Business
Bel Reports Second Quarter 2022 Results
Sixth Consecutive Quarter of Year-over-Year Sales Growth JERSEY CITY, N.J., July 27, 2022 (GLOBE NEWSWIRE) -- Bel Fuse Inc. (Nasdaq: BELFA and BELFB) today
About this update from Bel Fuse Inc.
[{"type":"text","content":"Sixth Consecutive Quarter of Year-over-Year Sales Growth\nJERSEY CITY, N.J., July 27, 2022 (GLOBE NEWSWIRE) -- Bel Fuse Inc. (Nasdaq: BELFA and BELFB) today announced preliminary financial results for the second quarter of 2022. Second Quarter 2022 Highlights •Net sales of $170.6 million, up 22.9% from Q2-21•Gross profit margin of 26.6%, up from 24.7% in Q2-21•Net earnings of $17.0 million versus $7.9 million in Q2-21•Adjusted EBITDA of $19.1 million, representing a 65% increase compared to Q2-21•Record quarterly bookings of $226 million led to quarter-end backlog of orders of $580 million, an increase in backlog of 24% from December 31, 2021 “The second quarter was record breaking in many ways, marking the highest Net Sales and Adjusted EBITDA in Bel’s history. Bookings and backlog also set an all-time high in the second quarter, both in terms of dollar level of orders received and margin profile of those orders. Commercial aerospace continued to rebound with sales of $7.8 million for the quarter, an increase of 43% from last year's second quarter. The e-Mobility end market saw 89% growth in Q2 year-over-year, resulting in sales of $6.7 million for the second quarter of 2022. Our team is crucial to driving this performance by embracing our strategic plan and I very much appreciate their efforts,” stated Dan Bernstein, President and CEO. Farouq Tuweiq, CFO, added, “The strategic initiatives we put in place are translating into unprecedented new milestones for Bel as we continue with our transformation. Our focus remains on higher-margin revenue, operational efficiencies and investing in the future. Talent, technology and product development are the keys to our future success. Given our achievements to date and current backlog, we are confident about Bel’s near and long-term prospects.” Non-GAAP financial measures, such as Non-GAAP net earnings, Non-GAAP EPS, EBITDA and Adjusted EBITDA, exclude a gain on sale of property, restructuring charges and acquisition-related costs. Please refer to the financial information included with this press release for reconciliations of GAAP financial measures to Non-GAAP financial measures and our explanation of why we present Non-GAAP financial measures. Conference CallBel has scheduled a conference call for 8:30 a.m. ET on Thursday, July 28, 2022 to discuss these results. To participate in the...