Core Insights - Bel Fuse Inc. reported preliminary financial results for Q3 2024, with net sales of 123.6million,adecreasefrom158.7 million in Q3 2023, but gross profit margin improved to 36.1% from 35.0% year-over-year [2][3][4] - The company anticipates Q4 2024 net sales between 117millionand125 million, with gross margins expected to be approximately 34% to 36% [4][6] Financial Performance - Q3 2024 net earnings were 8.1million,downfrom19.4 million in Q3 2023, with adjusted EBITDA at 20.6million(16.729.9 million (18.8% of sales) in the prior year [2][3][4] - The company repurchased 26,647 shares at a cost of 1.9millionduringQ32024[2]OperationalDevelopments−BelFusehassignedadefinitivepurchaseagreementforEnercon,expectedtocloseinQ42024,whichwillenhanceitsPowersegmentbyintroducingnewcustomersandmarkets[3][4]−ThecompanyisconsolidatingitsfusemanufacturingoperationsinChina,projectedtosaveapproximately1.5 million annually once completed [3] Market Trends - Positive trends in bookings were observed in September and October across all product segments, particularly in networking and industrial markets [4] - The company expressed optimism about sequential improvements in market conditions, which are expected to positively impact 2025 [4] Product Segment Performance - In Q3 2024, Power Solutions and Protection sales decreased by 35% to 48.7million,whileConnectivitySolutionssawa7.655.7 million, and Magnetic Solutions sales dropped by 40% to $19.2 million [2][15] - Year-to-date sales for 2024 show a 31.7% decline in Power Solutions and Protection, while Connectivity Solutions increased by 4.9% [15]
