Bel Fuse Q2 net earnings $27.8M, gross margin 32.9%; CEO notes record power sales, commercial aerospace up 102%

BEL FUSE INC /NJ

Net sales $168.8M (vs $170.6M Q2-22); gross margin 32.9% (up from 26.6% YoY).
Net earnings $27.8M vs $17.0M; adjusted EBITDA $28.6M (17% of sales), up from $19.1M (11.2%).
Voluntary debt paydown of $40M; divestment of Czech business and sale of HQ building contributed gains.
Q3 guidance: GAAP net sales $157-$165M; gross margins expected to hold at Q2 levels.
President of Bel Power Solutions Dennis Ackerman to retire July 31, 2024; will assist transition.

item 2.02 item 5.02 item 9.01

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Departed

Dennis Ackerman

President of Bel Power Solutions segment and Vice President of Operations

BELFA · BEL FUSE INC /NJ

Effective: 2024-07-31
Filed: July 26, 2023, 7:59 PM ET

On July 25, 2023, Dennis Ackerman, President of the Company’s Bel Power Solutions segment and the Company’s Vice President of Operations, notified the Company’s board of directors that he intends to retire from his positions with the Company effective as of July 31, 2024.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

BEL FUSE INC /NJ reported the second quarter of 2023 results: revenue $168.8 million, net income $27.8 million.

Period: the second quarter of 2023
Revenue: $168.8 million
Net income: $27.8 million
Result: preliminary results

Exact text from the filing

2023 -- Bel Fuse Inc . (Nasdaq: BELFA and BELFB) today announced preliminary financial results for the second quarter of 2023 . Second Quarter 2023 Highlights • Net sales of $ 168.8 million compared to $170.6 million in Q2-22. Non-GAAP adjusted net sales (which exclude raw material expedite fee invoicing) were $163.1 million in Q2-23, up from $161.4 million in Q2-22

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 1.0

Dennis Ackerman departed as President of Bel Power Solutions segment and Vice President of Operations at BEL FUSE INC /NJ.

Action: retires
Role: President of Bel Power Solutions segment and Vice President of Operations

Exact text from the filing

On July 25, 2023, Dennis Ackerman, President of the Company’s Bel Power Solutions segment and the Company’s Vice President of Operations, notified the Company’s board of directors that he intends to retire from his positions with the Company effective as of July 31, 2024.

View on SEC.gov

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BEL FUSE INC /NJ filing history →

Source: SEC EDGAR

accession 0001437749-23-020744

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