Belden(US:BDC)2026-02-12 12:56Financial Performance - Record revenue of $2.7 billion for full year 2025, up 10% year over year, with adjusted EPS of $7.54, up 19% year over year [2] - Fourth quarter revenue increased by $54 million, or 8%, to $720 million, with net income of $68 million, compared to $58 million in the year-ago period [3] - Full year net income was $238 million, up from $198 million in the prior year, with net income as a percentage of revenues at 8.7% [5] - Total revenues for the twelve months ended December 31, 2025, increased to $2,715,194, up from $2,460,979 in 2024, representing a growth of 10.3% [21] - GAAP net income for the twelve months ended December 31, 2025, was $237,522, compared to $198,414 in 2024, reflecting a year-over-year increase of 19.7% [21] - Adjusted gross profit for the twelve months ended December 31, 2025, was $1,044,236, up from $937,444 in 2024, indicating a growth of 11.4% [21] - Adjusted EBITDA for the fourth quarter was $122 million, up 7% year over year, with an adjusted EBITDA margin of 17.0% [4] - Adjusted EBITDA for the twelve months ended December 31, 2025, was $458,734, compared to $410,772 in 2024, showing an increase of 11.7% [21] - GAAP gross profit margin for the twelve months ended December 31, 2025, was 38.0%, compared to 37.5% in 2024, indicating an improvement of 0.5 percentage points [21] Cash Flow and Assets - Cash and cash equivalents at the end of the period increased to $389,887 from $370,302, marking a rise of 5.3% [17] - Total current assets rose to $1,349,380 as of December 31, 2025, compared to $1,196,229 in 2024, an increase of 12.8% [16] - Free cash flow for the twelve months ended December 31, 2025, was calculated as net cash from operating activities minus capital expenditures, providing insights into cash generation capabilities [22] - GAAP net cash provided by operating activities for Q4 2025 was $160,388,000, a decrease from $174,719,000 in Q4 2024 [23] - Non-GAAP free cash flow for Q4 2025 was $121,273,000, compared to $116,385,000 in Q4 2024, showing a slight increase [23] - For the twelve months ended December 31, 2025, GAAP net cash provided by operating activities was $354,864,000, slightly up from $352,076,000 in 2024 [23] - Capital expenditures for Q4 2025 were $39,138,000, down from $58,341,000 in Q4 2024, indicating a reduction in investment [23] Shareholder Actions - The company repurchased 1.7 million shares for $195 million during the year, and 0.4 million shares for $45 million during the fourth quarter [6] Strategic Initiatives - Belden announced a strategic realignment to a unified, functional operating model effective January 1, 2026, to enhance solutions transformation [8] - The company will report consolidated financials as a single segment starting next quarter, aiming to accelerate solutions transformation [9] - The company is focused on executing solutions transformation while monitoring market conditions closely to deliver long-term value for shareholders [10] Future Guidance - For Q1 2026, revenue guidance is set at $675 million to $690 million, with adjusted EPS guidance of $1.65 to $1.75 [11] - The guidance for GAAP EPS for Q1 2026 is projected to be between $1.21 and $1.31, with adjusted EPS expected to be between $1.65 and $1.75 [24] - Adjustments for the adjusted EPS include $0.28 for amortization of intangible assets and $0.12 for severance and restructuring costs [24] Risks and Company Background - The company anticipates that actual results may differ materially from forward-looking statements due to various risks, including global trade volatility and supply chain disruptions [25] - Belden has a history of over 120 years and operates manufacturing facilities in North America, Europe, Asia, and Africa, emphasizing its global presence [27] - The company is focused on delivering complete connection solutions to enhance safety, intelligence, and prosperity for its customers [27] - Investor relations contact is available for further inquiries, highlighting the company's commitment to transparency [28]