Bel Fuse Q1 2022 net sales $136.7M (+23.6%), net earnings $5.1M, backlog $525M

BEL FUSE INC /NJ

Net sales of $136.7M, up 23.6% YoY; gross margin improved to 25.0% from 21.9%.
Net earnings of $5.1M vs $3.2M in Q1-21; adjusted EBITDA of $11.6M, up 3.7x YoY.
Backlog of orders $525M, up 12% from December 31, 2021.
Magnetic Solutions group gross margin improved to 20.1% from 13.7% YoY.
Circuit protection product line sales more than doubled to over $8M in the quarter.

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