Belden Inc. (NYSE:BDC) Q4 2014 Earnings Conference Call - Final Transcript

Feb 05, 2015 • 10:30 am ET


Belden Inc. (NYSE:BDC) Q4 2014 Earnings Conference Call - Final Transcript


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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. At this time, you are in a listen only mode. Later we will conduct a question-and-session. (Operator Instructions)

I would now like to turn the call over to Matt Tractenberg. Please go ahead, sir.

Matthew Tractenberg

Good morning everyone, and thank you for joining us today for Belden's Fourth Quarter and Full Year 2014 Earnings Conference Call. My name is Matt Tractenberg, I'm Belden's VP of IR. With me here this morning are John Stroup, President and CEO; and Henk Derksen, Belden's CFO. John will provide a strategic overview of our business, and then Henk will provide a detailed review of our financial and operating results, followed by question-and-answer.

We issued our earnings release earlier this morning and we 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

Turning to slide two, in the presentation. During this call, management will make certain forward-looking statements. (Forward-Looking Cautionary Statements) For a more complete discussion of factors that could have an impact on the company's actual results, please review today's press release and our annual report on Form 10-K.

Additionally, during today's call, management will reference adjusted or non-GAAP financial information. In accordance with Regulation G, we have provided a reconciliation of the most closely associated GAAP financial information to the non-GAAP financial information, we communicate. This reconciliation is in the appendix of the presentation and has been posted separately to the Investor Relations section of our website.

I'll now turn the call over to our President and CEO, John Stroup. John?

John S. Stroup

As a reminder, I'll be referring to adjusted results today. Please turn to slide three in our presentation for a review of our fourth quarter highlights. At our investor event in December, we shared with you new strategic financial goals, including total revenue growth in constant currency between 8% and 10%, and EBITDA margins between 18% and 20%. I'll share some thoughts on our progress to both our previous goals and these new goals as we make our way through today's call.

Turning to the results. I am pleased with our record performance, including revenues, operating profit margins and earnings per share. I'd like to thank our associates for their hard work during the quarter and their continued focus on aggressively executing our strategic plan. Overall, the business performed well, with strong organic revenue growth in our Broadcast and industrial platforms.

Revenues for the fourth quarter were $613.7 million, an increase of 19%. A stronger U.S. dollar and lower copper prices had an approximate $21 million unfavorable impact on revenues. And after adjusting for changes in currency and copper prices, revenues grew organically by 7.2%, a very solid outcome.

Our Broadcast and industrial platforms delivered strong organic growth of 13.2% and 9%, respectively, while Enterprise Connectivity, representing only 18% of consolidated