Bel Fuse Inc - BELFB STOCK NEWS

Bel Fuse Inc. (Nasdaq: BELFA, BELFB) reported a substantial 26.1% year-over-year increase in net sales for Q1 2023, reaching $172.3 million. The gross profit margin rose to 31.1% from 25.0% in the same period last year, supporting net earnings of $14.6 million, up from $5.1 million. Key product segments excelled, with Power Solutions experiencing record sales of $83.2 million and a significant gross margin improvement. Connectivity Solutions achieved a 135% growth in commercial aerospace sales compared to Q1 2022. Given current trends, the company forecasts Q2 sales between $162-$170 million, reflecting a solid operational outlook.

Bel Fuse Inc. (Nasdaq: BELFA and BELFB) has announced its intention to release preliminary financial results for the first quarter of 2023 following the market close on April 26, 2023. A conference call to discuss these results will take place on April 27, 2023, at 8:30 a.m. ET. Investors can participate by dialing 877.407.0784 (toll-free) or 201.689.8560 (international), or via the online link provided. A replay of the call will be accessible for 20 days post-event, starting from 11:30 a.m. ET. Bel Fuse specializes in manufacturing products that power, protect, and connect electronic circuits for various industries, including telecommunications, medical, and aerospace.

BEL FUSE INC. (NASDAQ:BELFA, BELFB) has declared quarterly cash dividends of $0.06 for Class A and $0.07 for Class B common shares. These dividends will be paid on May 1, 2023, to shareholders who are on record as of April 14, 2023. The company currently has approximately 12,785,000 common shares outstanding, which includes 2,142,000 Class A and 10,643,000 Class B shares. Bel Fuse designs and manufactures products used in various industries such as telecommunications, computing, and automotive.

Bel Fuse reported a strong finish for 2022, achieving record net sales of $654.2 million, up 20.4% from 2021. Q4 sales reached $169.2 million, a 15.0% increase year-over-year, with a gross profit margin of 31.0%, up from 26.7% in Q4-21. Net earnings for the fourth quarter were $14.0 million, compared to $8.0 million a year prior. The company ended the year with a backlog of $565 million, a 21% increase from the previous year. Looking ahead, Bel plans to focus on profitable growth and strategic investments in high-growth markets, including eMobility.