Exhibit

On a GAAP basis, revenues for the quarter totaled $604.9 million, declining 1.2% from $612.4 million in the prior-year period. Net income was $30.5 million, a decrease of $2.9 million, or 8.7%, compared to $33.4 million in the year-ago period. Net income was impacted by a one-time charge of $28.4 million related to the enactment of the Tax Cuts and Jobs Act (“TCJA”). Net income as a percentage of revenues was 5.0%, decreasing 40 basis points from 5.4% in the prior-year period. EPS totaled $0.51 compared to $0.58 in the fourth quarter 2016. The one-time charge as a result of the TCJA enactment had an EPS impact of $0.67.

John Stroup, President, CEO, and Chairman of Belden Inc., said, “Most of our businesses performed in line with our expectations, with the exception of an isolated situation in our Broadcast Solutions segment. We had expected to recognize revenue on $36 million of product that was shipped in 2017, but we were unable to do so as a result of technical U.S. GAAP revenue recognition requirements identified by our team during the year-end closing process. As a result, these 2017 shipments will now be recognized as revenue in 2018 and will be additive to the revenue that we otherwise would have anticipated.”

On a GAAP basis, revenue for the year totaled $2.389 billion, up 1.4% compared to $2.357 billion in the full year 2016. Net income was $93.2 million, a decrease of $34.8 million compared to $128.0 million in 2016. Net income was impacted by a $32.2 million after-tax loss on debt extinguishment related to our debt refinancing and repayment during the year. In addition, net income was impacted by a one-time charge of $28.4 million related to the enactment of the TCJA. Net income as a percentage of revenue was 3.9% for the full year compared to 5.4% in 2016. EPS was $1.37 compared to $2.65 in 2016.



	Three Months Ended						Twelve Months Ended
	December 31, 2017			December 31, 2016			December 31, 2017			December 31, 2016

	(In thousands, except per share data)
Revenues	$	604,884		$	612,435		$	2,388,643		$	2,356,672
Cost of sales	(375,292		)	(350,651		)	(1,454,604		)	(1,375,678		)
Gross profit	229,592			261,784			934,039			980,994
Selling, general and administrative expenses	(114,236		)	(122,099		)	(461,022		)	(494,224		)
Research and development	(29,222		)	(34,304		)	(134,330		)	(140,601		)
Amortization of intangibles	(26,053		)	(22,782		)	(103,997		)	(98,385		)
Impairment of assets held for sale	—			(23,931		)	—			(23,931		)
Operating income	60,081			58,668			234,690			223,853
Interest expense, net	(16,477		)	(23,092		)	(82,901		)	(95,050		)
Loss on debt extinguishment	—			(2,342		)	(52,441		)	(2,342		)
Income before taxes	43,604			33,234			99,348			126,461
Income tax benefit (expense)	(13,168		)	49			(6,495		)	1,185
Net income	30,436			33,283			92,853			127,646
Less: Net loss attributable to noncontrolling interest	(83		)	(71		)	(357		)	(357		)
Net income attributable to Belden	30,519			33,354			93,210			128,003
Less: Preferred stock dividends	8,733			8,733			34,931			15,428
Net income attributable to Belden common stockholders	$	21,786		$	24,621		$	58,279		$	112,575

Weighted average number of common shares and equivalents:
Basic	42,126			42,157			42,220			42,093
Diluted	42,581			42,674			42,643			42,557

Basic income per share attributable to Belden common stockholders:	$	0.52		$	0.58		$	1.38		$	2.67
Diluted income per share attributable to Belden common stockholders:	$	0.51		$	0.58		$	1.37		$	2.65

Common stock dividends declared per share	$	0.05		$	0.05		$	0.20		$	0.20



	Broadcast Solutions			Enterprise Solutions			Industrial Solutions			Network Solutions			Total Segments

	(In thousands, except percentages)

For the three months ended December 31, 2017
Segment Revenues	$	174,719		$	157,662		$	162,551		$	109,952		$	604,884
Segment EBITDA	22,168			26,340			32,328			28,330			109,166
Segment EBITDA margin	12.7		%	16.7		%	19.9		%	25.8		%	18.0		%
Depreciation expense	3,668			2,475			3,309			1,551			11,003
Amortization of intangibles	12,375			438			643			12,597			26,053
Amortization of software development intangible assets	56			—			—			—			56
Severance, restructuring, and acquisition integration costs	1,098			4,244			3,966			643			9,951
Purchase accounting effects of acquisitions	2,044			—			—			—			2,044

For the three months ended December 31, 2016
Segment Revenues	$	208,787		$	150,237		$	146,730		$	102,402		$	608,156
Segment EBITDA	48,553			20,693			27,548			26,058			122,852
Segment EBITDA margin	23.3		%	13.8		%	18.8		%	25.4		%	20.2		%
Depreciation expense	4,143			3,198			2,873			1,741			11,955
Amortization of intangibles	9,942			426			598			11,816			22,782
Severance, restructuring, and acquisition integration costs	4,543			4,682			1,941			532			11,698
Purchase accounting effects of acquisitions	(3,186		)	912			—			—			(2,274		)
Deferred gross profit adjustments	383			—			—			892			1,275
Patent settlement	(5,554		)	—			—			—			(5,554		)

For the twelve months ended December 31, 2017
Segment Revenues	$	725,139		$	631,166		$	628,458		$	403,880		$	2,388,643
Segment EBITDA	112,849			103,650			119,642			93,893			430,034
Segment EBITDA margin	15.6		%	16.4		%	19.0		%	23.2		%	18.0		%
Depreciation expense	15,763			10,509			12,968			6,357			45,597
Amortization of intangibles	49,325			1,729			2,571			50,372			103,997
Amortization of software development intangible assets	56			—			—			—			56
Severance, restructuring, and acquisition integration costs	5,532			23,511			12,272			1,475			42,790
Purchase accounting effects of acquisitions	6,133			—			—			—			6,133

For the twelve months ended December 31, 2016
Segment Revenues	$	769,753		$	603,188		$	585,476		$	399,388		$	2,357,805
Segment EBITDA	137,870			101,298			101,248			92,773			433,189
Segment EBITDA margin	17.9		%	16.8		%	17.3		%	23.2		%	18.4		%
Depreciation expense	16,229			13,226			11,038			6,715			47,208
Amortization of intangibles	47,248			1,718			2,394			47,025			98,385
Severance, restructuring, and acquisition integration costs	10,414			11,962			9,923			6,471			38,770
Purchase accounting effects of acquisitions	(2,991		)	912			—			—			(2,079		)
Deferred gross profit adjustments	1,774			—			—			4,913			6,687
Patent settlement	(5,554		)	—			—			—			(5,554		)



	Three Months Ended						Twelve Months Ended
	December 31, 2017			December 31, 2016			December 31, 2017			December 31, 2016

	(In thousands)
Total Segment Revenues	$	604,884		$	608,156		$	2,388,643		$	2,357,805
Deferred revenue adjustments	—			(1,275		)	—			(6,687		)
Patent settlement	—			5,554			—			5,554
Consolidated Revenues	$	604,884		$	612,435		$	2,388,643		$	2,356,672

Total Segment EBITDA	$	109,166		$	122,852		$	430,034		$	433,189
Income from equity method investment	1,667			716			7,502			1,793
Eliminations	(632		)	(1,087		)	(3,260		)	(3,781		)
Consolidated Adjusted EBITDA (1)	110,201			122,481			434,276			431,201
Amortization of intangibles	(26,053		)	(22,782		)	(103,997		)	(98,385		)
Depreciation expense	(11,003		)	(11,955		)	(45,597		)	(47,208		)
Severance, restructuring, and acquisition integration costs	(9,951		)	(11,698		)	(42,790		)	(38,770		)
Purchase accounting effects related to acquisitions	(2,044		)	2,274			(6,133		)	2,079
Loss on sale of assets	(1,013		)	—			(1,013		)	—
Amortization of software development costs	(56		)	—			(56		)	—
Patent settlement	—			5,554			—			5,554
Impairment of assets held for sale	—			(23,931		)	—			(23,931		)
Deferred gross profit adjustments	—			(1,275		)	—			(6,687		)
Consolidated operating income	60,081			58,668			234,690			223,853
Interest expense, net	(16,477		)	(23,092		)	(82,901		)	(95,050		)
Loss on debt extinguishment	—			(2,342		)	(52,441		)	(2,342		)
Consolidated income before taxes	$	43,604		$	33,234		$	99,348		$	126,461



	December 31, 2017			December 31, 2016
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	561,108		$	848,116
Receivables, net	466,325			388,059
Inventories, net	297,226			190,408
Other current assets	40,167			29,176
Assets held for sale	—			23,193
Total current assets	1,364,826			1,478,952
Property, plant and equipment, less accumulated depreciation	337,322			309,291
Goodwill	1,478,257			1,385,995
Intangible assets, less accumulated amortization	545,207			560,082
Deferred income taxes	42,549			33,706
Other long-lived assets	65,207			38,777
	$	3,833,368		$	3,806,803

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	376,277		$	258,203
Accrued liabilities	295,406			310,340
Liabilities held for sale	—			1,736
Total current liabilities	671,683			570,279
Long-term debt	1,560,748			1,620,161
Postretirement benefits	102,085			104,050
Deferred income taxes	27,713			14,276
Other long-term liabilities	36,273			36,720
Stockholders’ equity:
Preferred stock	1			1
Common stock	503			503
Additional paid-in capital	1,123,832			1,116,090
Retained earnings	833,610			783,812
Accumulated other comprehensive loss	(98,026		)	(39,067		)
Treasury stock	(425,685		)	(401,026		)
Total Belden stockholders’ equity	1,434,235			1,460,313
Noncontrolling interest	631			1,004
Total stockholders’ equity	1,434,866			1,461,317
	$	3,833,368		$	3,806,803



	Twelve Months Ended
	December 31, 2017			December 31, 2016

	(In thousands)
Cash flows from operating activities:
Net income	$	92,853		$	127,646
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	149,650			145,593
Loss on debt extinguishment	52,441			2,342
Share-based compensation	14,647			18,178
Impairment of assets held for sale	—			23,931
Deferred income tax benefit	(24,098		)	(30,034		)
Changes in operating assets and liabilities, net of the effects of currency exchange rate changes and acquired businesses:
Receivables	(17,686		)	(10,115		)
Inventories	(84,088		)	2,677
Accounts payable	100,752			39,298
Accrued liabilities	(32,321		)	(13,181		)
Accrued taxes	5,001			11,722
Other assets	(13,255		)	760
Other liabilities	11,404			(4,023		)
Net cash provided by operating activities	255,300			314,794
Cash flows from investing activities:
Cash used to acquire businesses, net of cash acquired	(166,896		)	(18,848		)
Capital expenditures	(64,261		)	(53,974		)
Other	—			(827		)
Proceeds from disposal of tangible assets	1,039			392
Net cash used for investing activities	(230,118		)	(73,257		)
Cash flows from financing activities:
Payments under borrowing arrangements	(1,105,892		)	(294,375		)
Cash dividends paid	(43,376		)	(16,079		)
Payments under share repurchase program	(25,000		)	—
Debt issuance costs paid	(17,316		)	(3,910		)
Withholding tax payments for share-based payment awards, net of proceeds from the exercise of stock options	(6,564		)	(7,480		)
Proceeds from issuance of preferred stock, net	—			501,498
Borrowings under credit arrangements	866,700			222,050
Net cash provided by (used for) financing activities	(331,448		)	401,704
Effect of foreign currency exchange rate changes on cash and cash equivalents	19,258			(11,876		)
Increase (decrease) in cash and cash equivalents	(287,008		)	631,365
Cash and cash equivalents, beginning of period	848,116			216,751
Cash and cash equivalents, end of period	$	561,108		$	848,116

In addition to reporting financial results in accordance with accounting principles generally accepted in the United States, we provide non-GAAP operating results adjusted for certain items, including: asset impairments; accelerated depreciation expense due to plant consolidation activities; purchase accounting effects related to acquisitions, such as the adjustment of acquired inventory and deferred revenue to fair value and transaction costs; severance, restructuring, and acquisition integration costs; gains (losses) recognized on the disposal of businesses and tangible assets; amortization of intangible assets; gains (losses) on debt extinguishment; certain revenues and gains (losses) from patent settlements; discontinued operations; and other costs. We adjust for the items listed above in all periods presented, unless the impact is clearly immaterial to our financial statements. When we calculate the tax effect of the adjustments, we include all current and deferred income tax expense commensurate with the adjusted measure of pre-tax profitability.

We utilize the adjusted results to review our ongoing operations without the effect of these adjustments and for comparison to budgeted operating results. We believe the adjusted results are useful to investors because they help them compare our results to previous periods and provide important insights into underlying trends in the business and how management oversees our business operations on a day-to-day basis. As an example, we adjust for the purchase accounting effect of recording deferred revenue at fair value in order to reflect the revenues that would have otherwise been recorded by acquired businesses had they remained as independent entities. We believe this presentation is useful in evaluating the underlying performance of acquired companies. Similarly, we adjust for other acquisition-related expenses, such as amortization of intangibles and other impacts of fair value adjustments because they generally are not related to the acquired business' core business performance. As an additional example, we exclude the costs of restructuring programs, which can occur from time to time for our current businesses and/or recently acquired businesses. We exclude the costs in calculating adjusted results to allow us and investors to evaluate the performance of the business based upon its expected ongoing operating structure. We believe the adjusted measures, accompanied by the disclosure of the costs of these programs, provides valuable insight.



	Three Months Ended						Twelve Months Ended
	December 31, 2017			December 31, 2016			December 31, 2017			December 31, 2016

	(In thousands, except percentages and per share amounts)
GAAP revenues	$	604,884		$	612,435		$	2,388,643		$	2,356,672
Deferred revenue adjustments	—			1,275			—			6,687
Patent settlement	—			(5,554		)	—			(5,554		)
Adjusted revenues	$	604,884		$	608,156		$	2,388,643		$	2,357,805

GAAP gross profit	$	229,592		$	261,784		$	934,039		$	980,994
Severance, restructuring, and acquisition integration costs	6,039			5,461			32,562			12,276
Purchase accounting effects related to acquisitions	2,044			912			6,133			1,107
Amortization of software development intangible assets	56			—			56			—
Deferred gross profit adjustments	—			1,275			—			6,687
Accelerated depreciation	—			246			798			864
Patent settlement	—			(5,554		)	—			(5,554		)
Adjusted gross profit	$	237,731		$	264,124		$	973,588		$	996,374

GAAP gross profit margin	38.0		%	42.7		%	39.1		%	41.6		%
Adjusted gross profit margin	39.3		%	43.4		%	40.8		%	42.3		%

GAAP selling, general and administrative expenses	$	(114,236	)	$	(122,099	)	$	(461,022	)	$	(494,224	)
Severance, restructuring, and acquisition integration costs	3,727			6,053			9,991			25,657
Loss on sale of assets	1,013			—			1,013			—
Accelerated depreciation	—			48			—			64
Purchase accounting effects related to acquisitions	—			(3,186		)	—			(3,186		)
Adjusted selling, general and administrative expenses	$	(109,496	)	$	(119,184	)	$	(450,018	)	$	(471,689	)



GAAP research and development	$	(29,222	)	$	(34,304	)	$	(134,330	)	$	(140,601	)
Severance, restructuring, and acquisition integration costs	185			184			237			837
Adjusted research and development	$	(29,037	)	$	(34,120	)	$	(134,093	)	$	(139,764	)

GAAP net income attributable to Belden	$	30,519		$	33,354		$	93,210		$	128,003
Interest expense, net	16,477			23,092			82,901			95,050
Loss on debt extinguishment	—			2,342			52,441			2,342
Income tax expense (benefit)	13,168			(49		)	6,495			(1,185		)
Noncontrolling interest	(83		)	(71		)	(357		)	(357		)
Total non-operating adjustments	29,562			25,314			141,480			95,850

Amortization of intangible assets	26,053			22,782			103,997			98,385
Severance, restructuring, and acquisition integration costs	9,951			11,698			42,790			38,770
Purchase accounting effects related to acquisitions	2,044			(2,274		)	6,133			(2,079		)
Loss on sale of assets	1,013			—			1,013			—
Accelerated depreciation	—			294			798			928
Amortization of software development intangible assets	56			—			56			—
Impairment of assets held for sale	—			23,931			—			23,931
Deferred gross profit adjustments	—			1,275			—			6,687
Patent settlement	—			(5,554		)	—			(5,554		)
Total operating income adjustments	39,117			52,152			154,787			161,068
Depreciation expense	11,003			11,661			44,799			46,280

Adjusted EBITDA	$	110,201		$	122,481		$	434,276		$	431,201

GAAP net income margin	5.0		%	5.4		%	3.9		%	5.4		%
Adjusted EBITDA margin	18.2		%	20.1		%	18.2		%	18.3		%

GAAP net income attributable to Belden	$	30,519		$	33,354		$	93,210		$	128,003
Operating income adjustments from above	39,117			52,152			154,787			161,068
Loss on debt extinguishment	—			2,342			52,441			2,342
Tax effect of adjustments above	(19,046		)	(17,524		)	(63,796		)	(51,374		)
Impact of Tax Cuts and Jobs Act enactment	28,440			—			28,440			—
Amortization expense attributable to noncontrolling interest, net of tax	(16		)	(16		)	(63		)	(64		)
Adjusted net income attributable to Belden	$	79,014		$	70,308		$	265,019		$	239,975

GAAP net income attributable to Belden	$	30,519		$	33,354		$	93,210		$	128,003
Less: Preferred stock dividends	8,733			8,733			34,931			15,428
GAAP net income attributable to Belden common stockholders	$	21,786		$	24,621		$	58,279		$	112,575

Adjusted net income attributable to Belden	$	79,014		$	70,308		$	265,019		$	239,975
Less: Preferred stock dividends	—			—			—			—
Adjusted net income attributable to Belden common stockholders	$	79,014		$	70,308		$	265,019		$	239,975

GAAP income per diluted share attributable to Belden common stockholders	$	0.51		$	0.58		$	1.37		$	2.65
Adjusted income per diluted share attributable to Belden common stockholders	$	1.62		$	1.42		$	5.35		$	5.27

GAAP diluted weighted average shares	42,581			42,674			42,643			42,557
Adjustment for assumed conversion of preferred stock into common stock	6,268			6,857			6,857			2,979
Adjusted diluted weighted average shares	48,849			49,531			49,500			45,536

We define free cash flow, which is a non-GAAP financial measure, as net cash from operating activities adjusted for capital expenditures net of the proceeds from the disposal of tangible assets. We believe free cash flow provides useful information to investors regarding our ability to generate cash from business operations that is available for acquisitions and other investments, service of debt principal, dividends and share repurchases. We use free cash flow, as defined, as one financial measure to monitor and evaluate performance and liquidity. Non-GAAP financial measures should be considered only in conjunction with financial measures reported according to accounting principles generally accepted in the United States. Our definition of free cash flow may differ from definitions used by other companies.

Our guidance for income per diluted share attributable to Belden common stockholders is based upon information currently available regarding events and conditions that will impact our future operating results. In particular, our results are subject to the factors listed under "Forward-Looking Statements" in this release. In addition, our actual results are likely to be impacted by other additional events for which information is not available, such as asset impairments, purchase accounting effects related to acquisitions, severance, restructuring, and acquisition integration costs, gains (losses) recognized on the disposal of tangible assets, gains (losses) on debt extinguishment, discontinued operations, and other gains (losses) related to events or conditions that are not yet known.

This release and any statements made by us concerning the release may contain forward-looking statements including our expectations for the first quarter and full-year 2018. Forward-looking statements include statements regarding future financial performance (including revenues, expenses, earnings, margins, cash flows, dividends, capital expenditures and financial condition), plans and objectives, and related assumptions. In some cases these statements are identifiable through the use of words such as “anticipate,” “believe,” “estimate,” “forecast,” “guide,” “expect,” “intend,” “plan,” “project,” “target,” “can,” “could,” “may,” “should,” “will,” “would” and similar expressions. Forward-looking statements reflect management’s current beliefs and expectations and are not guarantees of future performance. Actual results may differ materially from those suggested by any forward-looking statements for a number of reasons, including, without limitation: the impact of a challenging global economy or a downturn in served markets; the competitiveness of the global broadcast, enterprise, and industrial markets; the inability to successfully complete and integrate acquisitions in furtherance of the Company’s strategic plan; volatility in credit and foreign exchange markets; variability in the Company’s quarterly and annual effective tax rates; the cost and availability of raw materials including copper, plastic compounds, electronic components, and other materials; disruption of, or changes in, the Company’s key distribution channels; the inability to execute and realize the expected benefits from strategic initiatives (including revenue growth, cost control, and productivity improvement programs); disruptions in the Company’s information systems including due to cyber-attacks; the inability of the Company to develop and introduce new products and competitive responses to our products; the inability to retain senior management and key employees; assertions that the Company violates the intellectual property of others and the ownership of intellectual property by competitors and others that prevents the use of that intellectual property by the Company; risks related to the use of open source software; the impact of regulatory requirements and other legal compliance issues; perceived or actual product failures; political and economic uncertainties in the countries where the Company conducts business, including emerging markets; the impairment of goodwill and other intangible assets and the resulting impact on financial performance; disruptions and increased costs attendant to collective bargaining groups and other labor matters; and other factors.

For a more complete discussion of risk factors, please see our Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on February 17, 2017. Although the content of this release represents our best judgment as of the date of this report based on information currently available and reasonable assumptions, we give no assurances that the expectations will prove to be accurate. Deviations from the expectations may be material. For these reasons, Belden cautions readers to not place undue reliance on these forward-looking statements, which speak only as of the date made. Belden disclaims any duty to update any forward-looking statements as a result of new information, future developments, or otherwise, except as required by law.

Belden Inc. delivers a comprehensive product portfolio designed to meet the mission-critical network infrastructure needs of industrial, enterprise and broadcast markets. With innovative solutions targeted at reliable and secure transmission of rapidly growing amounts of data, audio and video needed for today's applications, Belden is at the center of the global transformation to a connected world. Founded in 1902, the company is headquartered in St. Louis and has manufacturing capabilities in North and South America, Europe and Asia. For more information, visit us at www.belden.com or follow us on Twitter @BeldenInc.




		1 North Brentwood Boulevard		Phone: 314.854.8000
		15th Floor		Fax: 314.854.8003
		St. Louis, Missouri 63105
				www.Belden.com



	Three Months Ended						Twelve Months Ended
	December 31, 2017			December 31, 2016			December 31, 2017			December 31, 2016

	(In thousands)
GAAP net cash provided by operating activities	$	151,685		$	167,365		$	255,300		$	314,794
Capital expenditures, net of proceeds from the disposal of tangible assets	(29,807		)	(17,807		)	(63,222		)	(53,582		)
Non-GAAP free cash flow	$	121,878		$	149,558		$	192,078		$	261,212



	Year Ended December 31, 2018	Three Months Ended April 1, 2018
Adjusted income per diluted share attributable to Belden common stockholders	$5.95 - $6.20	$1.05 - $1.15
Amortization of intangible assets	$(1.49)	$(0.39)
Severance, restructuring, and acquisition integration costs	$(0.50)	$(0.29)
GAAP income per diluted share attributable to Belden common stockholders	$3.96 - $4.21	$0.37 - $0.47


(1)	Consolidated Adjusted EBITDA is a non-GAAP measure. See Reconciliation of Non-GAAP Measures for additional information.