Bel Fuse Inc - BELFB STOCK NEWS

Bel Fuse Inc. (Nasdaq:BELFA, BELFB) has announced a strategic alliance through a minority stake investment in Germany's innolectric AG, focusing on electric vehicle (EV) on-board power electronics and fast charging technology. Innolectric, established in 2016, specializes in power electronics for eMobility and has shown significant product development potential. Bel's CEO emphasized the growth opportunity in the EV sector through this partnership, highlighting the lack of product overlap and the complementary nature of their businesses. Bel retains minority protection rights and the option to increase its ownership based on key milestones.

Bel Fuse Inc. (Nasdaq: BELFA, BELFB), a global leader in electronic circuit products, will participate in the 25th Annual Needham Growth Conference on January 10. The presentation is scheduled for 9:30 AM at the Lotte New York Palace hotel in New York, with additional meetings throughout the day. The company will be represented by Farouq Tuweiq, CFO, and Lynn Hutkin, VP of Financial Reporting & Investor Relations. Bel offers a wide range of products, including circuit protection and power supplies, serving a global market.

Bel Fuse Inc. (Nasdaq: BELFA and BELFB) announced three internal promotions to its executive team, effective January 1, 2023. Lynn Hutkin was named Vice President of Financial Reporting and Investor Relations, bringing 15 years of experience to streamline accounting processes. Joe Berry became Vice President of Magnetic Solutions, contributing significantly since his 1999 acquisition of Lucent’s division. Kenneth Lai assumed the role of Vice President of Asia Operations, noted for transforming operations at the Gongming factory. CEO Dan Bernstein emphasized the team's role in achieving long-term growth and operational excellence.

Bel Fuse Inc. (Nasdaq: BELFA and BELFB) has appointed Suzanne Kozlovsky as Global Head of People, a new executive position aimed at enhancing associate engagement, talent retention, and compensation strategies. Kozlovsky previously served as Vice President of Human Resources at Prinova and has a strong track record of cultural transformation in organizations recognized as best workplaces. CEO Daniel Bernstein emphasized that this role represents a significant investment in the company's workforce, aligning with ongoing cultural transformation efforts to foster a supportive work environment.

Bel Fuse Inc. (Nasdaq: BELFA, BELFB) announced its participation in several upcoming November conferences. CFO Farouq Tuweiq and Director of Financial Reporting Lynn Hutkin will present and meet with investors at:

• Sidoti November Micro-Cap Virtual Conference on November 9 at 9:15 AM ET.
• Baird 2022 Global Industrial Conference on November 10 at 9:40 AM CT in Chicago.
• Stephens Annual Investment Conference on November 15 in Nashville.
• East Coast IDEAS Conference on November 17 at 11:00 AM CT in Dallas.

Investor presentations will be available on the company’s website.

BEL FUSE INC. (NASDAQ:BELFA, BELFB) has declared quarterly cash dividends of $0.06 per share for Class A common shares and $0.07 per share for Class B common shares. These dividends will be paid on February 1, 2023, to shareholders on record as of January 13, 2023. The company has approximately 12,480,000 shares outstanding, consisting of 2,142,000 Class A and 10,338,000 Class B shares.

Bel Fuse Inc. (Nasdaq: BELFA, BELFB) reported strong preliminary financial results for Q3 2022. Net sales reached $177.7 million, a 20.9% increase from Q3 2021. Gross profit margin improved to 29.0%, and net earnings surged to $16.5 million compared to $5.7 million last year. Adjusted EBITDA also saw a significant rise, up 115% to $27.3 million, with quarterly bookings of $180 million driving a backlog of $583 million. The company announced various consolidation initiatives aimed at improving operational efficiency.

Bel Fuse Inc. (Nasdaq: BELFA, BELFB) plans to release preliminary financial results for the third quarter on October 26, 2022, after market close. An earnings conference call is scheduled for October 27, 2022, at 8:30 a.m. ET. Investors can join via phone or online. A replay will be available for 20 days after the call. Bel Fuse designs and manufactures products that power, protect, and connect electronic circuits across various industries, including telecommunications and military sectors.