Bel Fuse Q3 net earnings rise to $19.4M despite 11% sales decline; guides Q4 sales $146-$154M

BEL FUSE INC /NJ

Net sales of $158.7M, down 11% from $177.7M in Q3-22; non-GAAP adjusted sales $157.7M.
Gross margin improved to 35.0% from 29.0% year-over-year on favorable product mix.
Net earnings of $19.4M vs. $16.5M in Q3-22; adjusted EBITDA $29.9M (18.8% of sales).
Backlog $408M at Sept. 30, 2023; Q4-23 sales expected in $146-$154M range.
Facility consolidations substantially complete; projected annual cost savings of ~$6.9M.

item 2.02 item 5.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

BEL FUSE INC /NJ reported the third quarter of 2023 results: revenue $ 158.7 million, net income $ 19.4 million.

Period: the third quarter of 2023
Revenue: $ 158.7 million
Net income: $ 19.4 million
Result: preliminary results

Exact text from the filing

Bel Fuse Inc. (Nasdaq: BELFA and BELFB) today announced preliminary financial results for the third quarter of 2023 . Third Quarter 2023 Highlights • Net sales of $ 158.7 million compared to $177.7 million in Q3-22.

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Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

BEL FUSE INC /NJ: Adopted Amended and Restated By-Laws with enhanced advance notice provisions, director nominee requirements, proxy card color rule, and ministerial updates (effective 2023-10-25).

Change: bylaw amendment
Effective: 2023-10-25

Exact text from the filing

On October 25, 2023, the Company’s Board of Directors (the “Board”) adopted Amended and Restated By-Laws of the Company (the “Amended and Restated By-Laws”), effective as of that date.

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Source: SEC EDGAR

accession 0001437749-23-028966

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