Bel Reports Second Quarter 2024 Results

Core Insights - Bel Fuse Inc. reported preliminary financial results for Q2 2024, showing a decline in net sales but an improvement in gross profit margin compared to the same quarter last year [2][16][17] - The company anticipates positive momentum towards the end of 2024, with signs of recovery in its Magnetic Solutions segment [2][17] Financial Performance - Net sales for Q2 2024 were $133.2 million, down from$168.8 million in Q2 2023, representing a decrease of 21.1% [2][22] - Gross profit margin improved to 40.1% from 32.9% in Q2 2023 [2][22] - Net earnings decreased to $18.8 million from$27.8 million in Q2 2023 [2][22] - Adjusted EBITDA was $27.4 million, or 20.6$28.6 million, or 17.0% of sales, in Q2 2023 [2][22] Segment Performance - The Power Solutions and Protection segment saw a significant decline in sales, down 32.8% year-over-year to $58.6 million [13] - Connectivity Solutions segment sales increased by 5.4$57.8 million [13] - Magnetic Solutions segment sales decreased by 37.3% to $16.8 million [13] Shareholder Actions - The company repurchased 126,552 shares of its stock at a total cost of$7.9 million during Q2 2024 [2][22] Future Outlook - For Q3 2024, Bel Fuse expects GAAP net sales to be in the range of $118 to$126 million, with gross margins between 34% and 36% [17] - The company is focused on profitable top-line growth to support future development and success [17]