BDC - Earnings call transcript Q3 2024

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Aaron Reddington

Good morning, everyone, and thank you for joining us for Belden's Third Quarter 2024 Earnings Conference Call. With me today are Belden's President and CEO, Ashish Chand; and Senior Vice President and CFO, Jeremy Parks.

Ashish will provide a strategic overview of our business, and then Jeremy will provide a detailed review of our financial and operating results, followed by Q&A. We issued our earnings release earlier this morning and have prepared a slide presentation that we will reference on this call. The press release, presentation and transcript of these prepared remarks are currently available online at investor.belden.com.

Turning to Slide 2 in the presentation.

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

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

management Investor call, adjusted reference information our reconciliation communicate. I Chand. contains Relations accordance section today's information. to our of or the a closely financial Regulation of our to G, the during financial appendix financial associated President the presentation In information will Ashish now Additionally, will CEO, non-GAAP with call non-GAAP in GAAP most to the over the and website we turn

Ashish Chand

Thank joining you, really We good appreciate everyone. us Aaron, you and morning, today.

major messages achieved and turn third quarter would the I accomplishments we X to of Let's Slide key in to for like highlight. a the summary

a results I adjusted As today. be to will reminder, referring

me First, customers is ahead end. team as slightly solid another results nearing the let while delivered for Performance congratulate we inventory destocking our stable cautious as quarter, expectations. quarter of an on was remain our

points share For per revenue EBITDA sequentially up forward. increased solutions share in totaled continues push XX.X%. adjusted margins quarter, exceeded the our sequentially. our to as basis XX% and aligns sequentially at transformation to earnings end and the expectations, up Profitability our million, and earnings the X% $XXX Revenue guidance by our high per third $X.XX, of came both XX with

segments. From positive the constitutes to of second perspective, organic sequentially, APAC, orders first geographic the but was XX% continue of the last organic see encouraged up quarter I'm for prior over year-over-year, Americas quarter Second, fourth steady report X% to since in we results tempered with of for which region, revenue the marking quarter growth strength were growth in growth. Orders the quarter see overall pleased to quarter marking period, our of Compared both return XX% X% order growth third the to the quarter. a demand were up the business. Organic EMEA to in year. and I'm consecutive

to pleased execution continue experience exceeding resulting markets Our headwinds, see and our to expectations. in steady diminishing performance I'm

Finally, our With generate consistent high-return Trailing and at cash flow an capital $XXX was free capital allocation with XX-month our beneficial are team flow, continues invest we deploying to free in ample priorities. performance cash line recent in to continues to million, meaningful expectations. and cash business shareholders. flow, our strong with opportunities, roughly

portfolio to year with for continue $XXX $X this networks. to earlier Voleatech, active free million our our deployed shares products edge amount repurchases total we of X.X flow. support software to for quarter, the million and firewall acquire devices as shares, and acquisition million of Further, This small cash our technology repurchasing using we a tuck-in week, OT industrial

strong provides multiple ability remains sheet the shareholder and us with ways. balance to enhance Our returns in

us to support attractive. look continue back that solutions our at find buy expect can transformation, and You to appropriate, our when we stock levels for acquisitions

Now, turn please X. Slide to

networks. solutions. products our The upgrading security in technology in enables portfolio. product industrial protect accelerates our the Belden designed in our utilized and nicely to Consistent Voleatech, firewall technologies closed am and a this cybersecurity enhance which during industrial expand quarter we key announce M&A, developed products million. Voleatech, with by as Voleatech to offerings. that is technology of active solutions approach Investor past Day technology offerings our by with attractive our of the outlined acquisition to leading framework, $X with networks During to Voleatech and targeting the firewall is advanced with month, for our pleased disciplined a robust provider OT software OT fits based I Germany, active

opportunity examples summary from in the this of turn verticals. provider Bahn X please mass Slide leading services and has and Starting a ICE XX quarter. the with mobility logistics transit EUR focused multi-year a Belden quick Deutsche first with XX systems between to train X The German quarter on the sector upgrade is worth EUR the to the announce wins win, million market. to I'm million come the and for next years. high a won Now pleased speed notable hospitality over for that

that facing running looking was infrastructure system. parallel a safety of Our networks, and dedicated a customer both was Deutsche and Instead with needed a customer-facing operational network. upgrade IT challenge solution their network could to support Bahn systems with

ultimately in switches Our around consultants customized business and to simplify of integration. worked multiple provide with Deutsche concept, understand a application the engaged to the proofs need, solution ruggedized won Bahn to our

and In Deutsche broadly training support with is as Bahn addition, implemented. engaged our the solution team provide to is

Next, take in a highlight the hospitality with leisure a moment vertical gaming let me win major a to operator. and

security, and network was a supply customer a team access centers. The on-premise Our and gaming for to project connectivity $X provide backbone, other the operations, including worth provider looking fiber, secured backbone XG a connectivity guestrooms, elements. including million run to their single controls a floor, and copper, to data entire connect network

quarter ultimately believe our that over solution. To more sales deeper And we unique a now went combining stickier and legacy from complete organization, wins customers. I and is team with will financial units a our relationship an our our these and smart time, industrial, products across ultimately truly through our businesses. provide together solutions from a Our will business from provide performance. traditional example insight including in offering, the process to broadband including are and lead put superior team the great to marketplace. buildings of CIC request Jeremy the solutions to products key into in like conclude, third Chicago the additional This

Jeremy Parks

I for you, the and of discussion finally, and Ashish. review our sheet start third cash comments results segments, balance will outlook. with followed a the of my by quarter, Thank a our flow,

will I reminder, today. results a adjusted referencing As be

million. high exceeding guidance of please and $XXX Now, to the up Slide quarter our for the turn end X. of million, X% Revenue $XXX sequentially was

X% prior X%. down year, the Smart with Solutions to Excluding the revenue sequentially. Infrastructure third was Precision increased Compared year-over-year, third and quarter down was revenue X%. acquisition, down X% Organic quarter revenue in by Automation up the X% Solutions

are We continue for year-over-year came and with Orders rates our expect growth year-over-year, segments as quarter improve strong quarter. X% year-over-year in to see up in encouraged XX% positive exhibiting up to at was XX.X%, million, were and Gross sequentially of $XX expected million quarter, of XX was margins guidance basis $XX both basis organic $X.XX, sequentially. EBITDA the the high prior the up up Net from was growth points and $XXX fourth end our profit decreasing EBITDA growth. range income XX XX.X%. $X.XX. EPS points million, with the in above margins sequentially to

X slowness Turning our Slide in a of markets, with results. for performance segment now review business to Despite expectations. our continued aligned

Solutions the Automation in down the Solutions down EBITDA prior to XX.X% prior and quarter, margins to segment Automation For was revenue from year. year. third were were XX.X% X% in year. Orders the compared down in in X% compared XX% prior up the our sequentially quarter, the

not have discrete seen including strength we verticals, did in recovery other process show energy, yet markets, our for and a quarter. While the

X% previously, As mentioned by Solutions Automation organically a year-over-year on basis. revenue declined

to EBITDA grew XX% year. sequentially and XX.X% our for revenue growth to vertical, Smart the prior margins in in the compared prior from prior year. up compared Smart were Solutions in XX% down the in segment. Revenue positive quarter, year. XX% discrete XX.X% the excluding were the organic up Orders Infrastructure the segment was However, Infrastructure

sequentially with up buildings. in Precision, compared We verticals XX% the smart in year. markets growth within and both orders Excluding the were saw outperformance of up recovery in prior impact X% our broadband and improvements to end continued slight

our in destocking see markets. to continue We

However, the pace of destocking continues to moderate.

please our turn Slide highlights. balance for flow Next, to and cash X sheet

at balance the compared quarter Precision consideration equivalents third quarter fourth the that resulting during Optical end to million cash $XXX was the the and a of third the acquisition in was for cash cash. of in quarter, Our note of use Please $XXX the cash XXXX. paid million

end debt-to-EBITDA of We leverage our approximately financial consistent net third X.Xx long to the the with was intend term. X.Xx expectations. Our of quarter, net leverage the maintain over at

previous As to half in and reduce capital. Through year, cash million, M&A, flow allocation repurchases deployed which line second quarter, our of currently third cash deploy capital towards as leverage share quarter, have in at free authorization. with our with expected million Consistent came provides the $XXX year-to-date, fourth majority $XXX further We approximately us dividends. have flow trailing repurchase of $XXX in and we periods. priorities, free our a generate roughly million XX-month in we opportunity the on our the reminder, particularly remaining the the the

with As averaging rates XXXX, of to is fixed Slide our a updated X.X%. Please reminder, not maturity debt outlook. our next turn XX and is our for until debt all

XX% $X.XX, $XXX year of representing increase patterns concludes Revenues million be XX% fourth quarter. as million, the are would across Ashish. to dynamic in order remarks. the a to in is XX% representing the remain turn Adjusted to my now navigate EPS range quarter. That to to I the to be year an back to expected to XX% quarter, $XXX over to like increase anticipate range prior prepared our of environment. this markets call For expected customers the the steady over prior $X.XX we

Ashish Chand

meaningfully close, Thank the sequential reiterate and prior that point the on year. our our compared let quarter was Belden you, a for modestly up again with me Jeremy. To basis increasing in orders third steady, to low

Our customers continue cautiously. to operate

outperformance. pleased to However, our drive again once execution I'm solid see

the cycle positioned to during ramps month, investment is Day Investor well As up. we last outlined our business as our succeed next

our highlight The efforts and verticals ahead product solutions potential successfully portfolio. our on and the strategy are trends go-to-market our mentioned growth around data the of of as operations We opportunity we realize focusing us with processes refining key we our high earlier organization. transformation and secular needs. Internally, the continue are full aligning I executing our wins solid across to

capital position on confident to accelerate technology and market and opportunities strong leverage with all transform sustainable our value. makes generate sense. I'm allows conditions team's in our as tuck-in ability acquisitions to shares superior growth long-term capitalize repurchase Our to provides us financial we opportunistically our shareholder when it in business, growth excess

eve fourth the inflation to improved. U.S. businesses on PMI quarter, indicators have Economic and as forward the as across see watchful remain our such continued of elections. manufacturing figures encouraging the Looking we customers are stability

as they back into expansion territory not yet. However, are consistently

will for up. once As say business so short-cycle business, our is estimate the that quarter, can positioned it's view I our trends pick to us most a these things beyond What well dissipate. current limited outperformance when strong is for forward difficult is

like as to challenging concludes prepared to call to would to measured working of a a will recognize quarter. our execute I fashion, support contributions and moment thank gain to like We remarks. questions. the I efforts your through your you open in share. transform appreciate past associates solutions Operator, and our would this the please Belden environment. That continue for to take to advance a we continue

Operator

from We'll Instructions] first William take Securities. your Truist [Operator from caller Stein

William Stein

Optical. Precision about quarter very good and you start could did the results last the you Can the of disclose revenue us to generated at that quarter? like if I'd company prior And on to ask end guys. your at the the of -- Congrats close remind quarter this the from to expectations? outlook, in us, first that relative or

Ashish Chand

so the deal of closed second Precision the end at right Yes. Will, quarter.

basically had about in we during so QX. came we Revenue quarter And what of a right expected. full ownership

$XX.X which think quarter I was with for was million, revenue consistent the our expectations.

William Stein

this importance I similarly, maybe it quite as that's -- some Maybe of expectation annualized acquisitions with tag? million little other Is I price. shed price that think And $X a it, it's you purchase light And than Voleatech, some a strategic Great. revenue does why highlighting of can outweigh the small sort highlighted? even you're can one, you you is disclose bit there? strategic called, been? it have being the said the given think more million surprised Or then to $X

Ashish Chand

Yes.

Will, that, then comments some add can and with start me let revenue. on Jeremy the So,

the devices. is active reason in Voleatech we had reason layer kind an its is a the above punches inconsistent long of So that, for important, security it time, weight different

period had that depending which slightly a Belden, products. actually purchase product time there that. category was all And on been from different working accelerates do to that certain you estimated to security we configuration. We've a dramatically. Voleatech across So, unify active our

but move, one important very many that's about security just were all want devices. We use concerned to And layer a and network are consistent our to our edge now security. our customers go in to, solutions able across data who of for

Jeremy we strategic. that's understood very big to the it -- it broadly, me. It's that why Maybe Voleatech a can capability. it So, inherently in this is itself is was revenue highlighted that sure not remind make not large. have We

Jeremy Parks

Yes.

more have accelerator bit sell that to disclosing do it very yes, less about we're very, money not I So, terms it of get this but it's it's It's a that it, as But but because solutions. small, organically would organically very $X to an -- invest strategically, to and in purchase an company we're than not be cost have -- small. helping and million. opportunity going technology, to relevant. this than it's think, to Think

William Stein

get more I I in. could squeeze think If I it. one

Your as in semiconductor -- much than, be outperformed of be because sort period? in you most sort to into should transition to be for markets end seems seem should and expect more component companies the component performance end selling you've for revenue And be to these of in the industrial our now powerful we of sort -- growth, we those example, weaker less into this downturn muted or markets. expectations, severe rebound

Ashish Chand

like still not weak We Will, it's on than discrete us, or break to factory the the in the So It's it's market. that better right? automation basic the if it's vertical, similar for down. market. were So down, you it

-- every approach OT speaks I and take think which how solution had been verticals were the IT we we've up were approach up. all new verticals, and they to a vertical that if able have you helps how think together, solution broken which other serving put other previously them. we an to I to And integrated

avenue. think have I component the that So, manufacturers don't

So, I see expect markets. those will that more when in things we rebound, certainly solutions

the of these I whether kind front, market. we going with some it's it's of in or health where on But we the think broader our to also transit, and care, like whether hospitality it's today some can be Deutsche discrete highlighted technologies. So markets example consistent of mass apply industrial the of newer Bahn

Operator

this at time, Research Vertical we'll to Jamieson go from And next Rob Partners.

Robert Jamieson

Congrats quarter. on the

higher you about I component volume how continuing, in we that's we returns? passive little should bit see I will margin speak a So, if I business. wanted we or should there's How my that could sales? guess this I should say, the Infrastructure first recovery just question, within with percentage margin focus given the dynamic to about likely mean, growth we a that look see probably just Smart as in and -- think gross probably light about think of as forward

Jeremy Parks

Yes.

you expect every XX% is to given from way we I is improve year. gross margin we've continue margin up. The XX% think, Rob, incrementals to you what an that should the standpoint, that EBITDA framework on

good -- gross will margins that. portion obviously, a so of And drive

points let's over basis we'll better that say, gross XX assuming would grow points because we're just mid-single-digit per range. but in margins I that So, expect the solutions more to we year, be improve, basis in we're still between XX to time, early do journey. Maybe able selling to

Robert Jamieson

helpful. kind then on focusing of Yes, Okay. that's growth. just And

On a versus this organic I last deceleration kind the when Is Smart better year pronounced expected. more bit comps bit just was a side, there than performance of little easier the a side Infrastructure industrial markets kind performed bit? guess, little you Industrial the And underlying energy, business? just I just on how of can Solutions, then of the through also process, discrete walk the on than

Ashish Chand

Yes.

is question right? the Smart comparison first about Automation, Yes. your Infrastructure and between that was So,

orders. sequential quarter. characterize was still is, way revenue been improvement performance, and And pretty on a there a energy the seen on has in would Automation. Within it that the better business, a a both actually, year-over-year from growth gradual bit basis, headwind and Smart In growth sequential we've quarter nice basis. in process obviously, I we've in Industrial decent and better looks pretty Discrete of -- to Infrastructure, seen So,

is investments to, end continuing what in upon the X.X quarters their gone plans the as that we're seasonality, on broadband operators cable are into of So the just they we other up upgrades warmer the weather DOCSIS and based expected, we're typical to customers selling some activities investment have. picked as the I that think make seeing side that we've

expected, So seen that's nice proceeding had the improvements. and we've way we

but respect I on performing grew and of that call, Automation, the So the the evolving in was I things see the the basis everything digits or of had best if verticals process. way and think with couple the collectively on both on to the of you give comment kind sort Discrete take a over I say out in quarters. With we'll number didn't it call hoped being energy else them automation, the I'll next are the less year-over-year how go mid-single -- made of more we then

are So is well. transit doing a holding. down Discrete those pretty basis on ones mass and kind of year-over-year is

Operator

Instructions] [Operator Delaney next We'll hear Mark from Sachs. from Goldman

Mark Delaney

channel, said even sequentially. as picking up you believe I throughout the destocking still seeing occurring you're revenues

more company the year? understand see you where to specifically around distribution So, where this may inventory levels inventory any hoping exits better and views as be and

Jeremy Parks

Yes.

distribution, first inventory of consistent I at seeing is is at longer-term of would terms inventory that I all, with is, level it trends days we're distributors. at in think a what say of

that So I is think okay.

We which reduction we've the all along, waiting cetera. having at are destocking POS still is et customers, see builders, OEMs, their in inventory distributors improvement reduction additional at been because talking remember, is about then to machine and components, X inventory

acceleration see we're a once over here. inventory, we through as visibility those what difficulty, beyond work but bit or we as customers in know, It's has little POS. intermediate you still to perfect more customers coming The have time so, is waiting to get a end significant distributor. it the their we think don't And is go up Mark, obviously those

conversations we there think and we're to market. conversations to we're So, more close the having probably getting rely end. participants progress with making in and on anecdotal other But the

Mark Delaney

for the looks annualized about earnings back to year. talk if macroeconomic $X rating 'XX. XXXX. the about path the earnings share get It $X had can a in this of in you you're run potential maybe there. to maybe of the that initially the half about different backdrop, I like was your but company to of around target was views earnings $X.XX realize And question next so, has in My provided get

$X So be what toward if the still those would from bridge levels of sorts achievable? number, that that's

Jeremy Parks

Yes.

in obviously, Day about a annualized QX, slightly And and Investor then, we where $XXX was based upon about other EBITDA did in XX% then to EPS $X. Since in changed maybe in then to of deployment. a we that month ago, quarter. that the $X.XX the We incremental guidance. path. included really And and and our organic sort talked we bridge get roughly QX off talked at an depth, has capital margins, used we growth mid-single-digit our path in So, nothing better this to that $X, were Mark, million than QX, we third

$X.XX So, at as we're you annualizing mentioned, of EPS.

I So to that. of very mentioned I similar early. think path as the kind looks Investor Obviously, Day, it's during still

an We of have sort interest an rate coming election environment. uncertain up,

working So But move next what perspective, from how XXXX. we nothing's how the And we and towards would that like. we'll that respect changed see not target. we're we're throughout as still progresses to -- look -- with quarter path that start our

So what we Day. nothing's Investor changed about versus talked at

Mark Delaney

I one, one you squeeze characterized the remarks. I prepared in. just had last if it APAC in believe as could tempered I

stimulus get a to the distribution I but for And better? region for China, from APAC in any prospects your hearing it's or potential customers you, smaller Given of any indications for realize are you that partners?

Ashish Chand

Yes.

from They're transmission power you also mass manufacturing quickly into at data more transit, center that latest and the if the to us very certainly you do stimulus, look coming terms And mentioned. and does as distribution. is China in of So, going translate for back. in specifically, news

Mark, you inclined, It's tell So, across for don't people seeing have that -- APAC, the sales the right? we're China, funnel, not including we engaged markets. I not now, have we those positively right funnel in is we're projects. saying certainly projects can

a few in it cautious I a a governance. and have be that, confidence we boosting expected. But it's in than there some -- because, as There a region So recently more of other of think will are parts are multiple -- of been once there APAC. and better elections broad in been some systems this there result have are APAC we measures think few markets China once

especially of sure So necessarily is make yes, quarter, highlight it given but a expect where reflection to go, we wanted so for to the we stimulus. was tempered, it the prior yes, not that we that

So, you're right.

Operator

next Williams David Benchmark. We'll from from hear

David Williams

Congrats as planning, talk XX that investment to on upturn. maybe how think with And, how progress the of maybe has of they're lot maybe your next be the have to had deployment. of guess I about and what there translate the XX we conversations a in slower think terms this so at planning? you their of look to think into that just how here. about I And first, over just out investment curious growth. kind And from period customers we hearing months? as this we've continued thinking are about of just growth you're on might least kind next customers plans going

Ashish Chand

Yes.

going So, David. you here, give I'm to flavors X

at The conversations and where this actually year. And right? it's first our we a year, portion if Network digits funnel customers. data that, and up better projects, is more. the of sales for just than, we direct look mid-to-high the of focused It's up this quantitatively, look expected frankly, that's is started So, with versus a more X-month have funnel, I single you when a Solutions period, then that start up lot if I slightly at within in

the This are phenomena where And impact I U.S. there obviously So, of indeed we of customers especially America, friend-shoring play reshoring, that things kind out. some do in there see and going planning ahead. A, projects happening: true near-shoring, North are then are is the for ongoing think reindustrialization. X

there are X things that it. So, then, that's happening. qualitatively, certainly But big think I are a of part

first us that's The is, and happening you IT are OT. integrate talking more do more to customers how thing and about

wanted an system. hospitality disparate so was integrated problem. example and the their we now, security. And the flavor integrate system to operations. same fact, wanted a right where Bahn we they to earlier way, customer-facing that to have spoke thing, all spoke for IT govern systems example that the in had So segmentation The IT that one call was systems, And have of some kind project on gaming true a the is the the really of and their they they also systems to by with in Deutsche

for our simplified B, them and stack pulling planning qualitatively customers together. see buy and see and it a all single they IT-OT and we we many technology across vendors see trying versus A, that from see So to ahead software hardware systems that where funnels; we integrated investment and in also different looking as for

they to stack. the to plus extent their they one -- managed hardware the to extent possible, want So be want software data in

So this this is for us message good because have customers. solutions for the is our we

conversations multiple And extremely verticals. so those encouraging across are

David Williams

to maybe the from you the do of bring, are for see Or And of of landscape, you longer and on then acquisitions? I side things do today? your more think Great. focused software kind kind speaking that, could guess, acquisitions, acquisition of versus you hardware software balance term? made kind And just the of the how this that about you about how and software benefit quarter thinking

Ashish Chand

Yes.

keep portfolio. We There That's are for. area an of X kind an active is certainly embedded hardware, we on so areas. focused software, basically which has some it's edge looking always

enhance continue through are We certainly at then we wireless, M&A. looking and to security

to So the X to last to interface in customers yes, versus we that different one it layer and a we very are edge continue that area. that wireless now Again, us for But, we security. things. have for signal many our robust, talked unified important areas security Voleatech is having hardware-software, the security on; and was focus partners these that about,

Operator

Caller, anything further?

David Williams

That's No. it me. for

Operator

Markets. Instructions] [Operator from Loop to move We'll Dankert Capital Chris

Christopher Dankert

from maybe just Because in is you through an old this of been us business the maybe and topic, kind space Maybe acquisition kind we've application conceptually, the of Voleatech and the between with Tripwire and talk sticking technology difference quick. compare contrast before. can perspective? guess, I what

Ashish Chand

Sure.

they the if be into think basic of Chris, about control. fully customers' then, so networks that go. requirement software. basically application. with And want where have acquisition, papers, make our compliance to actually or called to door their some kind that's is doesn't but And once allows our secure. people enter want you network, network network, into sometimes partner once people Tripwire for stop an a check look provide speak, that macmon And right? solutions. Then, that, We as That's was monitor to you their our then that's offering. that's they through their their visibility access a called you they not for, integrated and either you need, that software called to software So, to companies want visibility, you first And allow compliance. and We come that

X much was steps synergy. it in were network, people. time as kind the we away of different at have by from since So different didn't There made points decisions

owner. logs and we And a control. And And be in. Voleatech that us access you system having Tripwire so interface a at which be would some cybersecurity, had point, the became way. consistent in in may that's network, had, we closest you maintain then for best consistent and own down comes a to asset was no there experience and not firewall so around unified part the the could that of Belden a software that to matter said which where active product better But doubled on layer is you

compliance, the network. the more closest So more at that really it's different Does is which to management. Chris? help is from file Tripwire, This layer, is which integrity

Christopher Dankert

here, sale color. infrastructure sales I helpful guess enterprise in the a quarter, you extremely That's strong. really follow-up again, wins as called -- I or there. out guess some

If that sales you "Hey, solution kind gradual just, into how the segment?" had the it is driven market rebound getting this terms say put see much momentum is of to by in in of flywheel the moving versus, different buckets, improvement to of kind of starting

Ashish Chand

majority momentum are -- it's first that of the think I by is we getting combining, more still all.

which all, offering kind Solutions. a So combined Solutions of we win that or you spectrum. separate broadband We, And see umbrella, talked did smart we actually -- we first about businesses under the in made one today that's combined of some few moves our space, entire buildings ago. Smart months Enterprise Infrastructure gaming a and previously the is across

So think was that helpful. I

Second, we automation organizations solutions sales solutions, combined Infrastructure. for Smart these and

So that's network need giving combined us more entry into projects backbones. that

certainly that's helping us. So

I I space, remember, broadband the that's think on about think and their telcos. much plans. because been the MSOs And market, focus our when I with consistent more usage think more have also, MSOs us we versus helping within

out, inventory their they that by more Now and consistent. been it have they some changing overhang it's did process, with but procurement called they dealt

the is markets the then improvement approach And basis. think is majority into generic by made I yes, So, the obviously, and improving on a a bit, more of from whole changes really there driven solutions. little we

Christopher Dankert

as That's out here. great color, best you it. and of luck year Got the close

Operator

host no queue. comments. I'd for this in at are additional to to additional closing conference back there the And over time, callers like your the turn any or

Aaron Reddington

And joining operator. for call. you, today's thank everyone, you, Thank

contact team you any here at If IR have the questions, Belden. please

is Our you e-mail much. address investor.relations@belden.com. very Thank

Operator

conclude you participation. thank your teleconference. today's does all That for We

may disconnect. You now

Belden (BDC) 31 Oct 242024 Q3 Earnings call transcript