Bel Fuse Q3 sales $177.7M (+20.9%), net earnings $16.5M; adjusted EBITDA record $27.3M

BEL FUSE INC /NJ

Net sales $177.7M, up 20.9% YoY; net earnings $16.5M vs $5.7M in Q3-21.
Adjusted EBITDA $27.3M (+115% YoY); gross margin expanded to 29.0% from 24.5%.
Backlog $583M (+25% from Dec 2021); quarterly bookings $180M.
Facility consolidation: 9 Chinese plants into one; $10M one-time costs, $4M capex, ~$5M annual savings; completion by Q3-23.
Sold corporate building, $1.6M gain; expects 170k sq ft occupancy reduction by end 2023.

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