Bel Fuse (US:BELFA)2020-11-20 19:22Financial Performance & Sales - Bel's annual sales reached $465 million for the trailing twelve months ended September 30, 2020[2] - Power Solutions & Protection accounted for $165 million in sales (35%)[2] - Connectivity Solutions generated $158 million in sales (34%)[2] - Magnetic Solutions contributed $142 million in sales (31%)[2] - In Q3 2020, Bel achieved a gross margin of 26.9%, a 390 bps increase from 23.0% in Q3 2019[17] - Non-GAAP EPS (BELFB) in Q3 2020 was $0.62, a 210% increase from $0.20 in Q3 2019[17] Cost Savings & Debt Reduction - Bel implemented $10 million of cost savings in 2019/2020, with $3 million incremental to 2021[3] - The company paid down $28 million of debt in the first 10 months of 2020, reducing the balance to $115 million by October 31st[3] Acquisition & Growth Drivers - The acquisition of CUI Power Group closed on December 3, 2019, and in the first nine months of 2020, CUI generated sales of $29.8 million with a gross margin of 35.2% and EBITDA of $5.3 million[14] - Key growth drivers include networking & high-performance computing, military & aerospace, e-mobility, and distribution[13]