Bel Fuse (BELFB)2024-07-31 15:04Revenue Distribution - Revenue distribution for the six months ended June 30, 2024: 45% from Power Solutions and Protection, 43% from Connectivity Solutions, and 12% from Magnetic Solutions[115] Connectivity Solutions Performance - Connectivity Solutions sales increased by 3.9 million (3.6%) during the three and six months ended June 30, 2024, respectively, compared to 2023[121] - Gross margin for Connectivity Solutions improved to 38.9% in Q2 2024 from 37.4% in Q2 2023, driven by pricing actions and operational efficiencies[120][121] Power Solutions and Protection Performance - Gross margin for Power Solutions and Protection improved to 45.7% in Q2 2024 from 35.7% in Q2 2023, driven by strategic pricing actions and favorable exchange rates[120][131] SG&A Expenses - SG&A expenses decreased to 50.4 million in the first half of 2023, primarily due to lower legal and professional fees[124] Accounts Receivable and Inventory - Accounts receivable decreased by 8.0 million at June 30, 2024, compared to December 31, 2023, with inventory turns at 2.8 compared to 3.1[127] Credit Facility and Debt Covenants - Unused credit available under the credit facility at June 30, 2024, was 0.4 million were realized in the six months ended June 30, 2024, compared to losses of $0.5 million in the same period of 2023[134] Tax Rate Fluctuations - The company's effective tax rate fluctuates based on geographic regions, with Asia having the lowest tax rates among the U.S., Europe, and Asia[125]