Belden Inc. (BDC) 2013年年度报告「NYSE」.pdf

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1、 2013 Annual Report 1 Dear Fellow Shareholders:2013 was an extremely important year for Belden.As demonstrated by our total shareholder return,we are being rewarded for our strong and predictable results.The significant investments made in our portfolio,processes,and people are clearly being recogni

2、zed by the market.Moreover,our nearly seamless organization design change from a legacy regional structure to a global business platform provides the framework for accelerated revenue growth,margin expansion and free cash flow generation.The success of the business transformation is best illustrated

3、 by our“best-in-class”gross margins,which expanded 310 basis points year-over-year to 35.2%*.Operating profit margins increased to 13.8%,up 270 basis points from 2012,and within reach of our stated goal of 14%to 16%.Net income from continuing operations per diluted share increased 31.8%in 2013 to$3.

4、69 per diluted share,up from$2.80 in 2012,on revenues of$2.08 billion,compared to$1.85 billion a year ago.Our ability to increase margins and earnings faster than revenue illustrates the considerable leverage in our business model and points to a bright future.Operationally,we will continue to benef

5、it from scale.By relentlessly applying our Belden Business System,we will grow organically,expand margins,and generate free cash flow in excess of net income.This is our primary source for strategic acquisitions which hurdle our ROIC goal,and like a flywheel,provide opportunities for further scale a

6、nd incremental cash flow.2013 Achievements 2013 signaled a new beginning for Belden.After years of enriching our business portfolio with the essential products of a signal transmission system,the time had come to realign our organization to simplify execution._*See attached appendix for reconciliati