Business
Bel Reports Fourth Quarter and Full Year 2024 Results
WEST ORANGE, N.J., Feb. 18, 2025 (GLOBE NEWSWIRE) -- Bel Fuse Inc. (Nasdaq: BELFA and BELFB) today announced preliminary financial results for the fourth
About this update from Bel Fuse Inc.
[{"type":"text","content":"WEST ORANGE, N.J., Feb. 18, 2025 (GLOBE NEWSWIRE) -- Bel Fuse Inc. (Nasdaq: BELFA and BELFB) today announced preliminary financial results for the fourth quarter and full year of 2024. Fourth Quarter 2024 Highlights Net sales of $149.9 million compared to $140.0 million in Q4-23. Excluding $20.8 million of contribution from Enercon, organic sales down 7.8% from Q4-23.Gross profit margin of 37.5%, up from 36.6% in Q4-23 GAAP net loss attributable to Bel shareholders of $1.8 million versus GAAP net earnings attributable to Bel shareholders of $12.0 million in Q4-23 Non-GAAP net earnings attributable to Bel shareholders of $19.0 million versus $19.5 million in Q4-23 Adjusted EBITDA of $30.3 million (20.2% of sales) as compared to $27.3 million (19.5% of sales) in Q4-23 Completed acquisition of Enercon, making aerospace and defense Bel's largest end market served Full Year 2024 Highlights Net sales of $534.8 million compared to $639.8 million in 2023. Excluding contribution from Enercon, organic sales down 19.7%. Gross profit margin of 37.8%, up from 33.7% in 2023 GAAP net earnings attributable to Bel shareholders of $41.0 million versus $73.8 million in 2023 Non-GAAP net earnings attributable to Bel shareholders of $72.1 million versus $89.6 million in 2023 Adjusted EBITDA of $101.9 million (19.0% of sales), down from $116.8 million (18.3% of sales) in 2023 \"Bel's profitability levels remained strong throughout 2024 despite a challenging top line environment,\" said Daniel Bernstein, President and CEO. \"Our recent initiatives in operational efficiencies and global mindset of financial discipline has strengthened Bel's foundation, enabling us to thrive despite the macro conditions we faced. We could not be more pleased with our acquisition of Enercon, both operationally and from a team perspective. We are excited to embark on 2025 as a new team, working together to progress on revenue synergy opportunities that we have identified across our two businesses. On a personal note, as recently announced, I look forward to working with Farouq in the coming months as I transition the roles of President and CEO to the next generation,\" concluded Mr. Bernstein. Farouq Tuweiq, CFO, added, \"Our priority for 2024 was to take actions to drive future top line growth and further refine our organizational structure to enhance operational efficie...