Business
Bel Reports Third Quarter 2021 Results
Strong performance across all segments with record backlog JERSEY CITY, N.J., Oct. 29, 2021 (GLOBE NEWSWIRE) -- Bel Fuse Inc. (Nasdaq: BELFA and BELFB), a
About this update from Bel Fuse Inc.
[{"type":"text","content":"Strong performance across all segments with record backlog\nJERSEY CITY, N.J., Oct. 29, 2021 (GLOBE NEWSWIRE) -- Bel Fuse Inc. (Nasdaq: BELFA and BELFB), a designer, manufacturer and provider of products that power, protect and connect electronic circuits, today announced preliminary financial and operating results for the third quarter of 2021. Third Quarter 2021 Highlights •Net sales increased 18.1% to $147.0 million from $124.5 million in last year's third quarter•Gross profit margin of 24.5% compared to 26.8% in Q3-20•GAAP net earnings of $5.7 million, or EPS of $0.44 per Class A share and $0.47 per Class B share, versus GAAP net earnings of $7.5 million in Q3-20, or EPS of $0.57 per Class A share and $0.61 per Class B share•All-time record backlog of $390 million at September 30, 2021 represents growth of over 100% from December 31, 2020; record quarterly bookings of $223 million, approximately 3x the order volume compared to Q3-20 Daniel Bernstein, President and CEO, said, “Our increased backlog has continued to translate into sales as evidenced by three consecutive quarters of year-over-year sales growth. The sales growth in the third quarter was primarily driven by our Power Solutions and Magnetics segments across various end markets and product families, reinforcing our confidence in Bel's strategic diversification strategy. Our recent acquisitions of CUI, EOS and rms Connectors have continued to contribute substantially to our long-term growth. CUI achieved year-over-year growth of 58% and Bel's original product line, fuses, had a record quarter with sales growth up over 50% from the third quarter of 2020. Strong end markets this quarter included electric vehicles, commercial air, and industrial. With almost $750 million in orders received in the last 12 months, we remain impacted by material shortages and the worldwide logistics situation which we estimate impacted our net sales by approximately $10 million this quarter. Margins continue to see pressure given the global increase in labor and materials costs; however, we continue to focus on internal initiatives to improve our margins.“As we head into the fourth quarter planning and take a reflective look on 2021 thus far, we remain strategically focused on assessing all parts of the organization to drive long-term value for our stakeholders. This includes a refresh of...