UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ____________ (Exact name of registrant as specified in its charter) (Address of principal executive offices and zip code) (Registrant's telephone number, includ ...

Financial Data and Key Metrics Changes - Third quarter 2023 sales were $159 million, down from $178 million in Q3 2022, with an $8.4 million decline attributed to reduced expedite fee revenue [8][9] - Gross margin increased to 35% in Q3 2023 from 29% in Q3 2022, marking eight consecutive quarters of improvement [8][9] - Cash balance at the end of the quarter was $100.2 million, up from $70.3 million at year-end [12] Business Line Data and Key Metrics Changes - Power Solutions and Protection sales were $74.9 million, down 2.1% year-over-year, with a gross margin of 41.7%, a 930 basis point improvement from Q3 2022 [9][10] - Connectivity Solutions group sales increased by 3% to $51.8 million, with a gross margin of 35.8%, up from 26.1% in the previous year [10] - Magnetic Solutions group sales decreased by 37.2% to $32 million, with a gross margin of 22%, down from 30.4% in Q3 2022 [10] Market Data and Key Metrics Changes - The backlog of orders totaled $408 million, representing about 2.5 quarters' worth of sales, indicating a high level of backlog [11] - Book-to-bill ratio improved from 0.6 in Q2 2023 to 0.8 in Q3 2023, with a record high of $15.7 million in bookings for the commercial air end market [11] Company Strategy and Development Direction - The company is focused on aligning with customers who value quality and technology over price, allowing for better gross margin management [5][6] - There is an emphasis on improving operational efficiency across all departments, contributing to increased cash generation and financial flexibility for future growth strategies [6][12] - The company is exploring potential stock buybacks and acquisitions as part of its capital allocation strategy [6][18] Management's Comments on Operating Environment and Future Outlook - Management noted that the distribution channel is experiencing elevated inventory levels, which is affecting new orders, but expects normalization in the coming quarters [5][15] - There is optimism regarding the eMobility market, despite challenges related to customer funding and inflation impacting supply chains [20][19] - Sales guidance for Q4 2023 is projected between $146 million to $154 million, with gross margins expected to remain in line with Q3 2023 levels [15] Other Important Information - The company generated $81.4 million in cash flow from operating activities in the first nine months of 2023, resulting in free cash flow of $71.7 million, an improvement of $53.3 million compared to the same period in 2022 [12] - Inventory levels decreased by $29.3 million from year-end, improving inventory turns to 2.9 times in Q3 2023 [12] Q&A Session Summary Question: Insights on capital deployment and M&A - Management indicated a strong cash build and is on track to double last year's capital expenditures, while remaining open to M&A opportunities despite a current slowdown in the market [18] Question: Strength in eMobility segment - Management acknowledged overall industry excitement in eMobility but noted challenges with customer funding and inflation affecting supply chains [20][19] Question: Revenue growth expectations in eMobility - eMobility sales for the first nine months of 2023 were $22 million, indicating that doubling sales this year is unlikely, although they expect a strong finish in Q4 [23][24] Question: Impact of low-margin business exit - Management clarified that the exit from low-margin business is ongoing and will be managed at the SKU level, with a focus on maintaining profitability [28] Question: Commercial air revenue and bookings - Commercial air sales in Q3 were $11.3 million, down from $15.9 million in Q2, but bookings for the quarter reached a record high of $15.7 million [29][31]

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ____________ 300 Executive Drive, Suite 300 West Orange, NJ 07052 (201) 432-0463 | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------- ...

Bel Fuse Inc. (NASDAQ:BELFB) Q2 2023 Earnings Conference Call July 27, 2023 8:30 AM ET Company Participants Jean Young - Three Part Advisors, IR Dan Bernstein - President and CEO Lynn Hutkin - VP of Financial Reporting & IR Farouq Tuweiq - CFO Conference Call Participants Theodore O'Neill - CFA, Litchfield Hills Research Jim Ricchiuti - Needham and Company Hendi Susanto - Gabelli Funds Operator Good morning and welcome to Bel Fuse's Second Quarter 2023 Earnings Call. As a reminder, this is being recorded. I ...

FORM 10-Q BEL FUSE INC. (Exact name of registrant as specified in its charter) Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. provided pursuant to Section 13(a) of the Exchange Act. BEL FUSE INC. AND SUBSIDIARIES ...

Bel Fuse Inc. (NASDAQ:BELFB) Q1 2023 Earnings Conference Call April 27, 2023 8:30 AM ET Company Participants Jean Young - Three Part Advisors, IR Dan Bernstein - President, CEO & Director Lynn Hutkin - VP of Financial Reporting & IR Farouq Tuweiq - CFO Conference Call Participants Chris Grenga - Needham & Co. Hendi Susanto - Gabelli Funds Operator Good morning, and welcome to the Bel Fuse First Quarter 2023 Earnings Call. At this time, all participants are in listen-only mode. [Operator Instructions] As a r ...

FORM 10-K (Exact name of registrant as specified in its charter) | --- | --- | --- | |--------------------------------------------------|-----------------------------------------------------------|-------------------------------------------------------------------------------| | Securities \nTitle of Each Class | registered pursuant to Section \nTrading Symbol | 12(b) of the Act: \nName of Each Exchange on which Registered | | Class A Common Stock ($0.10 par value) | BELFA | NASDAQ Global Select Market | | ...

| --- | --- | --- | |--------------------------------------------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | January 10, 2023 Needham Growth Conference | | | Safe Harbor Statement The Company's consolidated operating results are affected by a wide variety of factors that could materially and adversely affect revenues and profitability, including the risk factors described in Item 1A of our 2021 Annual Report on Form 10-K. As a result of these and other factors, the Company may experi ...

Bel Fuse Inc. (NASDAQ:BELFB) Q4 2022 Earnings Conference Call February 23, 2023 8:30 AM ET Company Participants Jean Marie Young - Managing Director Daniel Bernstein - President and Chief Executive Officer Farouq Tuweiq - Chief Financial Officer Lynn Hutkin - VP, Financial Reporting and IR Conference Call Participants Theodore O'Neill - Litchfield Hills Research James Ricchiuti - Needham & Company Hendi Susanto - Gabelli Funds William Kim - Presidio Asset Management Operator Good morning and welcome to the ...

Revenue Growth - The company's revenues for the first nine months of 2022 increased by $88.7 million, or 22.4%, compared to the same period in 2021, primarily driven by the Power Solutions and Protection group due to increased demand and the EOS acquisition [99]. - Connectivity Solutions revenue increased by $9.9 million (24.5%) and $18.6 million (15.3%) for the three and nine months ended September 30, 2022, respectively, compared to the same periods in 2021 [108]. - Magnetic Solutions revenue improved by $4.7 million (10.2%) and $23.1 million (20.0%) for the three and nine months ended September 30, 2022, respectively, compared to the same periods in 2021 [109]. - Power Solutions and Protection revenue increased by $16.2 million (26.7%) in Q3 2022 and $46.9 million (29.5%) for the first nine months of 2022 compared to the same periods in 2021 [110]. Order Backlog - The backlog of orders reached $582.8 million at September 30, 2022, reflecting a 25% increase from December 31, 2021, with a 48% increase in the Power Solutions and Protection business [98]. - The company experienced a 22% decrease in the backlog for Magnetic Solutions products due to the ordering pattern of a large networking customer [98]. Cost Management - Material costs as a percentage of revenue were 45.9% during the first nine months of 2022, down from 46.6% in the same period of 2021, attributed to a favorable shift in product mix and recent pricing actions [101]. - Labor costs represented 8.4% of revenue in the first nine months of 2022, a decrease from 9.0% in the same period of 2021, influenced by pricing actions and favorable exchange rate fluctuations [102]. - Inflationary pressures are anticipated to impact input costs, including raw materials, labor, and freight, necessitating effective management through pricing actions and cost-saving initiatives [103]. - The company incurred restructuring costs of approximately $9 million related to consolidating Magnetics sites in China, with $3.6 million recognized in the third quarter of 2022 [104]. - The company expects to realize annualized cost savings of approximately $3 million from restructuring initiatives in China, beginning in the fourth quarter of 2023 [104]. Financial Position - The company has a strong cash balance of $70.9 million as of September 30, 2022, compared to $61.8 million at December 31, 2021, with additional borrowing capacity of $65.0 million under its revolving credit facility [96]. - The company reported a cash increase of $9.1 million during the nine months ended September 30, 2022, primarily due to net cash provided by operating activities of $24.1 million [123]. - The current ratio was 2.8 to 1 at September 30, 2022, compared to 2.9 to 1 at December 31, 2021 [124]. - The unused credit available under the credit facility was $65.0 million at September 30, 2022, with compliance to all debt covenants [126]. Accounting Estimates and Policies - The Company has determined that its most critical accounting estimates relate to business combinations, inventory valuation, goodwill, and pension benefit obligations [128]. - There have been no material changes in the Company's critical accounting policies, judgments, and estimates compared to those disclosed in the Company's 2021 Annual Report [128]. - The Company is classified as a "smaller reporting company" and is not required to provide quantitative and qualitative disclosures about market risk [130]. Expenses - R&D expenses decreased to $4.9 million in Q3 2022 from $5.9 million in Q3 2021, and to $14.4 million from $16.3 million for the nine months [115]. - SG&A expenses increased to $22.2 million in Q3 2022 from $21.2 million in Q3 2021, and to $67.2 million from $64.8 million for the nine months [116][117]. Gross Margin and Cost of Sales - Gross margin for Connectivity Solutions was 26.1% in Q3 2022, up from 24.8% in Q3 2021, while for the nine months it was 26.7%, down from 27.0% [107]. - Total cost of sales as a percentage of revenue decreased to 71.0% in Q3 2022 from 75.5% in Q3 2021, and to 73.0% from 76.0% for the nine months [111]. Foreign Exchange - The company realized foreign exchange transactional gains of $0.5 million during the nine months ended September 30, 2022, due to favorable currency fluctuations [105].