Financial Performance - Net sales for Q3 2024 were 158.7 million in Q3 2023[1] - Net earnings fell to 19.4 million in Q3 2023[1] - Adjusted EBITDA was 29.9 million or 18.8% of sales in Q3 2023[1] - Net sales for the three months ended September 30, 2024, were 158,682,000 for the same period in 2023[11] - Net earnings for the three months ended September 30, 2024, were 19,448,000 in the same period of 2023[11] - Total net sales for Q3 2024 were 158.7 million in Q3 2023[19] - GAAP net earnings for Q3 2024 were 19.4 million in Q3 2023[19] Profitability Metrics - Gross profit margin increased to 36.1% from 35.0% in Q3 2023[1] - Adjusted EBITDA for Q3 2024 was 29.9 million or 18.8% in Q3 2023[19] - Power Solutions and Protection segment sales dropped by 35.0% year-over-year to 55.7 million, with a gross margin improvement to 36.6%[19] - Magnetic Solutions segment experienced a 40.0% decline in sales to 26,700,000, representing 21.6% of net sales, up from 14.9% in the prior year[11] - Research and development costs rose to 5,292,000 in the same period last year[11] - The company incurred restructuring charges of 2.1 million in Q3 2023[21] Guidance and Future Outlook - Q4 2024 net sales guidance is projected between 125 million, with gross margins expected to be approximately 34% to 36%[3] - The company is optimistic about sequential improvement in market conditions, which is expected to positively impact 2025[3] - The company plans to continue focusing on market expansion and new product development to drive future growth[19] Assets and Cash Flow - Total assets increased to 571,631,000 at the end of 2023[14] - Cash and cash equivalents rose to 89,371,000 at the end of 2023[14] - Net cash provided by operating activities for the nine months ended September 30, 2024, was 81,425,000 in the same period of 2023[16] Tax and Earnings Per Share - The effective tax rate increased to 27.8% for the three months ended September 30, 2024, compared to 18.2% in the same period of 2023[11] - Earnings per share for Class A common shares decreased to 1.46 in the same period last year[12] Market Trends and Developments - Positive trends in bookings were observed in September and October across all product segments, particularly in networking and industrial markets[3] - The acquisition of Enercon is expected to introduce new customers and markets to the Power segment upon closing[2] - Anticipated annual cost savings of approximately $1.5 million from the consolidation of fuse manufacturing in China[2] - Two senior associates were added to the corporate team to enhance sales and contracts management[2]
Bel Fuse (BELFA) - 2024 Q3 - Quarterly Results