Bel Reports Fourth Quarter and Full Year 2022 Results

About this update from Bel Fuse Inc.

[{"type":"text","content":"A Strong Finish to a Record-Breaking Year\nJERSEY CITY, N.J., Feb. 22, 2023 (GLOBE NEWSWIRE) -- Bel Fuse Inc. (Nasdaq: BELFA and BELFB) today announced preliminary financial results for the fourth quarter and full year of 2022. Fourth Quarter 2022 Highlights Net sales of $169.2 million, up 15.0% from Q4-21Gross profit margin of 31.0%, up from 26.7% in Q4-21Net earnings of $14.0 million versus $8.0 million in Q4-21Adjusted EBITDA of $25.0 million (14.8% of sales), up from $15.3 million (10.4% of sales) in Q4-21 Full Year 2022 Highlights Record net sales of $654.2 million, up 20.4% from 2021Gross profit margin of 28.0%, up from 24.7% in 2021Record net earnings of $52.7 million versus $24.8 million in 2021Record adjusted EBITDA of $83.0 million (12.7% of sales), up from $42.8 million (7.9% of sales) in 2021Ended year with backlog of orders of $565 million, an increase of 21% from the 2021 year-end level Product Group Highlights Sales Gross Margin Q4-22 Q4-21 % Change Q4-22 Q4-21 Basis Point ChangePower Solutions and Protection82,119 59,281 38.5% 33.0% 30.9% 210 Magnetic Solutions40,064 44,280 -9.5% 29.5% 22.9% 660 Connectivity Solutions47,020 43,581 7.9% 23.6% 23.7% (10)Total169,203 147,142 15.0% 31.0% 26.7% 430 Sales Gross Margin FY 2022 FY 2021 % Change FY 2022 FY 2021 Basis Point ChangePower Solutions and Protection288,366 218,035 32.3% 30.5% 27.0% 350 Magnetic Solutions178,782 160,432 11.4% 27.6% 21.3% 630 Connectivity Solutions187,085 165,027 13.4% 25.9% 26.4% (50)Total654,233 543,494 20.4% 28.0% 24.7% 330 “Throughout 2022, we continued to deliver on our commitment to top line growth and sustainable margin expansion. This allowed us to close out the year strong with $654 million in sales and gross margin of 28%, reflecting meaningful improvements on both fronts from 2021,” said Daniel Bernstein, President and CEO. “These outcomes were the result of a collective team effort that better examined the way we do business and ensuring our resources are utilized effectively. We are committed to maintaining continuous pricing and cost discipline in all of our operations, and this remains an integral part of our company culture.\" Farouq Tuweiq, CFO, added “As we look to 2023, the focus will be on profitable growth by investing in key and high-growth market segments, doubling down on new business development, and internal investments n...

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