The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Mark Delaney - Goldman Sachs - Analyst
: YesYou mentioned you expect improvement this year in the business when you look at manufacturing PMIs and consider inventory levels in the
channel and the destocking that occurred over the course of last year. But then you also talked about an expectation for normal seasonality and
some near-term uncertainty as customers evaluate the policy environment. Maybe you could elaborate a little bit more on some of those factors.
Just specifically to the 1Q guidance, are you assuming any pickup in activity making, or is that not something that's baked into your 1Q guidance?
And maybe just talk a little bit more on what you've seen with order patterns so far this year?
Question: Mark Delaney - Goldman Sachs - Analyst
: That's helpful. But just to clarify, you don't need any pickup in activity to hit the 1Q guidance?
Question: Mark Delaney - Goldman Sachs - Analyst
: Understood. And then it's in terms of some of the puts and takes to the $8 target, to the extent you do see business conditions pick up starting in
2Q, do you think you're tracking to the $8 number or is FX too much of an incremental headwind?
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FEBRUARY 06, 2025 / 1:30PM, BDC.N - Q4 2024 Belden Inc Earnings Call
Question: Steven Fox - Fox Advisors LLC - Analyst
: First, I had a question just clarifying a couple end market comments. So when you talked about the customers being in the neutral posture, is that
across the board or are there some markets where maybe you don't need to see where that will do well no matter what happens with policy? And
then on the EMEA side, you mentioned EMEA is weak, but then you also said there's a pickup in discrete manufacturing. So I'm a little unclear on
how to tie all that together. And then if I could follow-up with one other question, that'd be great.
Question: Steven Fox - Fox Advisors LLC - Analyst
: Great. That's helpful. And then just a bigger picture question on the solutions business. Is there any way to put a little more perspective on how
the mix is shifting now that we're at the end of the year either looking back at percent of sales, percent of orders versus the prior year and how
that shift can continue into '25? Thanks very much.
Question: William Stein - Truist Securities - Analyst
: First, what we've seen with some companies is this anticipation of customers potentially trying to get ahead of any volatility in the tariff structure
and maybe pull in orders that were scheduled for Q1 into Q4. I'm wondering if you think that happened, whether you can measure it, whether you
think you know or know you know. Any comment on that dynamic?
Question: William Stein - Truist Securities - Analyst
: Thank you for that. And then the follow up relates to that shorter term friction that you described. I would imagine that that shows up in the form
of order backlog and maybe somewhat faster turns built into the Q1 guide. Is that the right way to think about what's going on or not? And maybe
any way that you can elaborate on the duration of your backlog and visibility that you have today into the Q1 guide relative to what you might
have had if there is such a thing as a typical Q1?
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FEBRUARY 06, 2025 / 1:30PM, BDC.N - Q4 2024 Belden Inc Earnings Call
Question: Rob Jamieson - Vertical Research Partners - Analyst
: Thanks, I guess just wanted to touch back on the 1Q guide and just the color there. How would you characterize the macro that you have embedded
in there? Is it more like, if we're talking about PMI specifically more as we exited 2024, what the readings were like, or does this account for, like,
the January kind of upticks that we saw in Europe and the US?
Question: Rob Jamieson - Vertical Research Partners - Analyst
: Okay, that helps. And then I guess just to touch on the seasonality, can you maybe remind us how a normal year might play out? Whether that's
on a quarterly basis or first half versus second half contribution to full year revenue. Is it going to be like typically in the second half, it's like, what,
52% or so? But just would love some color around that as well.
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