Belden Inc. (BDC) 2018年年度报告「NYSE」.pdf

1、?2018 Annual Report?Dear Fellow Shareholders,We achieved a number of important financial milestones in 2018,including record revenues,EBITDA,and EPS1.The Companys financial performance highlights from the year include the following:?Record revenues of$2.592 billion,increasing 8.5%;?Record EBITDA of$

2、474.2 million,increasing 9.2%;?Record EPS of$6.06,increasing 13.3%;and?Cash flow from operations of$289.2 million,increasing 13.3%.Despite this solid growth,we are extremely disappointed with our total shareholder return.As a result,we are conducting a critical review of our portfolio of businesses

3、and considering adjustments that we believe will support improved valuation and enhanced equity returns.2018 was also highlighted by continued balance sheet improvement and balanced capital deployment toward organic growth investments,share repurchases,and strategic acquisitions.These actions provid

4、e the foundation for improved results going forward.I would like to share with you some of these significant accomplishments.Strengthened Balance Sheet We completed our timely debt refinancing and repayment during the year,and we were extremely pleased with the results.We lowered our cost of debt to

5、 a fixed average interest rate of 3.5%and extended our maturities until 2025 to 2028.Organic Growth Investments During our strategic planning process,our businesses identified many attractive opportunities to expand into high-growth markets and enhance our product offering.As a result,we increased c

6、apital expenditures to$98 million to fund a number of attractive organic initiatives.This included investments in new products,such as our successful cloud and industrial cybersecurity solutions and a new manufacturing facility in India.This important facility made its first shipments during the fou