BDC - Earnings call transcript Q3 2018

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to this morning's Belden Incorporated Conference Call.

Just a reminder, this call is being recorded. [Operator Instructions] I would now like to turn the call over to Kevin Maczka. Please go ahead, sir.

Kevin Maczka

operator. you, Thank and Belden’s everyone, for us joining Good quarter thank XXXX for third earnings today morning, you conference call. Kevin My and is Maczka, Vice Belden’s name President, Investor Relations. I’m Treasurer CEO, morning John Belden’s this and me With CFO. Stroup, President, Henk and are Derksen, Chairman, provide followed of our a by will Q&A. then business, financial our overview review detailed a of strategic and will and Henk John provide operating results, this have call. our We will earlier prepared we a release and we slide earnings issued reference morning, on that presentation this The and at remarks Turning the presentation, press currently to are in prepared release, these of transcript X available investor.belden.com online presentation. Slide

this provisions forward-looking statements of During Act in Harbor Securities make Private Safe Reform Litigation the management call, the of will reliance certain XXXX. upon

annual Form more report on For review and please information, XX-K. today's press our release

adjusted website our the presentation a Regulation the financial will today’s In associated to information. reconciliation during information our with and our closely to management over call Stroup. of G, of contain Additionally, appendix section and or I the President, non-GAAP call the relations we John? most reference information CEO, investor GAAP Chairman, non-GAAP now the communicate. John financial will turn to financial accordance

John Stroup

Thank good and morning everyone. you, Kevin,

I’ll to third presentation be the quarter. adjusted As a year-over-year growth am strong in earnings performance. Please for turn in pleased third to reminder, I today. Slide a results quarter review referring our our X of to report

segment our us despite capacity record from However, in revenue order in Enterprise our guidance. and with our entering the segment meeting quarter constraints softness Industrial prevented backlog,

in these will continue expect quarter. fourth challenges We the

year. for expectations reducing the result, of we are the EPS a and As revenue remainder our

disappointed in are this We outlook revision. near-term

record delivering remain our and delivering we shareholders. team term. commitments on results predicting expansion I robust executing know, our longer accurately have plan of As and margin strategic and growth a to to My long committed our fully track you and

guidance to ranges EPS expectation year reflect and XX% of full XX% revenue growth. X% Our growth our new XXXX approximately

X% Revenues X.X%, segment in revenues our strong year performance. offset and increased prior $XXX earnings of line X% the in a of basis, year-over-year integration to I million, XX.X% our cost X%. from various Increasing the fifth our the quarter, with successful to pricing of the quarter quarter third reflecting On with our of EPS X.X% Now, continued margins. headwinds acquisition growth. business goal along grew $X.XX. third quarter will begin SAM the with to double-digit volumes another with to organically growth. in grew Enterprise pleased our currency EPS review quarter. Slide financial Please This record results. of in let’s review million. a in and X.X% XX.X% $XXX.X $X.XX consecutive X, am represents constant quarter I EBITDA segment. increased for the EBITDA turn long-term to a year-over-year period Solutions

As a and reminder, enterprise secure allow complex our transmit solutions and sound, data, video networks. Enterprise customers media and to across

media Live forecast. and Our very $XXX.X basis. segment key mile is This buildings. X.X% year-over-year production, combined broadband, to this market smart difficult by SAM media Grass to Revenues be in served our to or on production an final include increased businesses. has and Valley million, markets proven live X.X% organic

anticipated typical funnel of flat a seasonality strong opportunities we our revenue quarter the flat quarter, the the Following in business. relatively of second third on the performance had in based project revenues and

year-over-year, declined and significant in revenues by the X% driven quarter in North EMEA the and compared North disruptions year-over-year America markets sequentially, XX% in declined X% Asia-Pacific. growth to America. Revenues within However, media third continued

expect the We North continue will the America in challenges quarter. in fourth

successful capture opportunities. EBITDA in a quarter and like integration meaningful to the their synergy stronger exposure of upgrades, work margin exceeded broadband, for X% markets provided our broadband result third our under which team and increased acquisition and the from benefits in SAM some network Final the circumstances. combined the as increasing to efforts. mile XX% subscribers The I’d impressive increased Importantly, during quarter extremely thank their the challenging execution hard international quarter.

Category slowed management. to This productivity building increased inventory market is margins United data the the and were a innovative and from best improved in for cable cable However, continues our XX% which period, the trend Solutions in is from of products, This a basis quarter pricing. and in segment the quarter. construction increasing XXX the Category by XA EBITDA due building year XX.X%, later Ethernet. in and increased acquisition prior quarter. to growth points reflected revenues persist to XA smart power non-residential both as efficiency. organically result deliver order over healthy third robust customer likely States, Enterprise The needs benefit fourth pressure primarily contractor the integration

in Industrial like to in Turning and harsh customers environments. allow secure solutions transmit sound, to our Industrial our case video, but segment. Much industrial Enterprise, data, this and

energy, facilities, largest an manufacturing, increased organic facilities, this transportation. markets and X% manufacturing include X.X% our and an $XXX.X process key process segment and grew organic to in on Discrete Our discrete basis. million. verticals, X.X% basis Revenues on respectively

in during year-over-year supplier working sourcing revenues constraints to The quarter end in quarter industrial diligently to increasing and benefit extended bottlenecks demand shortages capacity the as from with X% secure machine additional growth solid expect market order demand lead satisfy in XX% these and and X% healthy the from Despite teams strong sequentially. builders we markets. we robust markets. growth and trends to quarter and favorable our and manufacturing some to these Cybersecurity are times. across in rebounded related trends did automation, the expected, continue eliminate organic rates, remains backlogs demand continue. increasing We investments the to Overall, our encouraging labor encounter

revenues, a best Importantly, non-renewal our year-over-year. bookings, leading indicator of robust XX% increased

quarter customers. are traction the $X the existing in XXXX. three gaining booked quarter, products based Cloud of of new with new orders since in excess Our and the million most We third

for plan to these into customers, Industrial to comprehensive of adding reach as our this we capabilities a We expand offer capabilities quarters. in to continue vertical. now continue the coming We tailored suite

Internet-of-Things In I industrial addition, partnering leader strengthen we company, announced a we customers. industrial segment performance. control Claroty, now ask for partnerships. cybersecurity networks, additional Technologies, into will for third Industrial XX.X% security insight leading were and the in our ForeScout to EBITDA strategic financial cybersecurity quarter. a recently quarter our Solutions further two By in margins offering with Henk provide Henk?

Henk Derksen

quarter, the segment sheet, you, our Thank results a our and comments will third start of balance John. with by review I a with of performance. my discussion the results, close for flow cash followed

net basis impacted divestitures costs the Revenues or with negatively detailed recent increased the year-over-year, a X.X% EBITDA will by in million completed or and a in today. year-ago quarter, organically On results the profit $XX.X favorable Revenues $X.X prices. As $XXX sequential period. adjusted XX%, pricing higher million impacted and Operating quarter period. $XXX.X be $XX.X sequentially. turn X revenues or copper consolidated to in revenues. million, the by $XX.X the to expense input quarters. were X% and from period, margins prior-year the million from million in the of million, acquisitions unfavorable XX from Net third with the consistent XX.X% declined XX.X% and a $XX.X a debt $XXX.X million review. consistent million, I $XXX.X of million were Gross were compared Please points translation. currency revenues impacted Slide refinancing increased factors, to EBITDA were or and as increasing negatively referencing from were XXXX. period. million, for volumes reminder, these a mix. of expenses year-ago favorably from $X.X by declined were $X.X and of quarter prior-year After Revenues million, $XX.X was margins basis, Higher for from translation adjusting X.X%. X.X%, offset interest XX% currency result increasing actions million

our which cost pleased maturities. with extended debt are of our actions, We these and extremely lowered substantially

our entirely the As X.X% fixed expect exchange we $XX at At average is for current an interest rate pre-tax expense with foreign until million to rates, full-year. interest of debt maturities a XXXX. of XXXX no reminder,

XX% incremental was planning under new rate Our available compared that XX.X%, in am has report to the tax tax to to effective second us the quarter pleased the our team XXXX. quarter laws. identified tax for I initiatives third

purposes, an fourth using tax quarter effective XX% year. of rate for the For the for XX% financial recommend full and we modeling

the recommend using period. and also results We was $XX.X in business share now going in to was compared quarter, forward. segment. turn I Please will quarter by on the million, operating the to revenues prior-year XX% $XX.X million income $X.XX the Net $X.XX Slide increasing an Earnings in annual basis per discuss XX.X% from X. in period. prior-year

negatively our revenues. factors, related backlog prior-year and adjusting Revenues by an increase Currency EBITDA impacted from basis a X.X% were basis extended of translation increased $XXX.X points segment or and into negatively by of revenues Our $X.X million divestiture during quarter, by from $XX.X supply with Revenues generated factors, in and increasing well on for organic million X% MCS, XXX and from of million points $X.X basis period. had total XX acquisitions, in million for quarter, Industrial basis XXXX, increasing basis The revenues year-over-year year-over-year prior-year negative increasing resulted mix to copper million revenues margins million prices. increasing points in pricing organically. acquisition throughout and XX prices. but lead generated remains year-over-year. strong $X.X prior-year benefits XXX successful times $X.X Volume, the period our revenues industrial XX.X% After the Enterprise increased the from basis, declining an the the translation as year-over-year and million Demand of Solutions a lower Solutions as $X.X these margins solid from the across $XXX.X from XX%. markets, X.X%. integration segment translation these impacted declined were sequential organically by copper favorably period. currency sequentially. impact quarter, inefficiencies X.X% quarter, increasing by X.X% XXX temporary of at chain. basis prices On revenues the driven points in price points offset completed were the adjusting currency execution copper The on million. million, impacted were orders were and of sequentially. The end XX.X% After increase EBITDA $XXX.X initiatives. the was

standards. our delivery additional Our customers are to our remain so maintain priority, incurring we on-time costs

for through quarters. diligently continue these which two one we to working expect headwinds, next are the We to

with highlights. will X, turn I sheet If you balance to will Slide please begin our

was cash net and at flow year-over-year $XXX million year generation. the million quarter to prior the quarter second decrease cash period. The end million, compared of capital deployments, reflects the $XXX balance of the and our in cash Our third equivalents $XXX in

each increased in quarter. Our turns compared turns prior-year. quarter XX the turns, to days compared Days X.X working XX days, turns, from X.X and X.X X.X and outstanding Inventory the year-ago slightly capital to X.X turns the outstanding turns respectively. and in prior turns in days second the payable sales to period were were

to continue end expect $XX levels turns, XXXX. decline SAM X.X by in approximately compared million to approximately inventory the turns XXXX, at expect therefore adjusted at exit to XXXX We to for acquisition. X.X We the of

Our at quarter, the end was the billion. with total second debt target to Xx at $X.XX the X.Xx our of Net leverage of third at the consistent with quarter debt-to-EBITDA end quarter in-line was range principal of Xx. the net

the to net cash our was in prior to compared operations highlights. $XXX.X Slide flow the million, in to turn from fourth Please in quarter expect leverage few flow X year. a trend for Cash the $XX.X quarter. We million lower

$XX.X million XXXX third litigation. a on The includes to patent related gain quarter

in the This quarter. expenditures $XX.X we made India, this prior-year new for Net were the period, initiatives. operations its fourth shipments the as in from products increased $XX.X manufacturing growth quarter, Excluding in cash facility and in in included which XX% quarter. organic increased to million year-over-year first million investments new investments in the gain, compared our flow capital a

was $XXX.X compared third As period. million million XXXX quarter year $XX.X prior flow the a in result, in free to cash the

revised free This the the we EBITDA full-year XXXX, $XXX view million million. for reflects outlook expect For $XXX our flow in of cash year. of now to the range

XXX,XXX for in year-to-date program the shares $XXX $XX million shares. we quarter, our X.X million repurchasing XXXX. million allocated third towards repurchase We Finally, in repurchased share

We completes CEO our have like the which Chairman, authorization, million $XX planning on call would prepared President, to for we now outlook. That back are remarks. turn deploy remaining I this in fourth to quarter. John and current my to Stroup, John? our the

John Stroup

XXXX. Thank to Slide quarter outlook the $XXX and X fourth We our $X.XX $XXX EPS full-year be for to XXXX million, million you, turn Please and and between Henk. to regarding fourth anticipate $X.XX. quarter of revenues

financial $X.XXX We but growth, EPS, This billion. billion, between represents continue range EPS currency exceeding prepared prior X% revenues to guidance We XX% guidance to guidance to a compared on and the goal. expect and For of range now the growth. represents please lowering $X.XXX expect basis, prior constant approximately to ranges. XX% our year our to to $X.XXX full to X% expect $X.XX XXXX, of billion $X.XX and long-term we revenues of record now our questions. are to Anna, $X.XX, $X.XX. open billion or remarks. X% $X.XXX we our full compared year between X% call That concludes This

Operator

you. [Operator Stifel. your Instructions] John first Please Thank Noelle from from go is Stroup, ahead. question Dilts

open. is Your line

Noelle Dilts

Good Hi, you. thank morning.

John Stroup

morning, Noelle. Good

Noelle Dilts

of really you thinking wanted what to of So given as it market with particularly about quarters. start just to for signs improvement, understand long-term for in had challenging you're terms help here how broadcast the outlook I or several and you that you're Can the America? relates that North looking market stability just us

John Stroup

you, obviously issues this North chain business The to have in We're you with frustrated that had very organically of and live included not we grown the Industrial. end so supply with in exclude the we market, Yes, would would've Noelle. X% business, some thank were if especially America. and media,

really we quarter the with So we're and disappointed incredibly good have to positioned a results. were

we've the on fourth portfolio we're be from XXXX. this So in what reflecting expectations reset our to quarter. determine Obviously, trying and business the for expectations to ought

international it live is As is to playout well in Valley. North live do do about America struggling. our playout we before, the acute piece to disruption which is and well, continues North minority the as pertains talked within continues but of the Grass business to America The the business, especially

any to We're consideration. guidance give for are on to in underperforming portfolio clearly in to we the it's So have reflect have I that and general. taking be we going expectations on on this it you quarter. December. should the for further We're opportunity need XXXX don't what issue fourth early expectations the for updates but reflecting we

Noelle Dilts

Understood. That's in to expecting just you're inventory you to really over shifting helpful. where management broadband, mile And that quarter. customer final saw this then fourth issue persist the

typically, term sense from longer-term think from us view? just longer you this how events. from been not have what events think versus of multiple I Now quarter short-term give a you're of there Can those a a or the to looking kind at perspective again about market,

John Stroup

Yes.

live with situation discussed just I than be would So media. to I very the different characterize Broadband what with our

our distribution So couple going organic at Broadband team customers, end began our third in of inventory, lean growth their through performance. consolidation there the We had and and have to X% quarter so business, with see we do the the excellent to own looking at of a centers quarter. that ways are though, that out of

continue market XXXX, we capture it. to as view think temporary Broadband as fourth and we to the adjust I up expect to be should you expect But And X%, this did for guide quarter that we for so and our would around would we probably expect we share.

growth Broadband going XXXX. a is to think organic the contributor So to in be I business

Noelle Dilts

you. Wonderful. Thank

John Stroup

you, Noelle. Thank

Operator

Seaport next McCall, our ahead. from go take question Securities. Global We Please Matt

Matt McCall

thank you. Hi, morning, Good everybody.

John Stroup

Matt. morning, Good

Matt McCall

quarter, Was to something it model Did model selling now part last – at reoccur to – Grass new last out else? success on else the success. of didn't in something then I'm happened the in going the thought occur the you've Valley and time? to was something figure and I any I the that in think or QX? tied Grass was that the was changed were versus last part sign way trying selling quarter the QX So results quarter it of that kind struggling you on the Valley, seen due a of what

John Stroup

And team the answer silver so, fairly and frankly, in when I we've out had was going the think bullet a with very wish move of towards a for being in but question. happen to decided a far this I we what occur. of times. your to bore customer sizable details had quarter, and a that find in fact, the don't the the too order difficult lot quarter this accurately to predict I it is able quite to don't America, Matt. demand business, many time you But North the would, lumpiness, want confident I happen end particularly is

had a do team fact of we QX capital with ended that in it. of falling so up for the short took And prior on introduced the anything expectations confidence their entered think opportunity with this the They I to leases has level high quarter. fourth forecast. We to it the quarter. don't reset

creating businesses. we is it's completely other obviously, them. I our when, business than to think that's This don't and surprises harder unrelated. It's forecast lumpier want

it think given think North I I reality. to And that in this customers prudent as don't competitive I feel that capital more their their they allocate in are So challenges, struggling that. is of than America some are anything ways is our particular think our

expectations Quite to I'm changed we we'll that as to quarter, but then a expectations so what going beat do way. And fourth they're just frankly, team these my positioned in say fourth does they if for that result. quarter set not numbers,

Matt McCall

I Okay, been understand. an you've through. Then on the kind of maybe issues, that's issue industrial okay. capacity been working so

to Was worse? some top that the driver I worse up the shortfall deal open with in What What – got think debottleneck was capacity demand well. investing the like incrementally quarter? of Was you've line supply Because stronger? chain to issue. changed? a in to it as been or the sounds

they QX a expected? incrementally were know behind but in wasn't I worse Henk, that you what So got that few mentioned things, specifically

John Stroup

Yes.

X% organic had growth industrial the was hadn't think capacity So these to we If we our had the quarter. organic I growth platform, around quarter have X%. in in in X% could constraints,

reared in weren't We had where in quarter. few is actually was was we business. our chain facilities the industrial QX, to the ugly from head was had in supply team up since then on. QX. It It labor QX. isolated networking a an new dealing issue that came was within working compared And it That really there it issue, our with in QX, QX, gotten its So an QX. worse capacity

issues had issues also facilities facilities in Mexico. our in in So we we of one issues Canada one had We in had in our Czech Republic. and of

going quarter. think improve fourth to in the I it's

it couple I had think to make that will QX, the but better areas of has where in plans QX. from a QX worse place team to from action it we QX got

Matt McCall

Kevin, I'm was say – issue, saying? capacity, labor the you but – when inefficiencies, what And shortages sorry above? the of are labor you apologies, What specifically the all

John Stroup

So predominantly shortages. it was

we just So literally example, to and the our true best very Czech meet well. did our overtime for the did enough was demand people Mexico in the spending. one of not have with same facilities in as meet we to in Republic, demand, But

So certain been a Czech progress we've market the tightening we has of certain to been going like and say struggled – that the the acute. areas seen in areas labor we're quarter, feel fourth. see so do in Mexico I that with but I'd world. of some have tougher in

Matt McCall

Jon. you, Thank Okay.

John Stroup

Yes.

Operator

We'll Harrison, take next Research. Longbow Shawn question from our you. Thank Please go ahead.

Gausia Chowdhury

from Gausia versus how business, from in one, Valley? then and is coming of particular This Enterprise Broadband, the Number in Grass Enterprise Industrial qualify the you earnings on much for Shawn. Chowdhury PPC and within can is

John Stroup

Yes.

was guided Enterprise course, our So our of but miss the that almost our a earnings of we exclusively of in the at Enterprise, media guided short if quarter miss for they're in you revenue. look in the Most of live result quarter, range, revenue business. actually was the miss and our fell within

been level if would would growth Grass year-over-year we before, business. the business I the X%. is say more for basis, the relatively to third at have isolated Grass revenue consolidated So flat on organic a like Valley of our Valley seen a had miss said I quarter,

that's challenge third the So our in quarter.

our full business. mentioned well For year, as inventory the also mile the of fourth challenges include some correction capacity Industrial last quarter broadband constraints as I and within the this these in

Gausia Chowdhury

for Grass are the the there Enterprise the the lumpiness good given long up your portfolio difficulty within the can it's secular challenges And at term then has and maybe portfolio all? in also, Valley, portfolio that consideration any asset why Industrial on reflect and on volatility, And considering reflecting been sales the you in the forecasting? a breaking

John Stroup

have platform So I the of that business term a lot long a is Grass – I for. -- think regard the Valley

media good the business. that think run in a I business long the is

accurately to results the proven medium the in predict creating short be it's far as issues want results deliver of we as able challenging kinds to us and think we that more to expected is some for be to however, term, than I to real well to. our be able

fantastic, our quarter, that fell expectations in growth double the at look community. earnings are short the that disappointed so digit the we investment expectations and pleased quarter, our we the you earnings incredibly we're If but our are that's in set of with obviously up own we

So alternatives for. long in produced content, better either consumption it trend. professionally suggesting, in and consider I America of we now, secular is a good live an to or all at serious it's short think mid-term. right to I issue with that's not I North media how run, that with one the it's however, business consideration that me believe live-produced think the happy But in That's we're the we're challenging. more not content, very But manage that currently asset particular giving the

Gausia Chowdhury

you. Thank

John Stroup

you. Thank

Operator

question ahead. our Mark take next We Please Goldman go from Delaney Sachs. from

Mark Delaney

for two morning. and questions. guess, I the good I thanks have taking

So is first margin. around question gross

that The is imagine trying discussion areas. in as for your understand in quarter, the what's some margins first assumed mix can with gross to it favorable media just better I the as fourth be

but there's like seems set mix. moving again, around pieces is lot about down could on to of us for I'm And on XX%, a gross – guidance then if that. margin not it So you guidance expecting but margin level XXXX, implied maybe gross

may are some increases guys have like that be passed costs. there there It sounds you price some think I through.

think you maybe and down think similar margin. around different guys or going for up help overall. or the about and year takes to us some we I it next pieces? of those think about gross think mean how Should to it's maybe XX% be just XXXX about So I puts going

John Stroup

gross going up to that third think I the be fourth for so compared the quarter Yeah, the margins slightly to are quarter.

we're margins for that manufacturing in year. compared our gross cybersecurity XXXX. on see you we fourth in gross expecting XXXX, haven't I would from the third XXX positive some margins me the with probably way. So going in a fighting would next business margins And year, more But then the gross I in in in going issues think, however would to as Tripwire of we're guidance we But margins capacity would XX% to from surprise going some that up that would mix our I these Like well wouldn't to XXXX slightly. reflect XX% be some to We XX%. be would basis our mix up little expect in it as if we're done the quarter, quarter, of of were And spend I as affect the expect that favorable where fourth about do said, in the we're a benefit prioritize to going commitments the into I favorable be they margins expect and said, in delivery. to Henk improvements, as bit is have make customers. fourth group quality weren't on-time I And up be. think points to if quarter. kinds business. quarter to gross means from overtime, we next will, gross to

Mark Delaney

about is on pipeline thinking That’s you're my that. the and how M&A and helpful follow-up

of media, two this there's guess acquisition think question, given challenges a I revenue SAM I mean some earlier did part the you but with do the you in year. But the Just struggles, broadly will you likely M&A company Thank M&A looks you. be be. less active and the may just maybe can and comment media more within pipeline the doing how it that it's how

John Stroup

with we as plan right fiber, it's that so our our where fund it are number broadband to on To to priorities we've relates of to organic or and in now emphasis done M&A, final mile do our stock. in going think acquisitions to the focused either repurchase Yeah, be I deployment, a recently an smaller capital extent industrial.

the business, an were that, job done on SAM business the parse relates SAM And because greater of to a to and to to on I having as if year-over-year we up to not international media business live our ROIC sort excellent exposure ability relates But basis in its said SAM. challenges these predict try actually have to it our We Valley as through Grass demand. is it investing markets. some as will be anymore we of

Mark Delaney

Thank you.

Operator

next Will Rob Partners. from from take Guggenheim Cihra our question

Rob Cihra

Thank you very much. could. Two questions I if

the Broadcast are mean I sounded there what was is good. I there? year-over-year, business That within and you mean, one just I Just what deep used the and Broadband. – on Broadcast And the wasn't okay. on gave a a the trends the side. look up Broadband you pretty ex anything that I have classify follow-up mentioned sure, basically Enterprise, Enterprise you to that's as if

John Stroup

our Connectivity up in quarter. was within So, our It which only about X.X%. up the business, platform, Enterprise is Enterprise was

would Non-res that team However, to fourth between has now strong. we up right Enterprise somewhere to with Connectivity like just think that's X% timing all projects. feels characterize be as continues healthy. I quarter business and But and timing. the is the The going do of to be X%

from a in was quarter from Our of Category only the I leading business also performs very XA which a strong, view but point really for how a point growth revenue is not profitability think of indicator that good view.

business, I exclude before, to Broadband, up Valley performed that modestly. the And or actually if pretty up was you as well. Grass Connectivity said as PPC organically. X.X% said, platform was I were Enterprise The So

Rob Cihra

demand down you you demands. sounds had see yourselves, be you're mean, But you of half? own do the – and demand Broadband continue taking I trends hesitation? it Okay, Thanks. thanks. continue you apart along it across you the I know guys been supply like good kind then like have I the side. excluding those of sort from any feel mean seems your you Enterprise mean, I outside I things, great, clicking inventory Industrial not that has least, It the issues. at And seen And as customer Or issues, see outside of on have supply Broadcast good? of be macro demand didn't really through do first get to on you issues any to and mean

John Stroup

that our we've would issues than the and expected demand that what we So all demand what year. consistent I that, with business. we media short environment is answer Other as say live with you see within agree seen be

Rob Cihra

Great. you much. very Thank

John Stroup

Yes.

Operator

It continue. questions Kevin Mr. further appears please Maczka, this are no at time. there

Kevin Maczka

joining Thank for you, you Annah, everyone, today's call. and thank

reach please If you any out here at questions, the have to IR Belden. team

have Thank great investor.relations@belden.com. is you, day. a address e-mail Our

Operator

you, and ladies call gentlemen. our today. Thank for This concludes

You disconnect thank from for may now participating. and call, the you

Belden (BDC) 31 Oct 182018 Q3 Earnings call transcript