Quarterly Operating Results (Unaudited)



2018	1st			2nd			3rd			4th			Year
	(In thousands, except days and per share amounts)
Number of days in quarter	91			91			91			92			365
Revenues	$	605,565		$	668,639		$	655,774		$	655,390		$	2,585,368
Gross profit	230,594			257,596			260,857			259,365			1,008,412
Operating income	44,203			56,506			131,278			73,234			305,221
Net income	2,570			28,792			85,858			43,491			160,711
Less: Net loss attributable to noncontrolling interest	(48		)	(77		)	(23		)	(35		)	(183		)
Net income attributable to Belden	2,618			28,869			85,881			43,526			160,894
Less: Preferred stock dividends	8,733			8,733			8,732			8,733			34,931
Net income (loss) attributable to Belden common stockholders	(6,115		)	20,136			77,149			34,793			125,963

Basic income (loss) per share attributable to Belden common stockholders:	$	(0.15	)	$	0.49		$	1.90		$	0.87		$	3.10

Diluted income (loss) per share attributable to Belden stockholders:	$	(0.15	)	$	0.49		$	1.80		$	0.87		$	3.08

Included in the first, second, third, and fourth quarters of 2018 are severance, restructuring, and integration costs of $20.4 million, $24.9 million, $11.7 million, and $11.6 million, respectively.



2017	1st			2nd			3rd			4th			Year
	(In thousands, except days and per share amounts)
Number of days in quarter	92			91			91			91			365
Revenues	$	551,381		$	610,633		$	621,745		$	604,884		$	2,388,643
Gross profit	222,374			243,104			239,849			229,426			934,753
Operating income	51,597			62,776			61,116			59,915			235,404
Net Income	25,581			35,891			945			30,436			92,853
Less: Net loss attributable to noncontrolling interest	(106		)	(86		)	(82		)	(83		)	(357		)
Net income attributable to Belden	25,687			35,977			1,027			30,519			93,210
Less: Preferred stock dividends	8,733			8,733			8,732			8,733			34,931
Net income (loss) attributable to Belden common stockholders	16,954			27,244			(7,705		)	21,786			58,279

Basic income (loss) per share attributable to Belden common stockholders:	$	0.40		$	0.64		$	(0.18	)	$	0.52		$	1.38

Diluted income (loss) per share attributable to Belden common stockholders:	$	0.40		$	0.64		$	(0.18	)	$	0.51		$	1.37

During the financial closing process for the fourth quarter of 2017, we determined that certain consolidated financial statement amounts were not recorded correctly in prior interim periods of 2017. We evaluated these errors and concluded that they were not material to any of our previously issued interim financial statements and did not require restatement of the quarters. The errors primarily related to recognizing revenue prior to satisfying all of the delivery criteria in one business within our Enterprise segment. The impact of the errors in the first, second, and third quarters of 2017 was an overstatement of revenues of $6.1 million, $10.4 million, and $11.8 million, respectively, and an overstatement of net income of $3.0 million, $1.3 million, and $2.6 million, respectively. The impact of the errors in the fourth quarter of 2017 was an understatement of revenues of $27.8 million and an understatement of net income of $5.2 million. All of the errors were corrected as of December 31, 2017.

Included in the first, second, third, and fourth quarters of 2017 are severance, restructuring, and integration costs of $6.6 million, $9.6 million, $16.7 million, and $9.9 million, respectively.