BDC - Earnings call transcript Q4 2024

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to this morning's Belden Report Fourth Quarter 2024 Results.

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

Aaron Reddington

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

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

in presentation. Slide X to Turning the

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

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

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

Ashish Chand

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

would the to highlight. Let's to during full major quarter fourth the messages like achieved first Slide we and I turn and X for of a accomplishments summary year key

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

team results of once executed delivered again congratulate ahead me We our well let another on quarter. solid First, expectations. and

XXX and year, adjusted up margins and for the EBITDA in our expectations aligned solutions in the $XXX our guidance and the per at quarter, points both prior $X.XX. Profitability progress. year. revenue our our share XX% transformation fourth our to million, basis compared compared prior up continues of XX.X% earnings came end totaled at the with to exceeded For the Revenue as to came high per quarter, earnings share

Second, out the was as quarter our to in steady transitional close customers a for remained posture demand year. a neutral

up XX% reaching and full organically our report of up For fourth saw $X.X orders to by X%, particular business with up billion. that We quarter, prior Americas orders were grew pleased growth the Overall, for the the organic modestly to were for nearly the year, year. I'm sequentially in our XX%. compared strength quarter. the XX%

we XXXX. progressed, progress see and As witnessed geographies to a improvement and ordering encouraged additional verticals. the we strong continue steady this in patterns into across look I'm further ahead as with year upside many

business our performance with are continues free team priorities. generate flow, cash cash to in year ahead and our slightly beneficial to our allocation free shareholders. With was expectations. of cash we prior meaningful million, flow, ample Finally, at invest continues high-return and deploying our strong consistent opportunities flow $XXX to Full capital capital

the our For our that offerings. Further, acquisitions tuck-in year, back we've towards stock. buying enhanced solutions we improved and product continued million our deployed $XXX portfolio

million. the brings to approximately million shares for full our fourth we X.X shares $XXX quarter, year million total That for $XX During X.X repurchased million.

sheet allowing remains strong, ways. to multiple in enhance balance Our us returns shareholder

continue through shareholders looking support buybacks. and expect capital for can to that when to appropriate You solutions us returning our our transformation acquisitions

Day. outlined I'm proud X. tremendous executing during turn past strategy please Now on to Reflecting this upon most in our Slide year, our progress of Investor Belden's recent

past and infrastructure networking this continued our by in multiple significant leadership expanding portfolio data solutions strengthening automation our upgrades. we technologies First, year, and with

into platform. expand acquisition, verticals. Further, customers this and a how design, This our end hard and example switching network the incorporating competitive including improvements deliver line, with solidify continued me the quickly After our offerings is a making AWS. normalization in switch to technology and interoperability, BXP product our it switch. standardize integration are for Let improvements requirements. customers using OT This solutions. and stack to discovery, compact format the enhanced huge features key and our our including managed to high-speed data to data growth of ecosystem past to networking ready-to-use Hirschmann our applications, AWS and complete for support improve recent now positioning of teams our Ideal year, working for introduction year, and our highlight introduction one flexibility data in rail deepen benefit our showcases partnerships, provide to CloudRail we are streamline just we we this and and can a

our advancing strides in Second, made we solutions capabilities. significant

the As previously, to our smart solutions organization. entire expanded year infrastructure into we was XXXX we discussed and brought

they was sales leverage Day, verticals, our our are to focus build going all expanded entire our complete architectures, fully accomplished outlined across running. solutions teams Centers empowering and our align is are Innovation during function year, Investor improve to key capabilities, library for of momentum to portfolio Customer our has growth customers. Further, on our our Our significant. working our product as software up that and utilize and forward the organization, restructured diligently now much reference With compelling been our expand with solutions to this teams common

through demonstrated tuck-in we Third, capital acquisitions. disciplined allocation targeted

more solutions a With and portfolio we our solutions by Precision delivering the broadening capabilities acquisition our of comprehensive Optical, offering. enhanced product

secular our with expands from benefiting key customers strong trends. offering fiber growth Our MSO acquisition

we during and basis with the XXX excellence year-over-year operational margins EBITDA XX% year discipline for a Revenue of improving business was points. quarter up financial Finally, up demonstrated fourth conditions.

of cash our and flow our underscore and through generation earnings way year cash free strong we cycle. long-term Our on to cash growth flow free business target strong, was of the with commitment delivering X.X% accomplishments sustainable or unwavering ended $XXX These million our flow revenue, XX%. the towards of

please Now Slide turn X. to

solutions power illustrate how This quarter, drives highlight the examples in our and success marketplace. I want X vertical to distribution to solutions transmission the strategy from

a and project deployment. million. The upgrading award XX with a The first customer equipment, in challenges significant at Energy legacy network limited from faced which network a ensure Water This example scalability. involves backbone Authority is a approximately National to and outdated support valued EMEA, successful the EUR and providing

XTran on platform, multiple reliable, functionalities, technology for legacy This to comprehensive our within all customer Our integrate Ethernet delivers and design a easily platform. applications team nodes. with communications network the solutions MPLS solutions networks advanced with solution scalable large scalable, enables developed based a a serviceable that

network Midwest which The this protocols, with a multiple second from legacy scalability, million. example resilience. was comes systems troubleshooting, contract electric Similarly, a managing at cooperative valued and $X hindered and customer

successful to collaborated field that project utilizing the considerations our Our the with of concept in examples solutions Belden solution. the future a in XTran remote a innovation the team awarded as action. customer a our similar utility's a included design using for digital was strategy network center demonstrate customer node. These proof after solutions

focus power and distribution insights use leveraged we effective is our efficiently. cases, and transmission deliver on and that As be experts outlined our during these challenges most cases benefits key from can to strong and technology designs In Investor our verticals where best-in-class real-world repeatable, secular Day, implemented quickly trends. address

request key performance. these will year drive insight deepen our additional quarter we believe value advancing trusted customers, like Jeremy scalable solutions our into fourth are now increased successes by to partnerships. I industry with firmly becoming passive will offer to in active portfolio. solutions committed financial time, Looking creating solutions leveraging relationships We the superior provide experts product and and long-term, and stickier our Over marketplace. strategy ahead, sales Belden's full who provide

Jeremy Parks

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

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

Now the Smart please turn to guidance the Slide for and with quarter XX%. of end exceeding high of our and XX% X. year-over-year million, Solutions Organic $XXX up was $XXX million. was Infrastructure Solutions year-over-year, Automation Revenue revenue XX% both up up

to growth markets. return in improve see encouraged are organic We conditions as our

$XXX up As benefit to EPS $X.XX, Automation was were sequentially. compared tax both on points expected, Smart sequentially approximately basis orders in margins negative benefit, of profit the up quarter sequential typical to EPS basis year with XX.X%, decreasing favorable guidance. due basis, was up quarter. Solutions prior positive $XX points and slightly guidance. compared end prior high XX EBITDA to million year-over-year, as was the $XX was points Net million, still but due XXX rates strong with XX% up $X.XX, expected, Adjusting the tax XX for was the including year-over-year our the And segments a income year to up for EBITDA was rate to $X.XX basis growth. our Infrastructure slightly margins above seasonality. Gross from XX.X%. exhibiting modestly million the and of were

year. X% with Infrastructure Revenue Slide the was Now, X. Automation Smart the revenue from down for please down billion, X%. Organic nearly X% Solutions down $X.X turn and prior down X%, was year Solutions to

$XXX Net throughout XX.X% $X.XX a the improve year X% year. to EPS million XXXX. margins with million full were at million EBITDA to $XXX $X.XX of income EBITDA was As basis. compared $XXX in our business continued EPS year. the our up was prior conditions in to the was compared year, record on orders for

review fourth performance to aligned market quarter. segment the a X stability, with With Slide Turning expectations. for for now business our of our general for results segments our

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

softness year full in and quarter. Process we for saw growth markets our double-digit Despite the strongest included in EMEA, for Our discrete Manufacturing. continued and organic Energy the fourth market quarter

XX% sequentially XX.X%, orders XX% in the XX.X%. our to Smart up grew year. segment down APAC. business prior margins expected sequentially Revenue compared Aligned continued Infrastructure EBITDA prior Infrastructure with Smart Our were up the grew moderately year. in X% Solutions to the discrete in and improvement and compared with seasonality, were Americas from

again normal strength hospitality. strong we Broadband was roughly prior with healthcare showed including and compared For the year, quarter, flat the saw aligned to growth sequentially, growth in and seasonality. verticals,

new have in short-term are taking they a markets clarity stabilized, greater most Our the on await customers stance policy decisions. as neutral and

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

equivalents million end compared XXXX. balance was $XXX fourth of Our million, in fourth the $XXX of the the at quarter quarter cash and cash to

X.Xx position the time strategic consistent the of will cash allocation attributable reflects deployment Precision capital expectations. priorities. to the a EBITDA, end from net maintain our primarily leverage to however, of consistent the long-term, time reasonable over Our Optical our we year, to we to share fluctuate our as debt opportunities with net during intend approximately and repurchases. At the pursue leverage with We financial X.Xx a acquisition was year, capital

year, which full with deployed free our count, $XXX is M&A, million, year. margins X.X flow share XX% ago. it capital million in X.X% ahead the the flow for was years and further during cash prior repurchase have For Consistent lower our the remaining increased from repurchases, our than When free million periods. up we now repurchased X currently dividends revenue, $XXX our we priorities, We to previous X.X%, XXXX, to our compared allocation $XXX shares, cash authorization. share was million In on reducing of year.

Going to forward, towards both opportunity and we continue deploying repurchases. see share capital the acquisitions

cash margins increased capital generate solutions strategic, to incremental that flow us continue cash our strengthen, our offerings investments enhance flow. As to This to high-return capacity steady make leading expand, our to of further allows flow.

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

be and expected anticipate $X.XX our navigate XX% quarter. over Guidance relative remain to neutral and For seasonality includes to expect a this and a patterns dollar order typical be XX% prior U.S. dynamic XX% the quarter, they are the $X.XX, to million with representing the the in we to stronger is between a other first quarter. Adjusted to environment. million, as to over impact representing expected increase $XXX prior EPS Revenues posture major $XXX year customers currencies. XX% increase a year of aligning between

headwind expect similar for exchange the the rates quarter balance we we quarter. EPS impact As revenue million in in approximately of each expect $XX compared of for $X.XX quarter, first to At a in prevailing prior and year. such, the in a the rates, currency current

the concludes quarter remarks. first and year. That the my tax the remaining expect XX% call to XX.X% back like to of turn prepared for would rate a nearly now of the X We I Ashish. quarters in

Ashish Chand

for year the Thank team you, executed well strong environment. despite and Jeremy. a our To summarize, XXXX was dynamic Belden,

EBITDA, outlined steadily revenue, increasing Business positioning for our this opportunity year, As improved business ahead. with massive each we earlier, the past EPS quarter. conditions and continue

nearly up the Orders to increased fact, half our compare momentum, see second first, increased you XX%, year $X.X In positive XX%, if increasing year, will that reaching X% EBITDA the XXXX. the for the also EPS each showed and and billion of compared sequentially increased you quarter revenue XX%. to

outperformance improving up fourth key regions led organically quarter, by The the was in Our the nicely. U.S. growth are in Americas XX%

growth strength energy, quarter, our process saw on competitive where markets. our the advantage, focusing drivers. capitalize most broadband products By primed solutions manufacturing, to in particular is recent and a Finally, have business we in long-term growth verticals key on our secular and

quarter, first the maintain a neutral to forward guidance our that Looking implies posture. customers

We we deploy expect to anticipate over quickly months, implications uncertainty, capital and accordingly. next be short-term policy move the this and despite and clarified customers will few

for Our on view unchanged, us decision-makers upside have with opportunity the certainty. XXXX once ahead in more meaningful remains

for for say we the the see While Belden. anticipate well I of be are that business, beyond first of confidently we highs I following expect to not for a the I XXXX new past, those guiding year that above record quarter, reasons. can many the performance will

with demand. healthy some showing First, stabilized, orders verticals have past largely growing this and year

earlier, growth growth also nearly with a regions mentioned are destocking indicate and that key forward. are As return to improving, I we checks through our channel going

years Second, we signs PMIs contraction positively than are our impact in activity, expected of rebound more to after seeing X in manufacturing of which is business. a territory,

accelerate, have aligned Finally, capitalize we strategically reindustrialization and set on is to trend. business this in U.S. the to our

our driving our delivering strength, solutions and our secular Major in a significant innovate. growth solutions continued results, expansion. margin of in right with us teams is incremental the as direction. position XXXX a moving and trends ahead Our runway push provide transformation enter underlying We with into trends

take Day EPS year. transpired what to a target, regarding last summarize has Investor Now, the our me since $X let moment

plus the saw year. prior and fourth to expectations, turn quarter and grow the was We strong. orders, many regions compared of continued exceeded our On side, verticals to positive the

normal articulated $X of our achieving and all continuation XXXX. quarter. in For seasonality, is in in the to with first reflects we which quarter, previously trends a saw the good we the aligned see This performance pathway fourth EPS supports

headwinds hand, seeing other are achieving target the we the On make incremental challenging. more that slightly

demand $X the expect the creating translation prudent friction making articulated, XXXX short-term can for Jeremy U.S. beyond and will the in dollar our our has the balance in business risks XXXX. persists the would strengthen, conditions year. we headwind only continues improve if to delaying as We Further, achieve the for our First, and $X quarter. To into first conclude, today, on of business which a uptick currency decisions to expectations as long-term the benefit commitments. assured, we remain continue allocation our not XXXX support to Rest changed, our headwind, posture just capital operate business currency investment excluding shareholders, to positive. strategic in

our shareholder growth in outlined Day, long-term As Investor algorithm will value. our deliver

quarter. moment XX% are our associates to We long-term ahead mid-single-digit organic the progress a in our create about as take execute past to and excited by growth the we and I'm want last and through-cycle our our the year continue of testament expansion. a value driven targeting dedication. to lasting consistent hard for potential strategy our opportunity margin contributions over to also team's stakeholders. I Belden's valuable recognize are growth EPS longer-term, and of to work XX% XXXX

and open thank for appreciated, support prepared as Belden. That greatly unwavering I you call are to commitment remarks. our efforts the questions. Operator, concludes and transform your we please Your

Operator

[Operator Mark Instructions] The question of first Delaney Sachs. is Goldman from

Mark Delaney

And year. for mentioned But this PMIs consider year also the of then just that seeing normal channel so the an to are on in more destocking and your levels could not pickup is course as You those when making? evaluate a maybe occurred at bit the assuming little talked XQ improvement a some you guidance? policy patterns the you some that business the that's near-term factors little of you order environment. Maybe guidance, Or bit talk the expect in about and in baked last activity inventory what on with XQ into year? something over manufacturing you're you the specifically look elaborate customers uncertainty far you more any expectation this and seasonality

Ashish Chand

Yes. Well, thanks, Mark.

considers guidance separate I to and so seasonality, like talked it's an same them typically friction. and some aspect. the whilst At are positive of that there X% listed there QX would regular improving, is I if think So destocking about solutions think coming is that end think QX, to factors tapering off. Undoubtedly, prudent it trends orders we our the you to from QX, going X is shorter-term I yes, to there certain improving, in the you X% about, time,

markets there overall, think very I business and reindustrialization, our are U.S. customers supports working broadly in the broader our are policy posture. our agenda things the But through be especially right now. given helpful will certain

be get actually course, XXXX mind. so think we And from on in I for much QX, to that. separate things past yes, But had you pretty seasonality, expect we once the so

Mark Delaney

just any That's I clarify hit pickup in guidance. But need to the don't mean, to XQ helpful. you activity

Jeremy Parks

correct. that's Yes,

Ashish Chand

That's correct.

I Sorry, should have...

Jeremy Parks

yes. seasonality, Typical

Mark Delaney

Understood. of And $X XQ, and conditions tracking headwind? do takes think then too the target, to to number FX much the do you to puts the in $X of incremental business you or some of just in is the extent terms you're an starting see pick-up

Jeremy Parks

we to we're as not quarter. that about sure pick say it's Mark. Well, even to in of guiding talked up. need And not guidance. how we see we $X first things script, the like to we things Obviously, Obviously, go, a the outside made

expect the year. We go up we will pick as throughout they

things it and we'll happen throughout planning But first do we're the now. in quarter move on think Now significantly will we see get to year, as not things go. we how better,

time, we'll capital have the smart I to continue decisions. hit allocation think at some number, $X make order to in same to that

same are those things so And we're the at evaluating time.

things a I'm we'll XX know now. from sure and how see go bit days we'll more So

Operator

question next Fox Steven with from comes The Advisors. Fox

Steven Fox

end-market comments. of just had First, I question couple a a clarifying

in happens on to the manufacturing. matter the side, mentioned is you you well some what maybe then there's is there no you weak, board? are also EMEA when where need being talked a So will markets -- that policy? customers that And about you with across pickup the do would said don't but Or see posture, then in neutral a EMEA discrete the

So then one other question, on I'm could if that a that'd great. with all And tie to little I together. follow up how be unclear

Ashish Chand

Sure.

deal first. So let item me with the discrete

have discrete Steve, XXXX. So, slow generally markets in been

in that EMEA double-digit weak. spite being there, was growth saw in QX, and slightly we However, a of

U.S. think done Now And of EMEA the also on improved. focused lot as progressed. the have to including better EMEA in do markets, especially Remember, the better is in material a across handling I just has and what them year exporting itself markets we world. discrete

So at productivity, which is -- built and our discrete software and to markets hardware, if you we've including own labor help hardware, look the of shortage stack active how for we shortage problems, solve to And spot factories discrete those more yes, in things been you're capital retrofit has us. for good of positive versus warehouses, existing past. all a the so when trying and are passive so

are now all right spite in Now, will will think to digest period. in uncertainty, markets But stand manufacturing space. figure out the trying some if of maybe and more stay affect that's think I are more might them. markets -- the I think so information there discrete they've short-term are really through other out, in to consistent do And I short-term this which the space process of think certain making that that started more well how I continue more energy friction the investments

we positive. more that we actually believe is much, that -- this be will we short-term, things So post-QX much think again,

Steven Fox

business. either shift into percent there the Great. prior a the to how and year at way Is sales, That's mix at of that just 'XX? question year versus the any orders is the then looking how percent And little now we're helpful. put continue perspective back on on Solutions that can of more of the end bigger-picture shifting a

Ashish Chand

Yes.

sales a in as the of what that year, previously to XX% percentage for full region XX% in solutions approximately which about. we had is So came talked

remember, even during If expected we what Day, that's you Investor happen. will

markets. with Solutions, Smart now different for I X combined going has technology to been to Automation vertical offering the think us provide that across we technology interesting part solutions we're one are market the more on to Infrastructure going segments, saying right? So Solutions are

And a way want to stack I stack vertical the I it examples. we've any said, we're this and you passive, is, are is that and to imagine building software, certain market. or a built So there active that can like pivot

in for So technology, energy the about about -- used MPLS talked sector. was previously more which we today

that Now hospitality, because buildings that we getting products need Similarly, they management. you and power moving also in warehouses. in routers, now were centers substation of you mass are data to and transmission healthcare, to previously moving more smart see automation material switches used that we seeing into energy more used distribution now products, transit. Similarly, handling see and

our the just able not been been that's in good and of to 'XX, consistent. we've pieces the percentage how development revenue, portfolio make that but So it's of more take consistently solutions

but a same to goal Our build per the use optimal is to not stack different stack customization. verticals, with

I that the So was a in noted we of lot XXXX space. that development in think

a overall good extremely So doing on solutions. momentum well, see we

We that expect with to the reindustrialization going accelerate in U.S. the in through XXXX

Operator

Truist question from Stein with William is next Our Securities.

William Stein

ahead what potentially maybe to in of think that tariff whether the in and structure QX First, comment some whether QX. get I'm and or that anticipation think volatility you on we've scheduled into measure happened, that any trying orders were it, if you is know pull with you for seen dynamic? wondering can any of this companies customers

Ashish Chand

we been cases I we a any on to couple channel that, the have don't we visibility, with they see that POS has trying Will, some with work data obviously have channel as the anecdotal do checks, were more XXX%, believe that. -- know especially where pull-in. end-customer in partners, said, very broadly, and there of the both U.S., kind -- obviously, data interaction don't not more So, well hard more. of our visibility based we But as We can somebody large-scale have we've right? but see we of we where

expected. pretty QX our was think clean as and I

Now raised about is aspect, the course, you've tariffs. of other here

some are of kind our don't have closer they of don't I within most will Will, major to any customers be that within geographies. understand actually And remember, mean, that we fact, panic. Yes, consumption actually most Now manufacturing there country, -- our minor is impact. in for region,

I think well we're that. to positioned address

firmly no, So we did or say think be time should any for QX seasonality that we matter QX. friction. pull-in at significant in this FX is guiding that not we for here pull-in is adjusted where I some about can given experience any and shorter-term

William Stein

relates or friction that not? described, a And maybe imagine maybe might shorter-term and faster guide. that, any I is shows built backlog in thing way think would turns as and about that into if of to that duration you can that that follow-up typical your into the to have going -- the what Is today of you you QX? way elaborate QX QX that visibility the in what's relative have right on the backlog up somewhat form guide there the such to then And the order you on the had

Jeremy Parks

Will. Yes,

respect changed very has quarter. been with not because So backlog, our to about much the book-to-bill it's every Xx

in that right several for $XXX quarters little a So at now, million. row. It's it's been over level a

is orders, any typical wouldn't And it's visibility an pretty say I amount wouldn't is we've like inordinate say or a worse turn seen I been quick our it standard. I better think quarter. in So than of that

the comment QX. to don't we do than performance don't typically making orders is orders see sequentially, better we the expect were -- to I QX would from we that, expect just think we

respect that'll a But the really be that's how or go quarter. baseline been through thing, we've quarter different but this quarters. good point. If for get how modeled the with better, we've first it's and to we than at the guidance the the last forecasting so few assumption things change, much modeled the backlog, not it's And our things that's

Operator

[Operator do we'll Jamieson Partners. Vertical this I are there Rob -- next Research Instructions] David with next from at go to And time, The comes apologize, question with no Benchmark. Williams

Robert Jamieson

just color characterize there? more guess, that we're Is it back macro and touch you wanted would the I the the in just have like XQ saw guide Europe as embedded And to about the if how on there. account exited XXXX, that it of in talking Or does like? like PMI upticks January and kind were more the we we U.S.? for is what readings the specifically, this you

Ashish Chand

Day, if the It you read talking -- something right? so we beyond at when think expectation were than point QX, going will And for seasonality, macro slightly Rob, was Investor based our we be about our that that was example, the that seasonality. see on will into in more time. positive at

adjusted, are this there think just short-term are uncertainty at factors this by adjusted some So months, that point, still saying, of right? that pushes to are. we seasonality those a because we that where there, macro but think is flattish couple FX we hey, I is QX out that's

mean in It So People are a watching I and We mean, think I the destocking prudent very wanted that's are that little is figure just is of it's And positive to that -- yes, of XXXX show for waiting what the negative. we are we news. there simply and PMI those out. people will saw this more clarity. still very general, indicators short-term. tapering a trying doesn't things of reading. us It of period, to course, that witness the around us some kind lack bit of better. means be given in plus QX kinds that just be

I short-term. a way no is our the change in the very the prudent more So on guide macro view, characterize would perspective

Robert Jamieson

half seasonality. then year well. I some revenue? second Whether And to or helps. love out? normal as would half that That us on but first guess, to around just in XX% to Okay. versus the like play or basis so, a like, maybe be typically full Can touch Is that's on might the how quarterly you remind a contribution year just what, second it's half, color going it

Jeremy Parks

Yes. Sure, Rob.

just And to would of for X% sequentially QX, else to equal. guided you no improvement expect would QX, year, QX. I sort And So again, say market, it's the nice I the always -- equal, the then then in for similar down everything we've QX it's other. else a this, yes, is to right, X% to and would from way the QX -- obviously, from QX everything take would low-point us, each if say very you pop QX QX look

things QX, we'll start in rebound go in to even point market we make better, we improvement, we're see But as see. that additional we move low hopeful as the the obviously, but hit some you So year year, which the would throughout improvement throughout QX.

Operator

no are further Reddington There additional back questions at for will closing time. any Mr. this call turn I to remarks. or the

Aaron Reddington

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

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

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

Operator

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

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

Belden (BDC) 6 Feb 252024 Q4 Earnings call transcript