Belden Inc. reported third-quarter 2024 revenues of $655 million, an increase of 4% year-over-year, primarily driven by the acquisition of Precision Optical Technologies. Despite this, organic revenue saw a 2% decline. Net income for the quarter was $54 million, compared to $72 million in the prior year, which had benefited from a $12 million one-time gain on asset sale.
Adjusted diluted EPS reached $1.70, surpassing the consensus estimate of $1.61, although it represented a 4% decrease from the prior year's $1.78. Adjusted EBITDA was $113 million, down 2% year-over-year, with adjusted EBITDA margins at 17.2%, a decrease of 120 basis points. Orders demonstrated positive momentum, growing 8% sequentially and 28% year-over-year.
The company also announced share repurchases totaling $115 million year-to-date, reducing its share count by 1.2 million shares. For the fourth quarter of 2024, Belden provided guidance anticipating revenues between $645 million and $660 million, and adjusted EPS in the range of $1.62 to $1.72, which aligns with the consensus estimate of $1.66.
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