Belden Incorporated is an American manufacturer of networking, connectivity, and cable products. The Company operates in five segments: Broadcast Solutions, Enterprise Connectivity Solutions, Industrial Connectivity Solutions, Industrial IT Solutions, and Network Security Solutions. The Enterprise Connectivity Solutions segment is a provider of network infrastructure solutions, as well as cabling and connectivity solutions for broadcast, commercial audio/video, and security applications. The Industrial Connectivity Solutions segment is a provider of high-performance networking components and machine connectivity products. The Industrial IT Solutions segment provides mission-critical networking systems that provide the end-users with the highest confidence of reliability, availability, and security. The Network Security Solutions segment provides foundational controls for protecting enterprises against cyberattacks, automating IT regulatory compliance and improving operational efficiency.

Belden was founded in 1902 and is headquartered in Clayton, US

Belden has an office in Clayton

Clayton, US (HQ)

1 N Brentwood Blvd

Belden's revenue was reported to be $551.4 m in Q1, 2017

USD

## Revenue (Q1, 2017) | 551.4 m |

## Gross profit (Q1, 2017) | 880.6 m |

## Gross profit margin (Q1, 2017), % | 160% |

## Net income (Q1, 2017) | 25.6 m |

## EBIT (Q1, 2017) | 51.3 m |

## Market capitalization (17-Aug-2017) | 3.1 b |

## Cash (02-Apr-2017) | 815.9 m |

Belden's current market capitalization is $3.1 b.

- Source: SEC Filings FY 2014, SEC Filings FY 2016

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Revenue | 2.1 b | 2.3 b | 2.3 b | 2.4 b |

## Revenue growth, % | 12% | 0% | 2% | |

## Cost of goods sold | 1.4 b | 1.5 b | 1.4 b | 1.4 b |

## Gross profit | 704.4 m | 819.4 m | 918.2 m | 981 m |

## Gross profit Margin, % | 34% | 36% | 40% | 42% |

## R&D expense | (140.6 m) | |||

## General and administrative expense | (494.2 m) | |||

## Operating expense total | (634.8 m) | |||

## EBIT | 192.3 m | 159.2 m | 138.8 m | 223.9 m |

## EBIT margin, % | 9% | 7% | 6% | 9% |

## Interest expense | 73.1 m | 82.2 m | 100.6 m | 95.1 m |

## Interest income | 494 k | 583 k | ||

## Income tax expense | 22.3 m | 7.1 m | (26.6 m) | 1.2 m |

## Net Income | 103.3 m | 74.4 m | 66.2 m | 127.6 m |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Revenue | 600.9 m | 610.8 m | 547 m | 585.8 m | 579.3 m | 541.5 m | 601.6 m | 601.1 m | 551.4 m |

## Cost of goods sold | (396.5 m) | (389 m) | (339.3 m) | (351.5 m) | (353.1 m) | (316.5 m) | (353.4 m) | (355.1 m) | (329.3 m) |

## Gross profit | 997.4 m | 999.8 m | 886.3 m | 937.2 m | 932.4 m | 858 m | 955 m | 956.3 m | 880.6 m |

## Gross profit Margin, % | 166% | 164% | 162% | 160% | 161% | 158% | 159% | 159% | 160% |

## R&D expense | (31.6 m) | (30.4 m) | (36.2 m) | (36.6 m) | (38.2 m) | (36.1 m) | (36.7 m) | (33.5 m) | (34.5 m) |

## General and administrative expense | (145.9 m) | (119.1 m) | (140.8 m) | (127.9 m) | (128.1 m) | (122.4 m) | (123.1 m) | (126.7 m) | (112.6 m) |

## Operating expense total | (177.5 m) | (149.5 m) | (177 m) | (164.6 m) | (166.3 m) | (158.5 m) | (159.7 m) | (160.2 m) | (147.1 m) |

## EBIT | 12.3 m | 58 m | 4.9 m | 44.1 m | 34.5 m | 41 m | 62.2 m | 62 m | 51.3 m |

## EBIT margin, % | 2% | 9% | 1% | 8% | 6% | 8% | 10% | 10% | 9% |

## Interest expense | (18.2 m) | (21.7 m) | (23.9 m) | (24.8 m) | (25.4 m) | (24.4 m) | (24 m) | (23.5 m) | (23.5 m) |

## Interest income | 111 k | 159 k | 80 k | ||||||

## Pre tax profit | 27.8 m | ||||||||

## Income tax expense | 5.8 m | (2.7 m) | (688 k) | 2.3 m | 5.7 m | (143 k) | 3.6 m | (2.9 m) | (2.3 m) |

## Net Income | 15 k | 33.8 m | (19.6 m) | 21.6 m | 14.6 m | 16.4 m | 41.8 m | 35.6 m | 25.6 m |

- Source: SEC Filings FY 2014, SEC Filings FY 2016

USD | Y, 2009^{} | Y, 2010^{} | Y, 2011^{} | Y, 2012^{} | Y, 2013^{} | Y, 2014^{} | Y, 2015^{} | FY, 2016^{} |
---|---|---|---|---|---|---|---|---|

## Cash | 308.9 m | 358.7 m | 382.6 m | 395.1 m | 613.3 m | 741.2 m | 216.8 m | 848.1 m |

## Inventories | 190.4 m | |||||||

## Current Assets | 1.2 b | 1.4 b | 843.2 m | 1.5 b | ||||

## PP&E | 300.8 m | 316.4 m | 310.6 m | 309.3 m | ||||

## Goodwill | 773 m | 943.4 m | 1.4 b | 1.4 b | ||||

## Total Assets | 2.8 b | 3.3 b | 3.3 b | 3.8 b | ||||

## Accounts Payable | 199.9 m | 272.4 m | 223.5 m | 258.2 m | ||||

## Total Debt | 1.6 b | |||||||

## Current Liabilities | 401.6 m | 525.4 m | 549.3 m | 570.3 m | ||||

## Additional Paid-in Capital | 585.8 m | 595.4 m | 605.7 m | 1.1 b | ||||

## Retained Earnings | 556.2 m | 621.9 m | 679.7 m | 783.8 m | ||||

## Total Equity | 836.5 m | 807.2 m | 825.5 m | 1.5 b | ||||

## Debt to Equity Ratio | 1.1 x | |||||||

## Debt to Assets Ratio | 0.4 x | |||||||

## Financial Leverage | 3.3 x | 4 x | 4 x | 2.6 x |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Cash | 445 m | 449.1 m | 166.7 m | 208.4 m | 241.9 m | 146.3 m | 175.8 m | 748.3 m | 815.9 m |

## Inventories | 228.4 m | 223.7 m | 238.2 m | 233.1 m | 210.1 m | 215.9 m | 198.6 m | 193.5 m | 218.4 m |

## Current Assets | 1.2 b | 1.2 b | 877.3 m | 947.3 m | 953.4 m | 752.9 m | 819.2 m | 1.4 b | 1.5 b |

## PP&E | 328 m | 319.7 m | 319.1 m | 319.5 m | 311.3 m | 316.4 m | 314.7 m | 323.1 m | 311.4 m |

## Goodwill | 934.3 m | 939.5 m | 1.4 b | 1.4 b | 1.4 b | 1.4 b | 1.4 b | 1.4 b | 1.4 b |

## Total Assets | 3.1 b | 3 b | 3.5 b | 3.5 b | 3.5 b | 3.2 b | 3.3 b | 3.8 b | 3.8 b |

## Accounts Payable | 248.1 m | 240.9 m | 233.6 m | 225.9 m | 209.7 m | 208.9 m | 204.3 m | 220.8 m | 264.1 m |

## Current Liabilities | 475 m | 470.1 m | 484 m | 496.3 m | 510.2 m | 492.8 m | 498.7 m | 517.5 m | 521.7 m |

## Common Stock | 503 k | 503 k | 503 k | 503 k | 503 k | 503 k | 503 k | 503 k | 503 k |

## Preferred Stock | 1 k | 1 k | |||||||

## Additional Paid-in Capital | 588.3 m | 592.7 m | 592.8 m | 598.3 m | 601.9 m | 606.6 m | 609.1 m | 1.1 b | 1.1 b |

## Retained Earnings | 576.4 m | 608.1 m | 600.2 m | 619.6 m | 632 m | 694.1 m | 733.9 m | 760.7 m | 798.6 m |

## Total Equity | 834.8 m | 836.9 m | 797.2 m | 820.5 m | 773.2 m | 839.3 m | 884.5 m | 1.4 b | 1.5 b |

## Financial Leverage | 3.7 x | 3.6 x | 4.3 x | 4.3 x | 4.5 x | 3.8 x | 3.7 x | 2.7 x | 2.6 x |

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Net Income | 103.3 m | 74.4 m | 66.2 m | 127.6 m |

## Depreciation and Amortization | (50.8 m) | (58.4 m) | (103.8 m) | (98.4 m) |

## Cash From Operating Activities | 218.2 m | 127.9 m | (524.4 m) |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Net Income | 15 k | 33.8 m | (19.6 m) | 21.6 m | 14.6 m | 16.4 m | 41.8 m | 35.6 m | 25.6 m |

## Depreciation and Amortization | (15.8 m) | (15.2 m) | (26.5 m) | (25.9 m) | (25.7 m) | (25.5 m) | (26.3 m) | (23.8 m) | (23.7 m) |

## Accounts Payable | 248.1 m | 240.9 m | 233.6 m | 225.9 m | 209.7 m | 208.9 m | 204.3 m | 220.8 m | 264.1 m |

Y, 2017 | |
---|---|

## Financial Leverage | 2.6 x |

Belden's Backlog was reported to be $198.6 m in FY, 2016, which is a 7% increase from the previous period

Source: 14 public H-1B filings from Belden

April 09, 2017

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