Core Viewpoint - KBRA assigns a BBB rating to Crescent Capital BDC, Inc.'s senior unsecured notes, indicating a stable outlook for the company [1] Group 1: Rating Details - The company has three senior unsecured notes: $67.5 million at 5.87% due 2029, $50 million at 5.97% due 2029, and $67.5 million at 6.20% due 2031 [1] - The rating outlook for these notes is classified as Stable [1] Group 2: Use of Funds - The funds raised from these notes will be utilized to repay maturing unsecured debt [1] Group 3: Credit Considerations - The ratings are bolstered by the company's affiliation with its credit investment platform, Crescent Capital Group [1]

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Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Core Insights - Belden reported quarterly earnings of $1.97 per share, exceeding the Zacks Consensus Estimate of $1.90 per share, and showing an increase from $1.70 per share a year ago, resulting in an earnings surprise of +3.68% [1] - The company achieved revenues of $698.22 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 2.98% and up from $654.93 million year-over-year [2] - Belden has consistently outperformed consensus EPS and revenue estimates over the last four quarters [2] Earnings Performance - The earnings surprise for the previous quarter was +9.88%, with actual earnings of $1.89 per share compared to an expected $1.72 per share [1] - The current consensus EPS estimate for the upcoming quarter is $2.02, with projected revenues of $709 million, and for the current fiscal year, the consensus EPS is $7.41 on revenues of $2.68 billion [7] Stock Performance and Outlook - Belden shares have increased approximately 6% since the beginning of the year, while the S&P 500 has gained 17.2% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Context - The Wire and Cable Products industry, to which Belden belongs, is currently ranked in the bottom 23% of over 250 Zacks industries, suggesting potential challenges ahead [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Belden's stock performance [5]

Financial Data and Key Metrics Changes - Revenue for the third quarter reached $698 million, up 7% year over year, and adjusted earnings per share grew to $1.97, reflecting a 16% increase [6][17] - Organic revenue growth was 4% for the quarter, with trailing twelve-month revenue reaching nearly $2.7 billion and record trailing twelve-month adjusted EPS of $7.38 [27][28] - Gross profit margins were 38.2%, increasing 40 basis points compared to the prior year, while EBITDA was $118 million with EBITDA margins at 17%, down 20 basis points year over year [17][18] Business Line Data and Key Metrics Changes - The Automation Solutions segment saw organic revenue growth of 10%, with revenue growing 14% year over year and EBITDA up 10% [16][18] - Smart Infrastructure Solutions experienced a decline in organic revenue by 1% year over year, with margins steady at 12.6% [18] - Order activity remained healthy, with overall orders up 7% year over year, and a book-to-bill ratio of 1.0 [7][16] Market Data and Key Metrics Changes - Positive contributions to revenue came from key markets, particularly Germany and China, confirming favorable trends in major automation markets [7] - The utility market is identified as a significant opportunity, with a focus on upgrading networks to packet-based systems [35] Company Strategy and Development Direction - The company is advancing its solutions transformation, focusing on digital transformation in critical infrastructure and physical AI [10][12] - A collaboration with Accenture and Nvidia aims to deliver integrated physical AI solutions, enhancing worker safety in manufacturing environments [11][12] - The strategic push into physical AI is seen as a foundational role in the emerging automation landscape, with a focus on intelligent automation and real-time decision-making [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing trends of reindustrialization, automation, and business digitization, positioning the company well for future growth [28] - The outlook for the fourth quarter anticipates revenues between $690 million and $700 million, representing a 4% to 5% increase over the prior year [22] - Management remains optimistic about the automation business and industrial markets, with expectations for revenue growth in 2026 [66] Other Important Information - The company repurchased approximately 400,000 shares in the third quarter for $50 million, with a year-to-date total of 1.4 million shares for $150 million [9][20] - The balance sheet remains strong, with cash and cash equivalents at $314 million, reflecting typical seasonality and share repurchase activities [19] Q&A Session Summary Question: Utility market strategy and penetration - The company focuses on upgrading networks to packet-based systems, differentiating through comprehensive services and support, currently penetrating 7% to 10% of the market [35] Question: Impact of copper prices and tariffs on margins - Copper prices impacted margins by about 50 basis points year over year, with tariffs contributing slightly less, and a mix effect also noted [37][38] Question: Physical AI and data center opportunities - The company is commercializing a virtual safety fence application with a large automotive customer, leveraging time-sensitive networking and orchestration capabilities [41][45] Question: Broadband segment outlook - The broadband segment is expected to decline year over year in the fourth quarter, but there is optimism for growth in 2026 due to BEAD funding [60][61] Question: Reshoring trends and customer hesitancy - The company sees tangible results from reshoring trends, with multiple customers planning to bring manufacturing back to the U.S. [75] Question: R&D investment and future expectations - R&D investment has increased to support edge compute and time-sensitive networking, with expectations for moderation in 2026 as capabilities reach a critical point [92]

EARNINGS RESULTS October 2025 3 rd QUARTER 2025 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, including our outlook for the fourth quarter of 2025 and beyond. Forward-looking statements include projections of sales, earnings, general economic conditions, market conditions, working capital, market shares, free cash flow, pricing levels, and effective tax r ...

Financial Performance - Record Revenues of $698 million, up 7% year-over-year, with organic growth of 4%[3] - Adjusted EPS reached $1.97, a 16% increase year-over-year, while GAAP EPS was $1.41, up 8% year-over-year[4][7] - Net income for the quarter was $57 million, compared to $54 million in the year-ago period, representing 8.1% of revenues[4] - Adjusted EBITDA was $119 million, up 5% year-over-year, with an adjusted EBITDA margin of 17.0%[5] - Revenues for the three months ended September 28, 2025, were $698,221,000, up 6.6% from $654,926,000 in the same period of 2024[19] - Net income for the nine months ended September 28, 2025, was $169,633,000, an increase of 21.2% compared to $140,032,000 for the same period in 2024[15] - Adjusted gross profit for the nine months ended September 28, 2025, was $776,571,000, representing a 13.6% increase from $683,723,000 in the prior year[19] - The company reported a gross profit of $263 million for the quarter, with a gross profit margin of approximately 37.7%[12] - The company reported a GAAP gross profit margin of 38.5% for the nine months ended September 28, 2025, compared to 37.5% in the same period of 2024[19] Guidance and Projections - Guidance for Q4 2025 projects revenues between $690 million and $700 million, with adjusted EPS between $1.90 and $2.00[9] - The company expects GAAP income per diluted share for the three months ending December 31, 2025, to be in the range of $1.40 to $1.50[22] - Adjusted income per diluted share for the same period is projected to be between $1.90 and $2.00[22] Cash Flow and Capital Expenditures - Free cash flow for the nine months ended September 28, 2025, was $97,610,000, compared to $106,704,000 for the same period in 2024[21] - Capital expenditures for the nine months ended September 28, 2025, totaled $97,034,000, an increase from $70,759,000 in the prior year[21] - Net cash provided by operating activities for the nine months ended September 28, 2025, was $194,476,000, an increase from $177,357,000 in the prior year[21] - The company experienced a decrease in cash and cash equivalents of $56,045,000 for the nine months ended September 28, 2025, compared to a decrease of $274,062,000 in the same period of 2024[15] Business Segments - Automation Solutions segment revenues increased by 10%, while Smart Infrastructure Solutions segment revenues decreased by 1%[4][13] Strategic Focus and Challenges - The company emphasizes a commitment to innovation and operational discipline to capitalize on future growth opportunities[6] - Belden anticipates a challenging global economy impacting future financial performance, including revenues and margins[23] - The company warns of potential disruptions in the global supply chain affecting the timely acquisition of raw materials[23] - Belden acknowledges the impact of inflation and rising input costs on financial performance[23] - Belden's strategic initiatives aim for revenue growth and cost control, but execution risks remain[23] - The company emphasizes the importance of developing and introducing new products to maintain competitiveness in the market[23] Corporate Governance and History - The company is focused on environmental, social, and governance matters to meet increasing expectations[23] - Belden has manufacturing capabilities across North America, Europe, Asia, and Africa, enhancing its global reach[25] - Belden's forward-looking statements reflect management's current beliefs and expectations, which may not guarantee future performance[24] - The company has a history of over 120 years, emphasizing its commitment to making connections[25] Investor Relations - Belden's investor relations contact is available for further inquiries regarding financial performance[26]

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Core Insights - Belden Inc. reported record revenues of $698 million for the fiscal third quarter of 2025, representing a 7% year-over-year increase and a 4% year-over-year organic growth [1] - The company achieved a GAAP EPS of $1.41, which is an 8% increase compared to the previous year [1] - Adjusted EPS reached a record of $1.97, marking a 16% year-over-year growth [1] - During the quarter, Belden repurchased 0.4 million shares for $50 million, and a total of 1.4 million shares for $150 million year-to-date [1]

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