Belden (BDC) Q2 FY2024 earnings: revenue $604 million, down 12.7% on the year

Belden Inc. (BDC) reported revenue of $604 million for Q2 FY2024, the quarter ended 30 June 2024, down 12.7% on the same quarter a year earlier. Net income was $49 million, down 28.7% on the year, and diluted earnings per share $1.19. The figures are the company's own, from the 10-Q it filed with the SEC on 1 August 2024.

Revenue$604 milliondown 12.7%

Net income$49 milliondown 28.7%

Diluted EPS$1.19

QuarterQ2 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	604	536	n/a	n/a
Cost of revenue	378	334	n/a	n/a
Gross profit	227	202	n/a	n/a
Gross margin	37.5%	37.6%	n/a
Research and development	28.5	27.0	n/a	n/a
Selling, general and administrative	119	111	n/a	n/a
Operating income	68.9	53.0	n/a	n/a
Operating margin	11.4%	9.9%	n/a
Pre-tax income	60.1	45.7	n/a	n/a
Income tax	11.1	8.4	n/a	n/a
Effective tax rate	18.4%	18.3%	n/a
Net income	49.0	37.3	n/a	n/a
Net margin	8.1%	7.0%	n/a
Diluted EPS	$1.19	$0.90	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	83.0	2.7	n/a	n/a
Capital expenditure	22.0	24.2	n/a	n/a
Free cash flow	61.0	-21.5	n/a	n/a
Free cash flow margin	10.1%	-4.0%	n/a
Cash from investing	-21.5	-24.2	n/a	n/a
Cash from financing	-2.5	-64.9	n/a	n/a
Depreciation and amortisation	23.5	27.0	n/a	n/a
Share-based compensation	8.2	6.4	n/a	n/a
Dividends paid	2.0	2.1	n/a	n/a
Dividend per share	$0.05	$0.05	n/a	n/a
Diluted shares, weighted	41m	41m	n/a	n/a
Shares outstanding at period end	41m	41m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Shareholders' equity	1,220	1,156	n/a	n/a
Non-controlling interest	0.0	0.0	n/a	n/a
Debt	1,165	1,180	n/a	n/a
Operating lease liabilities	110	108	n/a	n/a
Finance lease liabilities	6.9	7.2	n/a	n/a
Other liabilities	1,021	668	n/a	n/a
Total liabilities and equity	3,523	3,119	n/a	n/a
Fixed assets	461	454	n/a	n/a
Goodwill	1,031	902	n/a	n/a
Intangible assets	424	257	n/a	n/a
Cash and equivalents	565	507	n/a	n/a
Receivables	397	356	n/a	n/a
Inventory	375	374	n/a	n/a
Other assets	270	269	n/a	n/a
Total assets	3,523	3,119	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	627	551	536	604	655	666	625	672	698	720	696	750
Cost of revenue	386	345	334	378	411	416	379	413	435	457	438	457
Gross profit	241	206	202	227	244	250	246	259	263	264	258	294
Gross margin	38%	37%	38%	38%	37%	38%	39%	38%	38%	37%	37%	39%
R&D	30.2	25.9	27.0	28.5	27.9	29.0	28.4	33.9	33.9	32.5	30.1	31.7
SG&A	118	126	111	119	127	137	132	132	139	131	139	148
Operating income	95.4	44.0	53.0	68.9	75.3	69.2	72.6	79.2	76.3	87.5	78.0	99.3
Operating margin	15%	8%	10%	11%	12%	10%	12%	12%	11%	12%	11%	13%
Pre-tax income	87.2	36.3	45.7	60.1	64.8	57.4	62.1	66.7	64.3	73.9	62.8	85.2
Tax rate	17%	-6%	18%	18%	17%	-2%	16%	8%	12%	8%	19%	20%
Net income	72.3	38.5	37.3	49.0	53.7	58.4	51.9	61.0	56.7	67.9	51.0	68.5
Net margin	12%	7%	7%	8%	8%	9%	8%	9%	8%	9%	7%	9%
Diluted EPS	$1.70	$0.91	$0.90	$1.19	$1.30	$1.42	$1.27	$1.53	$1.41	$1.70	$1.30	$1.74
Operating cash flow	105	160	2.7	83.0	91.7	175	7.4	82.0	105	160	-18.7	129
Capital expenditure	29.1	54.9	24.2	22.0	24.5	58.3	32.2	25.2	39.7	39.1	44.4	40.7
Free cash flow	76.1	105	-21.5	61.0	67.2	116	-24.8	56.9	65.3	121	-63.1	88.6
Dividends paid	2.1	2.1	2.1	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0
Shares outstanding	42m	41m	41m	41m	40m	40m	39m	40m	39m	39m	39m	39m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 June 2024, filed 1 August 2024, accession 0000913142-24-000029: the filing on EDGAR. All of Belden Inc.'s filings: EDGAR company page.

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