财务数据和关键指标变化 - 第二季度收入604百万美元,同比下降13%,超出了指导区间的高端 [11][25] - 毛利率38.2%,同比增加10个基点,得益于产品组合的改善 [26] - EBITDA为99百万美元,EBITDA利润率为16.5%,同比下降130个基点 [27] - 净收入62百万美元,同比下降 [27] - 每股收益1.51美元,超出了指导区间的高端 [27] 各条业务线数据和关键指标变化 - 工业自动化解决方案收入同比下降12%,EBITDA利润率为20.3% [28] - 企业解决方案收入同比下降13%,EBITDA利润率为11.6% [29] - 宽带解决方案订单环比增长18%,智能建筑订单环比增长11% [30] 各个市场数据和关键指标变化 - 欧洲地区工业自动化业务持续疲软,客户管理库存 [28] - 美国市场需求相对更为稳定 [56][57] 公司战略和发展方向及行业竞争 - 公司持续推进解决方案转型,解决方案收入占比已达到10%左右,预计将在未来5年内达到25%左右 [62][63][64] - 收购Precision Optical Technologies后,宽带解决方案业务收入达到约660百万美元,其中一半来自光纤及相关产品 [22] - 收购Precision Optical Technologies有助于公司进入更高层次的系统架构设计讨论,与客户建立更深入的合作关系 [66][67][68][69] - 政府基建刺激计划BEAD为公司宽带业务带来巨大增长机遇,预计在2025-2030年间释放大部分资金 [18][19] 管理层对经营环境和未来前景的评论 - 客户去库存过程仍在持续,但幅度有所放缓 [36][37][38][56][57] - 经济指标如通胀有所改善,制造业PMI也有所好转,但尚未全面进入扩张区间 [39][40] - 公司业务在经历短期波动后,一旦脱离去库存周期,有望实现较强的增长 [40][41] 其他重要信息 - 公司现金流充沛,在第二季度完成了Precision Optical Technologies的收购,收购后公司杠杆率为2.1倍,有望在下半年进一步降至1.5倍左右 [15][31][32] - 公司有115百万美元的股票回购额度仍未使用完 [33] - 公司将于9月12日在芝加哥的客户创新中心举办投资者日活动 [89] 问答环节重要的提问和回答 问题1 **William Stein 提问** 询问智能建筑订单增长是否属于季节性因素 [44] **Ashish Chand 回答** 智能建筑订单增长主要源于公司解决方案业务的持续推进,以及基础设施建设等带来的需求增长,不太属于季节性因素 [45][46][47] 问题2 **Robert Jamieson 提问** 询问收购Precision Optical Technologies对公司宽带业务的影响 [65] **Ashish Chand 回答** 收购Precision Optical Technologies有助于公司进入更高层次的系统架构设计讨论,与客户建立更深入的合作关系,并带来一些协同效应 [66][67][68][69] 问题3 **Mark Delaney 提问** 询问公司2025年8美元每股收益目标是否仍然可行,以及Precision Optical Technologies收购对此的影响 [71][72][73] **Jeremy Parks 和 Ashish Chand 回答** 公司仍然认为2025年8美元每股收益目标是可行的,Precision Optical Technologies收购对此也没有重大影响 [72][73]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________________________ FORM 10-Q _________________________________________________ (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____. Commission File No. 001-12561 ____________ ...

Belden (BDC) came out with quarterly earnings of $1.51 per share, beating the Zacks Consensus Estimate of $1.35 per share. This compares to earnings of $1.91 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 11.85%. A quarter ago, it was expected that this communications equipment company would post earnings of $1.05 per share when it actually produced earnings of $1.24, delivering a surprise of 18.10%.Over the last four quarter ...

财务业绩 - 收入604百万美元，同比下降13%，其中工业自动化解决方案下降13%，企业解决方案下降14%[6] - 调整后EBITDA为99百万美元，同比下降19%，调整后EBITDA利润率为16.5%，同比下降130个基点[7] - 调整后每股收益为1.51美元，同比下降21%[7] - 公司第二季度净利润为49百万美元，同比下降29%，净利率为8.1%，同比下降1.8个百分点[6] - 公司第二季度GAAP每股收益为1.19美元，同比下降26%[6] - 公司总营收为6.043亿美元，同比下降12.7%[23] - 总分部EBITDA为9,919.3万美元，同比下降19.0%[23] 现金流及资产负债情况 - 现金及现金等价物为5.648亿美元[25] - 应收账款净额为3.969亿美元[25] - 存货净额为3.750亿美元[25] - 商誉为10.311亿美元[25] - 无形资产净额为4.238亿美元[25] - 总负债为2.302亿美元[26] - 总股东权益为12.199亿美元[26] - 经营活动产生的现金流量净额为8,568万美元[27] 未来展望 - 公司预计第三季度收入635-650百万美元，GAAP每股收益1.00-1.10美元，调整后每股收益1.55-1.65美元[10] - 公司表示数据增长和网络升级为其创造了机会，长期增长前景可观，有信心继续转型业务并创造可持续的长期股东价值[8] - 公司第二季度订单模式保持稳定，相比第二季度，预计第三季度终端需求将适度增加[9] - 公司2024年第二季度和2023年第三季度的GAAP和调整后收入分别为6.04亿美元和6.92亿美元[30] - 公司2024年第二季度和2023年第三季度的调整后毛利率分别为38.2%和38.1%[30] - 公司2024年第二季度和2023年第三季度的调整后销售、一般及管理费用分别为1.16亿美元和1.23亿美元[30] - 公司2024年第二季度和2023年第三季度的调整后研发费用分别为2870万美元和3088万美元[30] - 公司2024年第二季度和2023年第三季度的调整后EBITDA分别为9.94亿美元和12.32亿美元[30] - 公司2024年第三季度的调整后每股收益预计为1.55美元至1.65美元[35] - 公司2024年第二季度和2023年第三季度的非GAAP自由现金流分别为6096万美元和6771万美元[32] - 公司2024年上半年和2023年上半年的非GAAP自由现金流分别为3949万美元和2200万美元[32] - 公司2024年第三季度的GAAP每股收益预计为1.00美元至1.10美元[35] - 公司2024年第三季度的调整后每股收益预计为1.55美元至1.65美元[35] 收购 - 公司完成了对Precision Optical Technologies, Inc.的收购[5]

Pgiam/iStock via Getty Images CDX3Investor.com New offering summaries: New York Mortgage Trust (NYMT) priced an offering of $60 million worth of new exchange traded senior notes due 2019, offering a fixed coupon of 9.125%. The new notes, which may be redeemed by the company at par starting July 1, 2026, received a credit rating of BBB from Egan-Jones Ratings Company. The new notes trade on the Nasdaq under symbol NYMTI where they were changing hands slightly above par value as of this writing. Dime Com ...

Hiroshi WatanabeBlue Owl Capital (NYSE:OBDC) is the third largest BDC carrying an NAV base of circa $6 billion, falling short only from FS KKR Capital (NYSE:FSK) and Ares Capital (NASDAQ:ARCC) that have NAV figures of ~ $6.8 billion and ~ $11.8 billion, respectively. The overarching strategy of OBDC is to provide direct lending solutions to U.S. upper middle-market companies. Yet, here it is critical to underscore a couple of details pertaining to the strategy (or investment underwriting policy) itself: ...

Jonathan Kitchen/DigitalVision via Getty Images Welcome to another installment of our BDC Market Weekly Review, where we discuss market activity in the Business Development Company ("BDC") sector from both the bottom-up - highlighting individual news and events - as well as the top-down - providing an overview of the broader market. We also try to add some historical context as well as relevant themes that look to be driving the market or that investors ought to be mindful of. This update covers the per ...

Image Source Income investing is an attractive investing strategy, but the majority of stocks have relatively low dividend yields. Or, a desired income would require more capital than we own to achieve using ordinary stocks. The BDC sector comes to mind as a way to spike our portfolio dividend yield and still keep equity-like returns. The subject of this article is the BDC called Capital Southwest (NASDAQ:CSWC). A BDC is a managed portfolio of loans, with returns amplified with leverage. This simple sta ...

Khosrork/iStock via Getty Images Overview Business Development Companies continue to be a great place to earn a higher yield and benefit from the higher interest rate environment. Crescent Capital BDC (NASDAQ:CCAP) has continued to rake in higher levels of net investment income, but the environment may be changing with interest rate cuts on the horizon. When I previously covered CCAP back in April, interest rate cuts seemed unlikely. However, recent economic data may be signaling a change in the market, ...

Ibrahim Akcengiz Earlier this year I wrote an article on Ares Capital (NASDAQ:ARCC) arguing why this BDC offers one of the best opportunities to enjoy solid returns from this specific sector. The bottom line was that ARCC has a truly diversified portfolio (on security, sector and asset class level) coupled with a strict underwriting policy that helps keep the underlying risk level low relative to the almost double-digit yield that is provided by this BDC. In other words, ARCC offers close to double-digi ...