BDC-4182 demonstrated compelling anti-tumor activity and an acceptable safety profile in preclinical studies BDC-4182 outperformed cytotoxic claudin 18.2 ADCs in syngeneic model Learnings from BDC-1001 data suggest Boltbody™ ISACs with enhanced immune activation could offer greater efficacy, warranting further testing REDWOOD CITY, Calif., Nov. 07, 2024 (GLOBE NEWSWIRE) -- Bolt Biotherapeutics (Nasdaq: BOLT), a clinical-stage biopharmaceutical company developing novel immunotherapies for the treatment of c ...

Core Insights - The article emphasizes the importance of research in making informed investment decisions, highlighting the dynamic interplay between company operations and market conditions [1]. Group 1 - The author expresses a strong belief in the necessity of research as a critical component of investment decisions [1]. - There is a focus on the interesting dynamics of companies adjusting to market conditions, which can present both opportunities and challenges for investors [1].

Group 1 - The article discusses market activity in the Business Development Company (BDC) sector, focusing on both individual news and events as well as broader market trends [1] - It highlights the importance of yield and risk management considerations in investment strategies related to BDCs [1] Group 2 - The article includes a visual representation of cumulative performance data from 2017 to 2023, showing significant fluctuations in performance across the years [2] - The data indicates a peak performance of 1212% in 2021, followed by a decline of -19% in 2022, and a recovery trend in 2023 [2]

Financial Data and Key Metrics - Revenue for Q3 2024 was $655 million, up 8% sequentially and exceeding the high end of guidance [6] - Earnings per share (EPS) came in at $1.70, up 13% sequentially [6] - Adjusted EBITDA margins increased by 70 basis points sequentially to 17.2% [6] - Trailing-twelve-month free cash flow was $211 million, in line with recent performance [8] - Net income was $71 million, up from $62 million in the prior quarter [19] Business Segment Performance - Automation Solutions revenue declined by 3% organically year-over-year, with EBITDA margins at 21.4%, down from 22.5% in the prior year [20] - Smart Infrastructure Solutions revenue grew 13% year-over-year, with EBITDA margins at 12.7%, down from 13.3% in the prior year [21][22] - Orders in Automation Solutions were up 25% year-over-year, while Smart Infrastructure orders were up 31% year-over-year [18][23] Market Performance - Organic revenue growth returned to the Americas region, which constitutes over 60% of the business, with 1% year-over-year growth [7] - EMEA and APAC regions showed tempered results, but APAC is expected to improve with potential stimulus in China [7][61] Strategic Direction and Industry Competition - The company is focusing on solutions transformation, integrating IT and OT systems, and leveraging acquisitions like Voleatech to enhance cybersecurity capabilities [11][38] - The acquisition of Voleatech for $6 million accelerates the unification of security layers across active products [38] - The company is targeting mid-single-digit organic growth, 30% incremental EBITDA margins, and $200 million in capital deployment to achieve $8 EPS by 2025 [58] Management Commentary on Operating Environment and Future Outlook - Customers remain cautious, but the company expects steady order patterns and revenue growth in Q4, with revenue guidance of $645 million to $660 million [28] - The company is well-positioned for the next investment cycle, with a focus on high-data-need verticals and solutions-driven growth [31][32] - Economic indicators such as inflation and manufacturing PMI are encouraging, but the forward view is limited due to the short-cycle nature of the business [34] Other Important Information - The company repurchased 1.2 million shares year-to-date, using $115 million of free cash flow [10] - The Precision Optical acquisition contributed $34.5 million in revenue during Q3 [36] - The company maintains a strong balance sheet with a net leverage ratio of 2.1x and plans to reduce it to 1.5x over the long term [25][26] Q&A Session Summary Precision Optical and Voleatech Acquisitions - Precision Optical closed at the end of Q2 and contributed $34.5 million in revenue in Q3, in line with expectations [36] - Voleatech, a $6 million acquisition, is strategically important for unifying security layers across active products, though its revenue contribution is less than $1 million annually [38][39] Industrial End Markets and Recovery - Discrete automation markets remain weak, but other verticals like process and energy showed strength in Q3 [41] - The company expects a rebound in industrial markets, particularly in mass transit, hospitality, and healthcare, driven by integrated solutions [42] Margin and Growth Outlook - Gross margins are expected to improve by 50 to 75 basis points annually, driven by mid-single-digit growth and increased solutions sales [46] - Smart Infrastructure growth is driven by broadband investments and DOCSIS 4.0 upgrades, while Automation Solutions is seeing gradual improvement in process and energy verticals [49][50] Inventory and Destocking Trends - Inventory levels at distributors are consistent with long-term trends, but POS acceleration is still needed to fully recover from destocking [55][56] APAC Market and China Stimulus - APAC, particularly China, is expected to improve with potential stimulus, especially in mass transit, data centers, and power transmission [61][62] Customer Investment Plans - The sales funnel for projects is up mid to high single digits year-to-date, with strong growth in data and network solutions [65] - Customers are increasingly seeking integrated IT/OT systems and unified hardware-software stacks, aligning with the company's solutions strategy [66][67] Acquisition Strategy - The company is focused on edge hardware, wireless, and security acquisitions to enhance its solutions portfolio [70] - Voleatech differs from the previous Tripwire acquisition, focusing on network access control rather than compliance software [75] Smart Infrastructure Growth Drivers - The majority of Smart Infrastructure growth is driven by internal restructuring and solutions-focused sales, with some contribution from market recovery [77][78]

| --- | --- | |------------------------------------------------|-------| | | | | l@ Belden | | | 3RD QUARTER 2024 EARNINGS RESULTS October 2024 | | | Connect to what's possible. | | Forward-Looking Statements and Non-GAAP Financial Measures Forward-Looking Statements Our commentary and responses to your questions may contain forward-looking statements, includinq our outlook for the fourth quarter of 2024 and beyond. Forward-looking statements include projections of sales, earnings, general economic conditio ...

Belden (BDC) came out with quarterly earnings of $1.70 per share, beating the Zacks Consensus Estimate of $1.60 per share. This compares to earnings of $1.78 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 6.25%. A quarter ago, it was expected that this communications equipment company would post earnings of $1.35 per share when it actually produced earnings of $1.51, delivering a surprise of 11.85%.Over the last four quarters ...

Exhibit 99.1 Belden Reports Third Quarter 2024 Results St. Louis, Missouri – October 31, 2024 - Belden Inc. (NYSE: BDC) ("Belden" or the "Company"), a leading global supplier of network infrastructure and digitization solutions, today reported fiscal third quarter results for the period ended September 29, 2024. Third Quarter 2024 Highlights • Revenues of $655 million, up 4% y/y and down 2% y/y organically • GAAP EPS of $1.30, down 24% y/y • Adjusted EPS of $1.70, down 4% y/y • Executed $20 million of share ...

Blue Harbinger empowers investors to make informed decisions by sharing top ideas and portfolio strategies. As a 100% independent membership service, founded and operated by Mark Hines, the goal is simple: helping you make better, smarter and more-profitable investment decisions. Mr. Hines is a 20+ year investment industry pro. Previously managing institutional investment portfolios in the hundreds of millions and multibillion dollar range (for a private pension and a large bank in Chicago), Mr. Hines left ...

Group 1 - The past two years have seen significant price appreciation for some Business Development Companies (BDCs), but the macroeconomic environment has negatively impacted their borrowers [1] - The article emphasizes the importance of due diligence for investors, particularly in the context of dividend investing in quality blue-chip stocks, BDCs, and REITs [2] - The author expresses a long position in specific BDCs, indicating a belief in their potential for future performance [3] Group 2 - The article does not provide specific investment recommendations or advice, highlighting the need for individual assessment of investment suitability [4] - It is noted that past performance of investments does not guarantee future results, which is a critical consideration for investors [4] - The article reflects a perspective aimed at helping lower and middle-class workers build high-quality, dividend-paying investment portfolios [2]

Group 1 - The article discusses market activity in the Business Development Company (BDC) sector, providing both bottom-up insights on individual news and events as well as a top-down overview of the broader market [1] - It highlights the projected American Shared Revenue Backlog, which shows a significant increase from $106 million at the end of 2022 to a projected $250 million by May 10, 2024 [1] - The chart included in the article outlines projected revenues for retail centers and lease agreements over the next ten years, indicating a positive revenue outlook for the sector [1] Group 2 - The article encourages exploration of Systematic Income's Income Portfolios, which are designed with yield and risk management considerations [1] - It promotes the use of Interactive Investor Tools to navigate various markets including BDC, CEF, OEF, preferred, and baby bond markets [1] - The article also mentions the availability of Investor Guides for CEFs, Preferreds, and PIMCO CEFs, suggesting resources for further investment education [1]