Belden (BDC) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached $625 million, up 17% year-over-year, exceeding guidance, with organic growth of 11% and adjusted EPS of $1.60, up 29% year-over-year.

• Net income rose to $52 million, up from $37 million in the prior-year quarter, with GAAP EPS at $1.27–$1.29, up 41% year-over-year.

• Free cash flow for the trailing twelve months was $220 million, supporting $100 million in share repurchases year-to-date.

• Orders increased 18% year-over-year, with a book-to-bill ratio of 1.05.

• The business is positioned to benefit from trends in reindustrialization, digitization, and automation, with a strong outlook despite policy uncertainty.

Financial highlights

• Revenue: $625 million, up 17% year-over-year; organic growth of 11%.

• Adjusted EPS: $1.60, up 29% year-over-year, above guidance.

• Gross margin: 39.8%, up 140 basis points year-over-year.

• Adjusted EBITDA: $104 million, up 23% year-over-year; margin 16.6%, up 80 basis points.

• Net income: $65 million, up from $51 million in the prior year quarter.

Outlook and guidance

• Q2 2025 revenue expected between $645 million and $660 million, up 7%–9% year-over-year.

• Adjusted EPS guidance for Q2: $1.67–$1.77, up 11%–17% year-over-year; GAAP EPS guidance: $1.25–$1.35.

• Tax rate expected at 17.5% for Q2 and 18% for the full year.

• Long-term EPS growth targeted at 10%–12% through-cycle, driven by mid-single-digit organic growth and margin expansion.