Start Time: 08:30 January 1, 0000 9:23 AM ET Bel Fuse Inc. (NASDAQ:BELFB) Q4 2023 Earnings Conference Call February 22, 2024, 08:30 AM ET Company Participants Dan Bernstein - President and CEO Farouq Tuweiq - CFO Lynn Hutkin - VP of Financial Reporting and IR Jean Marie Young - Three Part Advisors, IR Conference Call Participants James Ricchiuti - Needham and Company Bobby Brooks - Northland Capital Markets Theodore O'Neill - Litchfield Hills Research Hendi Susanto - Gabelli Funds Operator Good morning, and ...

Bel Fuse (BELFB) came out with quarterly earnings of $1.37 per share, missing the Zacks Consensus Estimate of $1.44 per share. This compares to earnings of $1.35 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -4.86%. A quarter ago, it was expected that this maker of electronic products for circuits would post earnings of $1.19 per share when it actually produced earnings of $1.55, delivering a surprise of 30.25%.Over the last ...

Bel Fuse Inc. 300 Executive Drive Suite 300 West Orange, NJ 07052 www.belfuse.com tel 201.432.0463 WEST ORANGE, NJ, Wednesday, February 21, 2024 -- Bel Fuse Inc. (Nasdaq: BELFA and BELFB) today announced preliminary financial results for the fourth quarter and full year of 2023. "In closing out 2023, we were very pleased with the financial turnaround that the team was able to achieve in a tough macro environment," said Daniel Bernstein, President and CEO. "Our diversity in product segments and end markets s ...

Bel Fuse (BELFB) closed at $67.81 in the latest trading session, marking a -1.71% move from the prior day. The stock's performance was behind the S&P 500's daily gain of 1.07%. At the same time, the Dow added 0.35%, and the tech-heavy Nasdaq gained 1.74%.Shares of the maker of electronic products for circuits witnessed a gain of 10.77% over the previous month, beating the performance of the Computer and Technology sector with its gain of 4.83% and the S&P 500's gain of 2.93%.The investment community will be ...

In the latest market close, Bel Fuse (BELFB) reached $66.22, with a -0.94% movement compared to the previous day. The stock trailed the S&P 500, which registered a daily loss of 0.07%. Elsewhere, the Dow saw an upswing of 0.16%, while the tech-heavy Nasdaq depreciated by 0.36%.The maker of electronic products for circuits's shares have seen a decrease of 0.89% over the last month, not keeping up with the Computer and Technology sector's gain of 5.93% and the S&P 500's gain of 3.05%.Analysts and investors al ...

The most recent trading session ended with Bel Fuse (BELFB) standing at $62.96, reflecting a +0.67% shift from the previouse trading day's closing. The stock's change was more than the S&P 500's daily gain of 0.08%. Meanwhile, the Dow experienced a drop of 0.31%, and the technology-dominated Nasdaq saw an increase of 0.02%.The maker of electronic products for circuits's stock has dropped by 1.65% in the past month, falling short of the Computer and Technology sector's gain of 2.68% and the S&P 500's gain of ...

The carrying amounts of the major classes of assets and liabilities included as part of the sale were as follows: The following table provides information about disaggregated revenue by geographic region and sales channel, and includes a customer prepayments on invoices related to surcharges and expedite fees, which will be recorded as revenue in the period in which the related finished goods are shipped to the customer. The following table sets forth the calculation of basic and diluted net earnings per co ...

Financial Performance - Revenue for the Power Solutions and Protection segment was $170.3 million for the six months ended June 30, 2023, compared to $129.8 million in the same period of 2022, reflecting a gross margin of 35.7%[85] - The Connectivity Solutions segment reported revenue of $108.2 million for the first half of 2023, up from $89.8 million in the same period of 2022, with a gross margin of 35.8%[85] - Sales of Magnetic Solutions products declined by $26.6 million (50%) and $25.1 million (29%) during the three and six months ended June 30, 2023, respectively, due to lower demand from networking customers[86] Order Backlog and Inventory - The company's backlog of orders decreased to $449.9 million as of June 30, 2023, down by $115.4 million, or 20%, from December 31, 2022[82] - The company experienced a decrease in inventory by $13.5 million at June 30, 2023, compared to December 31, 2022, with inventory turns improving to 2.9 from 2.6[256] Labor and Costs - Labor costs represented 6.6% of revenue in the first half of 2023, a decrease from 8.7% in the same period of 2022, primarily due to pricing actions and favorable exchange rates[83] - Foreign exchange fluctuations resulted in a $0.6 million reduction in labor and overhead costs for the first half of 2023 compared to the prior year, despite losses from the Mexican Peso[84] - SG&A expenses increased to $25.1 million in Q2 2023 from $24.0 million in Q2 2022, driven by higher salaries and litigation costs related to a patent infringement lawsuit[252] Tax and Compliance - The effective tax rate for the six months ended June 30, 2023, was 8.0%, compared to (5.7%) for the same period in 2022, attributed to increased income in North America and Europe[91] - As of June 30, 2023, the company was in compliance with its debt covenants, including the Fixed Charge Coverage Ratio, which is the most restrictive covenant[257] Credit and Financing - The company amended its Credit Support Annex (CSA) in January 2023, transitioning the reference rate from LIBOR to SOFR effective January 31, 2023[257] - The unused credit available under the credit facility at June 30, 2023, was $115.0 million, which the company could borrow without violating its Leverage Ratio covenant based on existing consolidated EBITDA[257] - The company recorded foreign exchange transactional losses of $0.5 million during the first half of 2023 due to currency fluctuations[84]

In connection with the Company's 2021 acquisition of EOS Power ("EOS"), there is an ongoing claim asserted with respect to EOS by the Principal Commissioner of Customs (Preventive), Mumbai related to customs duties and imposed fines and penalties dating back to 1994. The original demand was in the amount of approximately $1.4 million, of which EOS has paid $0.5 million. EOS filed an Appeal in 2016 which is pending with the Customs, Excise and Service Tax Appellate Tribunal in Mumbai related to the $0.9 mill ...

NewJersey (Stateofincorporation) Table of Contents Indicate by checkmark 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. | --- | --- | --- | --- | |-------------------------|-----------------------------|------------------------------- ...