share attributable to Belden stockholders:
        Continuing operations$1.31 $1.00 $2.27 $1.64 
        Discontinued operations— (0.03)(0.08)(0.04)
        Disposal of discontinued operations— — (0.10)— 
        Net income$1.31 $0.97 $2.09 $1.60 
Common stock dividends declared per share$0.05 $0.05 $0.10 $0.10 



BELDEN INC.
OPERATING SEGMENT INFORMATION
(Unaudited)

Enterprise SolutionsIndustrial Automation SolutionsTotal Segments
 (In thousands, except percentages)
For the three months ended July 3, 2022
Segment Revenues$307,444 $359,107 $666,551 
Segment EBITDA41,887 68,060 109,947 
Segment EBITDA margin13.6 %19.0 %16.5 %
Depreciation expense5,768 5,602 11,370 
Amortization of intangibles4,442 4,735 9,177 
Amortization of software development intangible assets22 959 981 
Severance, restructuring, and acquisition integration costs4,575 1,282 5,857 
Adjustments related to acquisitions and divestitures(558)1,134 576 
For the three months ended July 4, 2021
Segment Revenues$267,528 $309,178 $576,706 
Segment EBITDA36,001 55,464 91,465 
Segment EBITDA margin13.5 %17.9 %15.9 %
Depreciation expense5,372 5,286 10,658 
Amortization of intangibles4,439 2,733 7,172 
Amortization of software development intangible assets20 302 322 
Severance, restructuring, and acquisition integration costs2,464 576 3,040 
Adjustments related to acquisitions and divestitures(32)1,944 1,912 
For the six months ended July 3, 2022
Segment Revenues$575,874 $701,048 $1,276,922 
Segment EBITDA72,708 135,588 208,296 
Segment EBITDA margin12.6 %19.3 %16.3 %
Depreciation expense11,194 11,402 22,596 
Amortization of intangibles8,539 9,455 17,994 
Amortization of software development intangible assets44 1,944 1,988 
Severance, restructuring, and acquisition integration costs4,903 4,677 9,580 
Adjustments related to acquisitions and divestitures(558)1,134 576 
For the six months ended July 4, 2021
Segment Revenues$493,883 $591,506 $1,085,389 
Segment EBITDA64,292 103,075 167,367 
Segment EBITDA margin13.0 %17.4 %15.4 %
Depreciation expense10,735 10,650 21,385 
Amortization of intangibles8,775 6,390 15,165 
Amortization of software development intangible assets52 679 731 
Severance, restructuring, and acquisition integration costs4,416 3,795 8,211 
Adjustments related to acquisitions and divestitures(6,339)1,877 (4,462)
Asset impairments— 6,995 6,995 



BELDEN INC.
OPERATING SEGMENT RECONCILIATION TO CONSOLIDATED RESULTS
(Unaudited)
 
 Three Months EndedSix Months Ended
 July 3, 2022July 4, 2021July 3, 2022July 4, 2021
 (In thousands)
Total segment revenues$666,551 $576,706 $1,276,922 $1,085,389 
   Adjustments related to acquisitions— (849)— (849)
Consolidated revenues$666,551 $575,857 $1,276,922 $1,084,540 
Total Segment EBITDA$109,947 $91,465 $208,296 $167,367 
    Eliminations(50)(12)(105)(45)
    Total non-operating pension benefit1,070 1,445 2,270 2,129 
Consolidated Adjusted EBITDA (1)110,967 92,898 210,461 169,451 
    Interest expense, net(11,276)(14,870)(25,687)(30,381)
    Depreciation expense(11,370)(10,658)(22,596)(21,385)
    Amortization of intangibles (9,177)(7,172)(17,994)(15,165)
    Amortization of software development intangible assets(981)(322)(1,988)(731)
    Loss on debt extinguishment— — (6,392)— 
    Severance, restructuring, and acquisition integration costs(5,857)(3,040)(9,580)(8,211)
    Asset impairments— — — (6,995)
    Adjustments related to acquisitions and divestitures(576)(1,912)(576)4,462 
Income from continuing operations before taxes $71,730 $54,924 $125,648 $91,045 
 
(1)Consolidated Adjusted EBITDA is a non-GAAP measure. See Reconciliation of Non-GAAP Measures for additional information.



















BELDEN INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
 (Unaudited)
July 3, 2022December 31, 2021
 (In thousands)
ASSETS
Current assets:
Cash and cash equivalents$527,682 $641,563 
Receivables, net425,553 383,444 
Inventories, net394,346 345,203 
Other current assets61,268 58,283 
Current assets of discontinued operations— 449,402 
            Total current assets1,408,849 1,877,895 
Property, plant and equipment, less accumulated depreciation340,610 343,564 
Operating lease right-of-use assets73,225 75,571 
Goodwill861,131 821,448 
Intangible assets, less accumulated amortization256,207 238,155 
Deferred income taxes33,731 31,486 
Other long-lived assets52,264 29,558 
$3,026,017 $3,417,677 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$349,446 $377,765 
Accrued liabilities240,891 278,108 
Current liabilities of discontinued operations— 99,079 
Total current liabilities590,337 754,952 
Long-term debt1,137,853 1,459,991 
Postretirement benefits107,394 120,997 
Deferred income taxes59,849 49,027 
Long-term operating lease liabilities60,018 61,967 
Other long-term liabilities21,483 14,661 
Stockholders’ equity:
Common stock503 503 
Additional paid-in capital820,602 833,627 
Retained earnings595,613 505,717 
Accumulated other comprehensive loss(14,487)(70,566)
Treasury stock(354,029)(313,994)
Total Belden stockholders’ equity1,048,202 955,287 
Noncontrolling interests881 795 
Total stockholders’ equity1,049,083 956,082 
$3,026,017 $3,417,677 





BELDEN INC.
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS
(Unaudited)
 
 Six Months Ended
 July 3, 2022July 4, 2021
 (In thousands)
Cash flows from operating activities:
Net income $94,486 $72,713 
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization42,686 43,272 
Loss on debt extinguishment6,392 — 
Share-based compensation10,870 13,513 
Asset impairments— 6,995 
Changes in operating assets and liabilities, net of the effects of currency exchange rate changes, acquired businesses and disposals:
Receivables(20,699)(90,810)
Inventories(47,305)(50,111)
Accounts payable(23,563)50,158 
Accrued liabilities(58,525)227 
Income taxes163 1,474 
Other assets(2,634)(6,924)
Other liabilities(10,452)(13,853)
Net cash provided by (used for) operating activities(8,581)26,654 
Cash flows from investing activities:
Proceeds from disposal of businesses, net of cash sold338,686 10,798 
Proceeds from disposal of tangible assets1,424 3,249 
Capital expenditures(31,010)(30,866)
Cash used for business acquisitions, net of cash acquired(104,123)(73,749)
Purchase of intangible assets— (3,650)
Net cash provided by (used for) investing activities204,977 (94,218)
Cash flows from financing activities:
Payments under borrowing arrangements(230,639)(1,841)
Payments under share repurchase program(66,559)— 
Withholding tax payments for share-based payment awards(5,167)(2,009)
Cash dividends paid(4,520)(4,493)
Payments under financing lease obligations(83)(75)
Debt issuance costs paid— (1,728)
Proceeds from issuance of common stock3,717 — 
Net cash used for financing activities(303,251)(10,146)
Effect of foreign currency exchange rate changes on cash and cash equivalents(9,220)(993)
   Decrease in cash and cash equivalents (116,075)(78,703)
Cash and cash equivalents, beginning of period643,757 501,994 
   Cash and cash equivalents, end of period$527,682 $423,291 

The Condensed Consolidated Cash Flow Statement includes the results of discontinued operations up to the disposal date, February 22, 2022.


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 tangible 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 EndedSix Months Ended
July 3, 2022July 4, 2021July 3, 2022July 4, 2021
(In thousands, except percentages and per share amounts)
GAAP revenues$666,551 $575,857 $1,276,922 $1,084,540 
    Adjustments related to acquisitions— 849 — 849 
Adjusted revenues$666,551 $576,706 $1,276,922 $1,085,389 
GAAP gross profit$222,305 $191,354 $431,165 $360,537 
Severance, restructuring, and acquisition integration costs4,611 1,103 5,975 1,363 
Amortization of software development intangible assets981 322 1,988 731 
Adjustments related to acquisitions and divestitures1,134 1,995 1,134 2,811 
Adjusted gross profit$229,031 $194,774 $440,262 $365,442 
GAAP gross profit margin33.4 %33.2 %33.8 %33.2 %
Adjusted gross profit margin34.4 %33.8 %34.5 %33.7 %
GAAP selling, general and administrative expenses$(105,203)$(93,570)$(208,269)$(174,205)
Severance, restructuring, and acquisition integration costs1,246 1,937 3,605 6,848 
Adjustments related to acquisitions and divestitures(558)(83)(558)(7,273)
Adjusted selling, general and administrative expenses$(104,515)$(91,716)$(205,222)$(174,630)
GAAP and adjusted research and development expenses$(25,989)$(22,263)$(49,445)$(44,875)
GAAP income from continuing operations$58,642 $45,346 $102,738 $74,411 
Interest expense, net11,276 14,870 25,687 30,381 
Income tax expense 13,088 9,578 22,910 16,634 
Loss on debt extinguishment— — 6,392 — 
Total non-operating adjustments24,364 24,448 54,989 47,015 
Amortization of intangible assets9,177 7,172 17,994 15,165 
Severance, restructuring, and acquisition integration costs5,857 3,040 9,580 8,211 
Amortization of software development intangible assets981 322 1,988 731 
Asset impairments— — — 6,995 
Adjustments related to acquisitions and divestitures576 1,912 576 (4,462)
Total operating income adjustments16,591 12,446 30,138 26,640 
Depreciation expense11,370 10,658 22,596 21,385 
Adjusted EBITDA$110,967 $92,898 $210,461 $169,451 
GAAP income from continuing operations margin8.8 %7.9 %8.0 %6.9 %
Adjusted EBITDA margin16.6 %16.1 %16.5 %15.6 %
GAAP income from continuing operations$58,642 $45,346 $102,738 $74,411 
Less:  Net income attributable to noncontrolling interest81 208 84 283 
GAAP net income from continuing operations attributable to Belden stockholders$58,561 $45,138 $102,654 $74,128 
GAAP income from continuing operations$58,642 $45,346 $102,738 $74,411 
Plus: Operating income adjustments from above16,591 12,446 30,138 26,640 
Plus: Loss on debt extinguishment— — 6,392 — 
Less: Net income attributable to noncontrolling interest81 208 84 283 
Less: Tax effect of adjustments above3,692 2,498 8,239 5,318 
Adjusted net income from continuing operations attributable to Belden stockholders$71,460 $55,086 $130,945 $95,450 
GAAP income from continuing operations per diluted share attributable to Belden stockholders$1.31 $1.00 $2.27 $1.64 
Adjusted income from continuing operations per diluted share attributable to Belden stockholders$1.60 $1.22 $2.90 $2.11 
GAAP and adjusted diluted weighted average shares44,782 45,262 45,179 45,162 




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 EndedSix Months Ended
 July 3, 2022July 4, 2021July 3, 2022July 4, 2021
 (In thousands)
GAAP net cash provided by (used for) operating activities$49,374 $68,149 $(8,581)$26,654 
Capital expenditures, net of proceeds from the disposal of tangible assets(18,679)(16,406)(29,586)(27,617)
Non-GAAP free cash flow$30,695 $51,743 $(38,167)$(963)




BELDEN INC.
RECONCILIATION OF NON-GAAP MEASURES
2022 Guidance

 Year EndedThree Months Ended
 December 31, 2022October 2, 2022
 (In thousands)
GAAP income from continuing operations per diluted share attributable to Belden common stockholders$4.67 - $4.87$1.16 - $1.26
Amortization of intangible assets0.710.19
Severance, restructuring, and acquisition integration costs0.390.15
Loss from debt extinguishment0.11—
Adjustments related to acquisitions and divestitures0.02—
Adjusted income from continuing operations per diluted share attributable to Belden common stockholders$5.90 - $6.10$1.50 - $1.60

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 tangible assets, gains (losses) on debt extinguishment, discontinued operations, and other gains (losses) related to events or conditions that are not yet known. Such information is not available for our 2025 fiscal year, and as such we are unable to estimate 2025 GAAP income from continuing operations per diluted share attributable to Belden common stockholders.



Forward-Looking Statements

This release and any statements made by us concerning the subject matter of this release may contain forward-looking statements, including our expectations for the third quarter and full-year 2022, and the results of our restructuring program. Forward-looking statements also include any statements regarding future financial performance (including revenues, 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 disruptions in the global supply chain, including the inability to obtain raw materials and components in sufficient quantities on commercially reasonable terms; the lack of certainty as to the duration and magnitude of the impact of COVID-19 and the economic recovery from that impact; foreign and domestic political, economic and other uncertainties, including changes in currency exchange rates; the impact of a challenging global economy or a downturn in served markets; the inability to successfully complete and integrate acquisitions in furtherance of the Company’s strategic plan; difficulty in forecasting revenue due to the unpredictable timing of orders related to customer projects as well as the impacts of channel inventory; inflation and changes in the price and availability of raw materials leading to higher input and labor costs; the inability to execute and realize the expected benefits from strategic initiatives (including revenue growth, cost control, and productivity improvement programs); the inability to retain key employees; the increased influence of chief information officers on purchasing decisions; disruptions in the Company’s information systems including due to cyber-attacks leading to exposures of personally identifiable information; changes in tax laws and variability in the Company’s quarterly and annual effective tax rates; the competitiveness of the global markets in which we operate; the presence of substitute products in the marketplace; the increased prevalence of cloud computing; the inability of the Company to develop and introduce new products and competitive responses to our products; 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 activists proposing certain actions by the Company; perceived or actual product failures; risks related to the use of open source software; disruption of, or changes in, the Company’s key distribution channels; 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; the impact of regulatory requirements and other legal compliance issues; 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, 2021, filed with the SEC on February 15, 2022. 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 100-plus years, 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 or follow us on Twitter @BeldenInc.
Contact:
Belden Investor Relations
314-854-8054
Investor.Relations@Belden.com