Bel Reports Second Quarter 2023 Results

About this update from Bel Fuse Inc.

[{"type":"text","content":"Continued Execution Drives Solid Results\nWEST ORANGE, N.J., July 26, 2023 (GLOBE NEWSWIRE) -- 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 •Gross profit margin of 32.9%, up from 26.6% in Q2-22•Net earnings of $27.8 million versus $17.0 million in Q2-22•Adjusted EBITDA of $28.6 million (17.0% of sales), up from $19.1 million (11.2% of sales) in Q2-22•Voluntary paydown of $40.0 million of debt•Divestment of non-core Czech business and closed sale of former headquarters building in Jersey City, New Jersey, resulting in gains of $1.1 million and $3.7 million, respectively “This marks the seventh consecutive quarter of year-over-year gross margin improvement, driven by volume growth in key end markets and global discipline on pricing and costs. Excluding the impact of raw material expedite fees, overall sales were slightly higher in Q2-23 as compared to Q2-22. Our focus on margin expansion across the business, product and end market diversity, and capturing opportunistic growth have continued to translate into improved financial performance. We are very pleased to have achieved these results in an otherwise challenging macroeconomic environment,” said Daniel Bernstein, President and CEO. \"Within our Connectivity Solutions segment, commercial aerospace sales grew by 102% over Q2-22 to $15.9 million, a new record high for this end market. Sales into our defense end market were also strong in Q2-23 at $11.7 million, up 22% from Q2-22. Similar to Q1-23, gross margins for this segment benefited from increased volumes, better SKU management and cost savings from strategic initiatives implemented starting in 2022. We expect commercial aerospace and defense to be the primary growth drivers for this segment through the balance of the year. \"Our Power group achieved record sales this quarter of $87.1 million, largely driven by continued easing of the supply chain, allowing us to ship more product. The largest increase in revenue was seen in our front-end power products, which increased by $16.1 million in Q2-23 versus Q2-22. Additiona...

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