WEST ORANGE, N.J., Feb. 21, 2024 (GLOBE NEWSWIRE) -- Bel Fuse Inc. (NASDAQ:BELFA) today announced preliminary financial results for the fourth quarter and full year of 2023.
Fourth Quarter 2023 Highlights
•
Net sales of $140.0 million compared to $169.2 million in Q4-22. Non-GAAP adjusted net sales (which exclude expedite fee revenue) were $139.6 million in Q4-23 as compared to $158.7 million in Q4-22
•
Gross profit margin of 36.6%, up from 31.0% in Q4-22
•
Net earnings of $12.0 million versus $14.0 million in Q4-22
•
Adjusted EBITDA of $24.0 million (17.1% of sales) as compared to $25.0 million (14.8% of sales) in Q4-22
Full Year 2023 Highlights
•
Net sales of $639.8 million compared to $654.2 million in 2022. Non-GAAP adjusted net sales (which exclude expedite fee revenue) were $625.0 million in 2023, up from $621.7 million in 2022
•
Gross profit margin of 33.7%, up from 28.0% in 2022
•
Net earnings of $73.8 million versus $52.7 million in 2022
•
Adjusted EBITDA of $110.5 million (17.3% of sales), up from $83.0 million (12.7% of sales) in 2022
"In closing out 2023, we were very pleased with the financial turnaround that the team was able to achieve in a tough macro environment," said Daniel Bernstein, President and CEO. "Our diversity in product segments and end markets served continues to be our strength, allowing us to focus on the future and growth. The Power and Connectivity segments were successful in mitigating the effects of a challenging Magnetics segment. Based on our strong 2023 cash flow generation, the Board has authorized a $25 million share repurchase program. This program is an output of our ongoing evaluation of the optimal use of capital and the various alternatives at present.
"In January 2024, Bel celebrated its 75th year in business. In reflecting on our history and progress made over the decades, we understand the short-term cycles that our industry and end markets will face from time to time. We have always been successful in persevering and coming out on the other side as a stronger company. The time and effort spent by our global team in 2023 to strengthen Bel's foundation will serve us well in the years to come as growth returns and new end markets take hold," concluded Mr. Bernstein.
Farouq Tuweiq, CFO, added, "Our priority for 2023 was resetting Bel operationally and this was achieved through a number of initiatives - the largest one being the completion of our previously-announced Magnetics facility consolidations in China. In light of the current level of sales within our Magnetics group, the more efficient cost structure now in place for this segment was particularly well-timed. During the fourth quarter of 2023, we began another consolidation project at our Pennsylvania facility within the Connectivity segment.
"As our focus in streamlining the organization continues its momentum with material milestones achieved, the team will reemphasize and dedicate its focus on top line growth. It is expected that 2024 will be off to a slow start with various indicators forecasting a possible rebound in the second half of the year as inventory in the channel normalizes. Based on information available today, GAAP net sales in the first quarter of 2024 are expected to be in the range of $125 to $135 million, with gross margins holding at the full year 2023 level. We are ready and excited for another year of coordinated efforts across our versatile and resilient global team in building Bel for success in the years to come," concluded Mr. Tuweiq.
Non-GAAP financial measures, such as Non-GAAP net earnings, Non-GAAP EPS, EBITDA and Adjusted EBITDA, exclude restructuring charges, gains on sales of business and properties, loss on liquidation of a foreign subsidiary and certain litigation costs. Non-GAAP adjusted net sales exclude expedite fee revenue. Please refer to the financial information included with this press release for reconciliations of GAAP financial measures to Non-GAAP financial measures and our explanation of why we present Non-GAAP financial measures.
Conference Call Bel has scheduled a conference call for 8:30 a.m. ET on Thursday, February 22, 2024 to discuss these results. To participate in the conference call, investors should dial 877-407-0784, or 201-689-8560 if dialing internationally. The presentation will additionally be broadcast live over the Internet and will be available at https://ir.belfuse.com/events-and-presentations. The webcast will be available via replay for a period of at least 30 days at this same Internet address. For those unable to access the live call, a telephone replay will be available at 844-512-2921, or 412-317-6671 if dialing internationally, using access code 13743808 after 12:30 pm ET, also for 30 days.
About Bel Bel (www.belfuse.com) designs, manufactures and markets a broad array of products that power, protect and connect electronic circuits. These products are primarily used in the networking, telecommunications, computing, general industrial, high-speed data transmission, military, commercial aerospace, transportation and eMobility industries. Bel's portfolio of products also finds application in the automotive, medical, broadcasting and consumer electronics markets. Bel's product groups include Magnetic Solutions (integrated connector modules, power transformers, power inductors and discrete components), Power Solutions and Protection (front-end, board-mount and industrial power products, module products and circuit protection), and Connectivity Solutions (expanded beam fiber optic, copper-based, RF and RJ connectors and cable assemblies). The Company operates facilities around the world.
Company Contact: Farouq Tuweiq Chief Financial Officer [email protected]
Investor Contact: Three Part Advisors Jean Marie Young, Managing Director or Steven Hooser, Partner 631-418-4339 [email protected]; [email protected]
Cautionary Language Concerning Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, our guidance for the first quarter of 2024, and our statements regarding our expectations for 2024 generally including anticipated financial performance and trends for the coming year, and our statements regarding future events, performance, plans, intentions, beliefs, expectations and estimates, including statements regarding matters such as trends and expectations as to our sales, gross margin, inventory, products and product segments, end markets, growth, costs and cost structures, consolidation projects and initiatives, focuses on streamlining and top line growth, and statements regarding the Company's positioning, its strategies, future progress, investments, plans, targets, goals, and other focuses and initiatives, and the expected timing and potential benefits thereof, and statements regarding our expectations and beliefs regarding trends in the Company's business and industry and the macroeconomic environment generally. These forward-looking statements are made as of the date of this release and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as "expect," "anticipate," "should," "believe," "hope," "target," "project," "forecast," "outlook," "goals," "estimate," "potential," "predict," "may," "will," "might," "could," "intend," variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Bel's control. Bel's actual results could differ materially from those stated or implied in our forward-looking statements (including without limitation any of Bel's projections) due to a number of factors, including but not limited to, the market concerns facing our customers, and risks for the Company's business in the event of the loss of certain substantial customers; the continuing viability of sectors that rely on our products; the effects of business and economic conditions; the impact of public health crises (such as the ongoing governmental, social and economic effects and ultimate impact of COVID-19); the effects of rising input costs, and cost changes generally; difficulties associated with integrating previously acquired companies; capacity and supply constraints or difficulties, including supply chain constraints or other challenges; difficulties associated with the availability of labor, and the risks of any labor unrest or labor shortages; risks associated with our international operations, including our substantial manufacturing operations in China; risks associated with restructuring programs or other strategic initiatives, including any difficulties in implementation or realization of the expected benefits or cost savings; product development, commercialization or technological difficulties; the regulatory and trade environment; risks associated with fluctuations in foreign currency exchange rates and interest rates; uncertainties associated with legal proceedings; the market's acceptance of the Company's new products and competitive responses to those new products; the impact of changes to U.S. legal and regulatory requirements, including tax laws, trade and tariff policies; and the risks detailed in Bel's most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and in subsequent reports filed by Bel with the Securities and Exchange Commission, as well as other documents that may be filed by Bel from time to time with the Securities and Exchange Commission. In light of the risks and uncertainties impacting our business, there can be no assurance that any forward-looking statement will in fact prove to be correct. Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent Bel's views as of the date of this press release. Bel anticipates that subsequent events and developments will cause its views to change. Bel undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Bel's views as of any date subsequent to the date of this press release.
Non-GAAP Financial Measures The Non-GAAP measures identified in this press release as well as in the supplementary information to this press release (Non-GAAP adjusted net sales, Non-GAAP net earnings, Non-GAAP EPS, EBITDA and Adjusted EBITDA) are not measures of performance under accounting principles generally accepted in the United States of America ("GAAP"). These measures should not be considered a substitute for, and the reader should also consider, income from operations, net earnings, earnings per share and other measures of performance as defined by GAAP as indicators of our performance or profitability. Our Non-GAAP measures may not be comparable to other similarly-titled captions of other companies due to differences in the method of calculation. We present results adjusted to exclude the effects of certain unusual or special items and their related tax impact that would otherwise be included under U.S. GAAP, to aid in comparisons with other periods. We may use Non-GAAP financial measures to determine performance-based compensation and management believes that this information may be useful to investors.
Website Information We routinely post important information for investors on our website, www.belfuse.com, in the "Investor Relations" section. We use our website as a means of disclosing material, otherwise non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.
Bel Fuse Inc.
Supplementary Information(1)
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
Year Ended
December 31,
December 31,
2023
2022
2023
2022
Net sales
$
140,010
$
169,203
$
639,813
$
654,233
Cost of sales
88,827
116,696
423,964
470,780
Gross profit
51,183
52,507
215,849
183,453
As a % of net sales
36.6
%
31.0
%
33.7
%
28.0
%
Research and development costs
5,966
5,857
22,487
20,238
Selling, general and administrative expenses
24,942
25,126
99,091
92,342
As a % of net sales
17.8
%
14.8
%
15.5
%
14.1
%
Restructuring charges
3,808
3,322
10,114
7,322
Gains on sale of properties
-
-
(3,819
)
(1,596
)
Income from operations
16,467
18,202
87,976
65,147
As a % of net sales
11.8
%
10.8
%
13.8
%
10.0
%
Gain on sale of Czech Republic business
-
-
980
-
Interest expense
(448
)
(968
)
(2,850
)
(3,379
)
Other income/expense, net
(2,520
)
218
(2,806
)
(2,709
)
Earnings before income taxes
13,499
17,452
83,300
59,059
Provision for income taxes
1,463
3,412
9,469
6,370
Effective tax rate
10.8
%
19.6
%
11.4
%
10.8
%
Net earnings
$
12,036
$
14,040
$
73,831
$
52,689
As a % of net sales
8.6
%
8.3
%
11.5
%
8.1
%
Weighted average number of shares outstanding:
Class A common shares - basic and diluted
2,142
2,142
2,142
2,143
Class B common shares - basic and diluted
10,628
10,502
10,634
10,394
Net earnings per common share:
Class A common shares - basic and diluted
$
0.90
$
1.06
$
5.52
$
4.01
Class B common shares - basic and diluted
$
0.95
$
1.12
$
5.83
$
4.24
(1) The supplementary information included in this press release for 2023 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
Bel Fuse Inc.
Supplementary Information(1)
Condensed Consolidated Balance Sheets
(in thousands, unaudited)
December 31, 2023
December 31, 2022
Assets
Current assets:
Cash and cash equivalents
$
89,371
$
67,740
Held to maturity U.S. Treasury securities
37,548
-
Accounts receivable, net
84,129
107,274
Inventories
136,540
172,465
Other current assets
33,890
33,929
Total current assets
381,478
381,408
Property, plant and equipment, net
36,533
36,833
Right-of-use assets
20,481
21,551
Related-party note receivable
2,152
-
Equity method investment
10,282
-
Goodwill and other intangible assets, net
76,033
79,210
Other assets
44,672
41,464
Total assets
$
571,631
$
560,466
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$
40,441
$
64,589
Operating lease liability, current
6,350
5,870
Other current liabilities
63,818
65,845
Total current liabilities
110,609
136,304
Long-term debt
60,000
95,000
Operating lease liability, long-term
14,212
15,742
Other liabilities
46,252
51,074
Total liabilities
231,073
298,120
Stockholders' equity
340,558
262,346
Total liabilities and stockholders' equity
$
571,631
$
560,466
(1) The supplementary information included in this press release for 2023 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
Bel Fuse Inc.
Supplementary Information(1)
Condensed Consolidated Statements of Cash Flows
(in thousands, unaudited)
Year Ended
December 31,
2023
2022
Cash flows from operating activities:
Net earnings
$
73,831
$
52,689
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization
13,312
14,863
Stock-based compensation
3,486
2,382
Amortization of deferred financing costs
33
34
Deferred income taxes
(3,872
)
(4,594
)
Net unrealized losses (gains) on foreign currency revaluation
1,356
(278
)
Gains on sale/disposal of property, plant and equipment
(2,117
)
(1,596
)
Gain on sale of Czech Republic business
(980
)
-
Other, net
(1,037
)
1,195
Changes in operating assets and liabilities:
Accounts receivable, net
22,500
(20,702
)
Unbilled receivables
5,451
10,031
Inventories
33,613
(36,592
)
Accounts payable
(22,745
)
1,522
Accrued expenses
5,356
10,933
Accrued restructuring costs
(1,228
)
6,784
Income taxes payable
(4,976
)
1,958
Other operating assets/liabilities, net
(13,634
)
(898
)
Net cash provided by operating activities
108,349
37,731
Cash flows from investing activities:
Purchases of property, plant and equipment
(12,126
)
(8,832
)
Purchases of held to maturity U.S. Treasury securities
(57,466
)
Proceeds from held to maturity securities
19,918
-
Payment for noncontrolling investment
(10,282
)
-
Investment in related party notes receivable
(2,152
)
-
Proceeds from sale of property, plant and equipment
6,036
1,833
Proceeds from sale of business
5,063
-
Net cash used in investing activities
(51,009
)
(6,999
)
Cash flows from financing activities:
Dividends paid to common stockholders
(3,492
)
(3,413
)
Repayments under revolving credit line
(40,000
)
(17,500
)
Borrowings under revolving credit line
5,000
-
Purchase of treasury stock
(105
)
(349
)
Net cash used in financing activities
(38,597
)
(21,262
)
Effect of exchange rate changes on cash and cash equivalents
2,888
(3,486
)
Net increase in cash and cash equivalents
21,631
5,984
Cash and cash equivalents - beginning of period
67,740
61,756
Cash and cash equivalents - end of period
$
89,371
$
67,740
Supplementary information:
Cash paid during the period for:
Income taxes, net of refunds received
$
25,056
$
14,618
Interest payments
$
4,729
$
3,371
ROU assets obtained in exchange for lease obligations
$
5,999
$
8,052
(1) The supplementary information included in this press release for 2023 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
Bel Fuse Inc.
Supplementary Information(1)
Product Group Highlights
(dollars in thousands, unaudited)
Sales
Gross Margin
Q4-23
Q4-22
% Change
Q4-23
Q4-22
Basis Point Change
Power Solutions and Protection
$
68,971
$
82,119
-16.0
%
40.2
%
33.0
%
720
Connectivity Solutions
50,562
47,020
7.5
%
29.3
%
23.6
%
570
Magnetic Solutions
20,477
40,064
-48.9
%
17.1
%
29.5
%
(1,240
)
Total
$
140,010
$
169,203
-17.3
%
36.6
%
31.0
%
560
Sales
Gross Margin
FY 2023
FY 2022
% Change
FY 2023
FY 2022
Basis Point Change
Power Solutions and Protection
314,105
288,366
8.9
%
38.1
%
30.5
%
760
Connectivity Solutions
210,572
187,085
12.6
%
34.2
%
25.9
%
830
Magnetic Solutions
115,136
178,782
-35.6
%
22.0
%
27.6
%
(560
)
Total
$
639,813
$
654,233
-2.2
%
33.7
%
28.0
%
570
(1) The supplementary information included in this press release for 2023 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
Bel Fuse Inc.
Supplementary Information(1)
Reconciliation of GAAP Net Sales to Non-GAAP Adjusted Net Sales(2)
Reconciliation of GAAP Net Earnings to EBITDA and Adjusted EBITDA(2)
(in thousands, unaudited)
Three Months Ended
Year Ended
December 31,
December 31,
2023
2022
2023
2022
GAAP net sales
$
140,010
$
169,203
$
639,813
$
654,233
Expedite fee revenue
425
10,484
14,850
32,507
Non-GAAP adjusted net sales
$
139,585
$
158,719
$
624,963
$
621,726
Three Months Ended
Year Ended
December 31,
December 31,
2023
2022
2023
2022
GAAP Net earnings
$
12,036
$
14,040
$
73,831
$
52,689
Interest expense
448
968
2,850
3,379
Provision for income taxes
1,463
3,412
9,469
6,370
Depreciation and amortization
3,350
3,259
13,312
14,863
EBITDA
$
17,297
$
21,679
$
99,462
$
77,301
% of net sales
12.4
%
12.8
%
15.5
%
11.8
%
Unusual or special items:
Restructuring charges
3,808
3,322
10,114
7,322
MPS litigation costs
128
-
3,031
-
Gain on sale of Czech Republic business
-
-
(980
)
-
Gain on sale of properties
-
-
(3,819
)
(1,596
)
Loss on liquidation of foreign subsidiary
2,724
-
2,724
-
Adjusted EBITDA
$
23,957
$
25,001
$
110,532
$
83,027
% of net sales
17.1
%
14.8
%
17.3
%
12.7
%
(1) The supplementary information included in this press release for 2023 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
(2) In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP adjusted net sales, Non-GAAP net earnings, Non-GAAP EPS, EBITDA and Adjusted EBITDA. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under GAAP, to aid in comparisons with other periods. We may use Non-GAAP financial measures to determine performance-based compensation and management believes that this information may be useful to investors.
Bel Fuse Inc.
Supplementary Information(1)
Reconciliation of GAAP Measures to Non-GAAP Measures(2)
(in thousands, except per share data) (unaudited)
The following tables detail the impact that certain unusual or special items had on the Company's net earnings per common Class A and Class B basic and diluted shares ("EPS") and the line items in which these items were included on the consolidated statements of operations.
Three Months Ended December 31, 2023
Three Months Ended December 31, 2022
Reconciling Items
Earnings before taxes
Provision for income taxes
Net earnings
Class A EPS(3)
Class B EPS(3)
Earnings before taxes
Provision for income taxes
Net earnings
Class A EPS(3)
Class B EPS(3)
GAAP measures
$
13,499
$
1,463
$
12,036
$
0.90
$
0.95
$
17,452
$
3,412
$
14,040
$
1.06
$
1.12
Restructuring charges
3,808
675
3,133
0.24
0.25
3,322
505
2,817
0.21
0.22
MPS litigation costs
128
29
99
0.01
0.01
-
-
-
-
-
Gain on sale of Czech Republic business
-
-
-
-
-
-
-
-
-
-
Gain on sale of properties
-
-
-
-
-
-
-
-
-
-
Loss on liquidation of foreign subsidiary
2,724
681
2,043
0.15
0.16
-
-
-
-
-
Non-GAAP measures
$
20,159
$
2,848
$
17,311
$
1.29
$
1.37
$
20,774
$
3,917
$
16,857
$
1.27
$
1.35
Year Ended December 31, 2023
Year Ended December 31, 2022
Reconciling Items
Earnings before taxes
Provision for income taxes
Net earnings
Class A EPS(3)
Class B EPS(3)
Earnings before taxes
Provision for income taxes
Net earnings
Class A EPS(3)
Class B EPS(3)
GAAP measures
$
83,300
$
9,469
$
73,831
$
5.52
$
5.83
$
59,059
$
6,370
$
52,689
$
4.01
$
4.24
Restructuring charges
10,114
1,682
8,432
0.63
0.67
7,322
1,495
5,827
0.45
0.47
MPS litigation costs
3,031
696
2,335
0.18
0.18
-
-
-
-
-
Gain on sale of Czech Republic business
(980
)
(49
)
(931
)
(0.07
)
(0.07
)
-
-
-
-
-
Gain on sale of properties
(3,819
)
(763
)
(3,056
)
(0.23
)
(0.24
)
(1,596
)
(367
)
(1,229
)
(0.09
)
(0.10
)
Loss on liquidation of foreign subsidiary
2,724
681
2,043
0.15
0.16
-
-
-
-
-
Non-GAAP measures
$
94,370
$
11,716
$
82,654
$
6.19
$
6.53
$
64,785
$
7,498
$
57,287
$
4.36
$
4.61
(1) The supplementary information included in this press release for 2023 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
(2) In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP adjusted net sales, Non-GAAP net earnings, Non-GAAP EPS, EBITDA and Adjusted EBITDA. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under GAAP, to aid in comparisons with other periods. We may use Non-GAAP financial measures to determine performance-based compensation and management believes that this information may be useful to investors.
(3) Individual amounts of earnings per share may not agree to the total due to rounding.
WEST ORANGE, N.J., Oct. 29, 2024 (GLOBE NEWSWIRE) -- BEL FUSE INC. (NASDAQ:BELFA) and (NASDAQ:BELFB) today announced that its Board of Directors has declared regular quarterly cash dividends of $0.06 per share on the Company's Class A common shares and $0.07 per share on the Company's Class B common shares. Cash dividends for Class A and Class B common shares are payable on January 31, 2025 to shareholders of record on January 15, 2025. Bel currently has approximately 12,547,000 common shares outstanding, of which 2,115,000 are Class A common shares and 10,432,000 are Class B common shares. About Bel Bel (www.belfuse.com) designs, manufactures and markets a broad array of products tha
Sales and Gross Margin Percentage Above Mid-Point of Expected RangesProvides Q4-24 Sales and Gross Margin Guidance WEST ORANGE, N.J., Oct. 23, 2024 (GLOBE NEWSWIRE) -- Bel Fuse Inc. (NASDAQ:BELFA) today announced preliminary financial results for the third quarter of 2024. Third Quarter 2024 Highlights Net sales of $123.6 million compared to $158.7 million in Q3-23Gross profit margin of 36.1%, up from 35.0% in Q3-23Net earnings of $8.1 million versus $19.4 million in Q3-23Adjusted EBITDA of $20.6 million (16.7% of sales) as compared to $29.9 million (18.8% of sales) in Q3-23Repurchased 26,647 shares of Bel stock at an aggregate cost of $1.9 million in Q3-24 "We were ple
WEST ORANGE, N.J., Oct. 09, 2024 (GLOBE NEWSWIRE) -- Bel Fuse Inc. (NASDAQ:BELFA), a designer, manufacturer, and provider of products that power, protect and connect electronic circuits, today announced plans to release preliminary financial results for the third quarter after market close on Wednesday, October 23, 2024. An earnings conference call has been scheduled as follows: When:Thursday, October 24, 2024 at 8:30 a.m. ETDial in:877.407.0784, or international: 201.689.8560Online:https://ir.belfuse.com/events-and-presentationsHow:Live over the internet – Simply log on to the web at the address aboveReplay:844.512.2921, or international: 412.317.6671Conference ID: 13749258 A repla
WEST ORANGE, N.J., Oct. 14, 2024 (GLOBE NEWSWIRE) -- Bel Fuse Inc. ("Bel," or, "the Company") (NASDAQ:BELFA, NASDAQ:BELFB), today announced its appointment of Uma Pingali as Global Head of Sales and Marketing, a newly created role. With over 30 years of management experience in global sales, marketing, business development within the electronic industry, Uma is uniquely positioned to lead and accelerate Bel's sales and marketing organizations. His experience with integrating various sales teams that have joined via acquisitions will be very helpful for Bel with our history of acquisitions. Uma started his career in India and has lived and led sales organizations there and in Singapore, Ch
WEST ORANGE, N.J., July 01, 2024 (GLOBE NEWSWIRE) -- Bel Fuse Inc. (NASDAQ:BELFA) today confirmed consistent with prior announcements that Dennis Ackerman will retire from the Company effective July 31, 2024 after 37 years of service, having served as President of Bel Power Solutions and Protection since 2014. As previously announced, Steve Dawson, who most recently served as Vice President of Marketing and Business Development for the Power segment, has been named to succeed Mr. Ackerman. His appointment as the new President of Bel Power Solutions and Protection is effective July 1, 2024. Mr. Ackerman joined Bel in 1986 and held the positions of Customer Service Manager, Sales Manager, P
WEST ORANGE, N.J., March 07, 2024 (GLOBE NEWSWIRE) -- Bel Fuse Inc. (NASDAQ:BELFA) ("Bel" or the "Company"), a designer, manufacturer, and provider of products that power, protect and connect electronic circuits, today announced that John Tweedy will retire from the Board and not stand for re-election at the Company's 2024 Annual Meeting of Shareholders. The Board of Directors plans to nominate David Valletta to join the Board in 2024. Mr. Tweedy has served on Bel's Board since 1996 and throughout the years has served on various committees including Audit and Executive. John has been instrumental during Bel's various acquisitions, international expansion, and recent changes to the overa
WEST ORANGE, N.J., Nov. 07, 2024 (GLOBE NEWSWIRE) -- Bel Fuse Inc. (NASDAQ:BELFA), a leading global manufacturer of products that power, protect and connect electronic circuits, today announced its investor conference schedule for November 2024: Baird 2024 Global Industrial ConferenceFarouq Tuweiq, CFOLynn Hutkin, VP Financial Reporting & Investor RelationsTuesday, November 12, 2024The Ritz Carlton, ChicagoConducting meetings throughout the day with a presentation at 8:30 am CT 16th Annual Southwest IDEAS Investor Conference Farouq Tuweiq, CFOLynn Hutkin, VP Financial Reporting & Investor RelationsThursday, November 21, 2024The Statler, DallasConducting meetings throughout the day with a
WEST ORANGE, N.J., Oct. 29, 2024 (GLOBE NEWSWIRE) -- BEL FUSE INC. (NASDAQ:BELFA) and (NASDAQ:BELFB) today announced that its Board of Directors has declared regular quarterly cash dividends of $0.06 per share on the Company's Class A common shares and $0.07 per share on the Company's Class B common shares. Cash dividends for Class A and Class B common shares are payable on January 31, 2025 to shareholders of record on January 15, 2025. Bel currently has approximately 12,547,000 common shares outstanding, of which 2,115,000 are Class A common shares and 10,432,000 are Class B common shares. About Bel Bel (www.belfuse.com) designs, manufactures and markets a broad array of products tha
Sales and Gross Margin Percentage Above Mid-Point of Expected RangesProvides Q4-24 Sales and Gross Margin Guidance WEST ORANGE, N.J., Oct. 23, 2024 (GLOBE NEWSWIRE) -- Bel Fuse Inc. (NASDAQ:BELFA) today announced preliminary financial results for the third quarter of 2024. Third Quarter 2024 Highlights Net sales of $123.6 million compared to $158.7 million in Q3-23Gross profit margin of 36.1%, up from 35.0% in Q3-23Net earnings of $8.1 million versus $19.4 million in Q3-23Adjusted EBITDA of $20.6 million (16.7% of sales) as compared to $29.9 million (18.8% of sales) in Q3-23Repurchased 26,647 shares of Bel stock at an aggregate cost of $1.9 million in Q3-24 "We were ple
Bel Fuse (NASDAQ:BELFB) reported quarterly earnings of $1.54 per share which beat the analyst consensus estimate of $0.93 by 65.59 percent. The company reported quarterly sales of $133.205 million which beat the analyst consensus estimate of $130.177 million by 2.33 percent. This is a 21.08 percent decrease over sales of $168.777 million the same period last year.
Bel Fuse (NASDAQ:BELFA) reported quarterly earnings of $1.46 per share which beat the analyst consensus estimate of $0.87 by 67.82 percent. The company reported quarterly sales of $133.205 million which beat the analyst consensus estimate of $128.000 million by 4.07 percent. This is a 21.08 percent decrease over sales of $168.777 million the same period last year.
