Belden Inc. reported a revenue of $2.46 billion for the fiscal year ending December 31, 2024, a decrease of 2% from $2.51 billion in 2023. The company's gross profit also declined, falling to $922.2 million from $955 million in the previous year. Operating income decreased significantly by 16.1% to $266.5 million, compared to $317.5 million in 2023. The decline in revenue was attributed to lower sales volume, unfavorable currency translation, and divestitures, which were partially offset by contributions from acquisitions and copper pass-through pricing.
In terms of strategic developments, Belden made several acquisitions in 2024, including Precision Optical Technologies for $289.6 million and Voleatech GmbH for approximately $5.6 million. These acquisitions are expected to enhance Belden's product offerings in the Smart Infrastructure Solutions and Automation Solutions segments. The company also reported a backlog of $509.7 million as of December 31, 2024, down from $539.6 million in 2023, indicating a slight decrease in future order commitments.
Operationally, Belden's workforce totaled approximately 7,500 employees, with 43% of sales generated from international markets. The company reported that 14% of its consolidated revenues came from its largest distributor, while no other customer accounted for more than 10% of revenues. The company’s market share across its segments is estimated to range from 5% to 15%. Belden continues to focus on enhancing its research and development efforts, particularly in areas related to digital transformation and connectivity solutions.
Looking ahead, Belden aims to achieve mid-single-digit annual revenue growth and maintain adjusted EBITDA margins between 25% to 30%. The company is also focused on executing a disciplined capital allocation strategy while striving for annual adjusted EPS growth of 10% to 12%. However, the company acknowledged potential risks, including volatility in global trade policies, cybersecurity threats, and economic uncertainties that could impact its financial performance in the future.
About BELDEN INC.
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