Bel Fuse Inc. (Nasdaq: BELFA and BELFB) today
announced preliminary financial results for the second quarter
of 2024.
Second Quarter 2024
Highlights
- Net sales of $133.2 million
compared to $168.8 million in Q2-23
- Gross profit margin of 40.1%,
up from 32.9% in Q2-23
- Net earnings of $18.8 million
versus $27.8 million in Q2-23
- Adjusted EBITDA of $27.4 million
(20.6% of sales) as compared to $28.6 million (17.0% of sales) in
Q2-23
- Repurchased 126,552 shares of Bel
stock at an aggregate cost of $7.9 million in Q2-24
“We are pleased with our second quarter results,
with sales achieving the higher end of our guidance coupled with
continued margin improvement,” said Daniel Bernstein, President and
CEO. “The factors contributing to the second quarter were as
expected, with solid results within the commercial air, defense and
rail end markets, which partially offset the lower volume of sales
into our networking customers and distribution partners during the
quarter as they continue to work through inventory on hand,”
concluded Mr. Bernstein.
Farouq Tuweiq, CFO, added “Consistent with our
views expressed last quarter, we expect more positive momentum
closer to the end of 2024. Our Magnetic Solutions segment, while
down from Q2-23, showed modest recovery sequentially from the first
quarter of this year which is a positive sign. On the distribution
front, the consensus takeaway from an industry conference in May
was encouraging, and indicated that the worst is behind us.
“Looking to the third quarter, in addition to
the typical seasonal slowdown in Europe, we anticipate some
downward pressure on our Power sales given recently-enacted trade
restrictions on one of our former suppliers previously used for our
Power segment, which had historically supported approximately
$3 to $4 million per quarter of Bel’s sales into the consumer end
market. Given these factors, and continued softness in
networking and distribution which we believe will
continue until later in the year, we are expecting Q3-24 GAAP
net sales in the range of $118 to $126 million with gross margins
in the range of 34-36% based on information available as of today.
The team remains focused on profitable top line growth to
fuel Bel's future development and success" concluded Mr.
Tuweiq.
Non-GAAP financial measures, such as Non-GAAP
net earnings, Non-GAAP EPS, EBITDA and Adjusted EBITDA, adjust
corresponding GAAP measures for provision for/benefit
from income taxes, interest expense, and depreciation and
amortization, and also exclude, where applicable for the covered
period presented in the financial statements, certain unusual or
special items identified by management such as restructuring
charges, gains/losses on sales of businesses and properties and
liquidation of foreign subsidiary, and certain litigation
costs. Non-GAAP adjusted net sales exclude expedite fee
revenue. Please refer to the financial information included with
this press release for reconciliations of GAAP financial measures
to Non-GAAP financial measures and our explanation of why we
present Non-GAAP financial measures.
Conference CallBel has
scheduled a conference call for 8:30 a.m. ET on Thursday, July 25,
2024 to discuss these results. To participate in the
conference call, investors should dial 877-407-0784, or
201-689-8560 if dialing internationally. The presentation will
additionally be broadcast live over the Internet and will be
available at https://ir.belfuse.com/events-and-presentations. The
webcast will be available via replay for a period of at least 30
days at this same Internet address. For those unable to access
the live call, a telephone replay will be available at
844-512-2921, or 412-317-6671 if dialing internationally, using
access code 13747709 after 12:30 pm ET, also for 30 days.
About BelBel (www.belfuse.com)
designs, manufactures and markets a broad array of products that
power, protect and connect electronic circuits. These products
are primarily used in the networking, telecommunications,
computing, general industrial, high-speed data transmission,
military, commercial aerospace, transportation and eMobility
industries. Bel's portfolio of products also finds application
in the automotive, medical, broadcasting and consumer electronics
markets. Bel's product groups include Magnetic Solutions
(integrated connector modules, power transformers, power inductors
and discrete components), Power Solutions and Protection
(front-end, board-mount and industrial power products, module
products and circuit protection), and Connectivity Solutions
(expanded beam fiber optic, copper-based, RF and RJ connectors and
cable assemblies). The Company operates facilities around the
world.
Company Contact:Farouq
Tuweiq Chief Financial
Officer ir@belf.com
Investor Contact:Three Part
AdvisorsJean Marie Young, Managing Director or Steven Hooser,
Partner631-418-4339jyoung@threepa.com; shooser@threepa.com
Cautionary Language Concerning
Forward-Looking StatementsThis press release contains
“forward-looking statements” within the meaning of the “safe
harbor” provisions of the Private Securities Litigation Reform Act
of 1995, including but not limited to, our guidance for the
third quarter of 2024, and our statements regarding our
expectations for 2024 generally including anticipated financial
performance, projections and trends for the remainder of
the year and other future periods, and our statements
regarding future events, performance, plans, intentions, beliefs,
expectations and estimates, including statements regarding matters
such as trends and expectations as to our sales, gross
margin, products, product segments, customers, suppliers, end
markets, distribution and inventory, statements regarding our views
and expectations about positive momentum and recovery, statements
regarding our expectations and beliefs regarding trends in the
Company's business and industry and the broader economy and
macroeconomic environment generally, statements regarding seasonal
trends and the potential impact of trade restrictions, statements
about the Company's and the team's focuses including with respect
to growth and future development and success and other statements
regarding the Company's positioning, its strategies, future
progress, investments, plans, targets, goals, and other focuses and
initiatives, and the expected timing and potential benefits
thereof. These forward-looking statements are made as of the date
of this release and are based on current expectations, estimates,
forecasts and projections as well as the beliefs and assumptions of
management. Words such as “expect,” “anticipate,” “should,”
“believe,” “hope,” “target,” “project,” “forecast,” “outlook,”
“goals,” “estimate,” “potential,” “predict,” “may,” “will,”
“might,” “could,” “intend,” variations of these terms or the
negative of these terms and similar expressions are intended to
identify these forward-looking statements. Forward-looking
statements are subject to a number of risks and uncertainties, many
of which involve factors or circumstances that are beyond Bel’s
control. Bel’s actual results could differ materially from those
stated or implied in our forward-looking statements (including
without limitation any of Bel’s projections) due to a number of
factors, including but not limited to, the market concerns facing
our customers, and risks for the Company’s business in the event of
the loss of certain substantial customers; the continuing viability
of sectors that rely on our products; the effects of business and
economic conditions, and challenges impacting the
macroeconomic environment generally and/or our industry in
particular; the effects of rising input costs, and cost
changes generally, including the potential impact of inflationary
pressures; difficulties associated with integrating previously
acquired companies; capacity and supply constraints or
difficulties, including supply chain constraints or other
challenges; the impact of public health crises (such as the
governmental, social and economic effects of COVID or other future
epidemics or pandemics); difficulties associated with the
availability of labor, and the risks of any labor unrest or labor
shortages; risks associated with our international operations,
including our substantial manufacturing operations in China; risks
associated with restructuring programs or other strategic
initiatives, including any difficulties in implementation or
realization of the expected benefits or cost savings; product
development, commercialization or technological difficulties; the
regulatory and trade environment including the potential effects of
trade restrictions that may impact Bel, its customers and/or its
suppliers; risks associated with fluctuations in foreign currency
exchange rates and interest rates; uncertainties associated with
legal proceedings; the market's acceptance of the Company's new
products and competitive responses to those new products; the
impact of changes to U.S. and applicable foreign legal and
regulatory requirements, including tax laws, trade and tariff
policies; and the risks detailed in Bel’s most recent Annual Report
on Form 10-K for the fiscal year ended December 31, 2023 and in
subsequent reports filed by Bel with the Securities and Exchange
Commission, as well as other documents that may be filed by Bel
from time to time with the Securities and Exchange Commission. In
light of the risks and uncertainties impacting our business, there
can be no assurance that any forward-looking statement will in fact
prove to be correct. Past performance is not necessarily indicative
of future results. The forward-looking statements included in this
press release represent Bel’s views as of the date of this press
release. Bel anticipates that subsequent events and developments
will cause its views to change. Bel undertakes no intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
These forward-looking statements should not be relied upon as
representing Bel’s views as of any date subsequent to the date of
this press release.
Non-GAAP Financial MeasuresThe
Non-GAAP financial measures identified in this press release as
well as in the supplementary information to this press release
(Non-GAAP adjusted net sales, Non-GAAP net earnings, Non-GAAP EPS,
EBITDA and Adjusted EBITDA) are not measures of performance under
accounting principles generally accepted in the United States of
America ("GAAP"). These measures should not be considered a
substitute for, and the reader should also consider, income from
operations, net earnings, earnings per share and other measures of
performance as defined by GAAP as indicators of our performance or
profitability. Our non-GAAP measures may not be comparable to other
similarly-titled captions of other companies due to differences in
the method of calculation. We present results adjusted to
exclude the effects of certain unusual or special items and their
related tax impact that would otherwise be included under U.S.
GAAP, to aid in comparisons with other periods. We believe that
these non-GAAP measures of financial results provide useful
information to management and investors regarding certain financial
and business trends relating to our financial condition and results
of operations. We use these non-GAAP measures to compare the
Company’s performance to that of prior periods for trend analysis
and for budgeting and planning purposes. We also believe that the
use of these non-GAAP financial measures provides an additional
tool for investors to use in evaluating ongoing operating results
and trends and in comparing the Company’s financial measures with
other similarly situated companies in our industry, many of which
present similar non-GAAP financial measures to investors. We also
use non-GAAP measures in determining incentive compensation. For
additional information about our use of non-GAAP financial measures
in connection with our Incentive Compensation Program for 2023,
please see the Executive Compensation discussion appearing in our
Definitive Proxy Statement filed with the Securities and Exchange
Commission on April 1, 2024.
Website InformationWe routinely
post important information for investors on our
website, www.belfuse.com, in the "Investor Relations" section.
We use our website as a means of disclosing material, otherwise
non-public information and for complying with our disclosure
obligations under Regulation FD. Accordingly, investors should
monitor the Investor Relations section of our website, in addition
to following our press releases, Securities and Exchange Commission
(SEC) filings, public conference calls, presentations and webcasts.
The information contained on, or that may be accessed through, our
website is not incorporated by reference into, and is not a part
of, this document.
|
Bel Fuse Inc.Supplementary
Information(1)Condensed Consolidated Statements of
Operations(in thousands, except per share
amounts)(unaudited) |
| |
|
|
|
|
|
|
| |
|
Three Months Ended |
|
|
Six Months Ended |
|
| |
|
June 30, |
|
|
June 30, |
|
| |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
sales |
|
$ |
133,205 |
|
|
$ |
168,777 |
|
|
$ |
261,295 |
|
|
$ |
341,121 |
|
| Cost of sales |
|
|
79,809 |
|
|
|
113,240 |
|
|
|
159,821 |
|
|
|
231,920 |
|
| Gross
profit |
|
|
53,396 |
|
|
|
55,537 |
|
|
|
101,474 |
|
|
|
109,201 |
|
| As a % of net sales |
|
|
40.1 |
% |
|
|
32.9 |
% |
|
|
38.8 |
% |
|
|
32.0 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Research and development
costs |
|
|
5,994 |
|
|
|
6,006 |
|
|
|
11,209 |
|
|
|
11,229 |
|
| Selling, general and
administrative expenses |
|
|
24,141 |
|
|
|
25,135 |
|
|
|
49,085 |
|
|
|
50,432 |
|
| As a % of net sales |
|
|
18.1 |
% |
|
|
14.9 |
% |
|
|
18.8 |
% |
|
|
14.8 |
% |
| Restructuring charges |
|
|
638 |
|
|
|
709 |
|
|
|
703 |
|
|
|
4,215 |
|
| Gain on sale of property |
|
|
- |
|
|
|
(3,672 |
) |
|
|
- |
|
|
|
(3,672 |
) |
| Income from
operations |
|
|
22,623 |
|
|
|
27,359 |
|
|
|
40,477 |
|
|
|
46,997 |
|
| As a % of net sales |
|
|
17.0 |
% |
|
|
16.2 |
% |
|
|
15.5 |
% |
|
|
13.8 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gain on sale of Czech Republic
business |
|
|
- |
|
|
|
1,115 |
|
|
|
- |
|
|
|
1,115 |
|
| Interest expense |
|
|
(415 |
) |
|
|
(908 |
) |
|
|
(849 |
) |
|
|
(1,890 |
) |
| Interest income |
|
|
1,146 |
|
|
|
- |
|
|
|
2,261 |
|
|
|
- |
|
| Other income/expense, net |
|
|
(471 |
) |
|
|
(270 |
) |
|
|
1,346 |
|
|
|
(190 |
) |
| Earnings before income
taxes |
|
|
22,883 |
|
|
|
27,296 |
|
|
|
43,235 |
|
|
|
46,032 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Provision for (benefit from)
income taxes |
|
|
4,077 |
|
|
|
(479 |
) |
|
|
8,555 |
|
|
|
3,685 |
|
| Effective tax rate |
|
|
17.8 |
% |
|
|
-1.8 |
% |
|
|
19.8 |
% |
|
|
8.0 |
% |
| Net
earnings |
|
$ |
18,806 |
|
|
$ |
27,775 |
|
|
$ |
34,680 |
|
|
$ |
42,347 |
|
| As a % of net sales |
|
|
14.1 |
% |
|
|
16.5 |
% |
|
|
13.3 |
% |
|
|
12.4 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average
number of shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A common shares - basic
and diluted |
|
|
2,124 |
|
|
|
2,142 |
|
|
|
2,131 |
|
|
|
2,142 |
|
| Class B common shares - basic
and diluted |
|
|
10,492 |
|
|
|
10,634 |
|
|
|
10,551 |
|
|
|
10,636 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net earnings per
common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A common shares - basic
and diluted |
|
$ |
1.43 |
|
|
$ |
2.08 |
|
|
$ |
2.61 |
|
|
$ |
3.17 |
|
| Class B common shares - basic
and diluted |
|
$ |
1.50 |
|
|
$ |
2.19 |
|
|
$ |
2.76 |
|
|
$ |
3.34 |
|
|
(1) |
The supplementary information included in this press release for
2024 is preliminary and subject to change prior to the filing of
our upcoming Quarterly Report on Form 10-Q with the Securities
and Exchange Commission. |
|
Bel Fuse Inc.Supplementary Information(1)Condensed
Consolidated Balance Sheets(in thousands, unaudited) |
| |
|
|
|
|
|
|
| |
|
June 30, 2024 |
|
|
December 31, 2023 |
|
|
Assets |
|
|
|
|
|
|
|
|
| Current
assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
84,976 |
|
|
$ |
89,371 |
|
|
Held to maturity U.S. Treasury securities |
|
|
58,822 |
|
|
|
37,548 |
|
|
Accounts receivable, net |
|
|
81,153 |
|
|
|
84,129 |
|
|
Inventories |
|
|
127,931 |
|
|
|
136,540 |
|
|
Other current assets |
|
|
23,139 |
|
|
|
33,890 |
|
| Total current
assets |
|
|
376,021 |
|
|
|
381,478 |
|
|
Property, plant and equipment, net |
|
|
35,082 |
|
|
|
36,533 |
|
|
Right-of-use assets |
|
|
21,945 |
|
|
|
20,481 |
|
|
Related-party note receivable |
|
|
2,785 |
|
|
|
2,152 |
|
|
Equity method investment |
|
|
9,943 |
|
|
|
10,282 |
|
|
Goodwill and other intangible assets, net |
|
|
72,130 |
|
|
|
76,033 |
|
|
Other assets |
|
|
49,698 |
|
|
|
44,672 |
|
| Total
assets |
|
$ |
567,604 |
|
|
$ |
571,631 |
|
| |
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
| Current
liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
36,415 |
|
|
$ |
40,441 |
|
|
Operating lease liability, current |
|
|
5,992 |
|
|
|
6,350 |
|
|
Other current liabilities |
|
|
47,348 |
|
|
|
63,818 |
|
| Total current
liabilities |
|
|
89,755 |
|
|
|
110,609 |
|
|
Long-term debt |
|
|
60,000 |
|
|
|
60,000 |
|
|
Operating lease liability, long-term |
|
|
16,131 |
|
|
|
14,212 |
|
|
Other liabilities |
|
|
45,303 |
|
|
|
46,252 |
|
| Total
liabilities |
|
|
211,189 |
|
|
|
231,073 |
|
|
Stockholders' equity |
|
|
356,415 |
|
|
|
340,558 |
|
| Total liabilities and
stockholders' equity |
|
$ |
567,604 |
|
|
$ |
571,631 |
|
|
(1) |
The supplementary information included in this press release for
2024 is preliminary and subject to change prior to the filing of
our upcoming Quarterly Report on Form 10-Q with the Securities
and Exchange Commission. |
|
Bel Fuse Inc.Supplementary Information(1)Condensed
Consolidated Statements of Cash Flows(in thousands,
unaudited) |
| |
|
|
|
| |
|
Six Months Ended |
|
| |
|
June 30, |
|
| |
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
| Cash flows from operating
activities: |
|
|
|
|
|
|
|
|
|
Net earnings |
|
$ |
34,680 |
|
|
$ |
42,347 |
|
| Adjustments to reconcile net
earnings to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
7,123 |
|
|
|
6,571 |
|
|
Stock-based compensation |
|
|
1,775 |
|
|
|
1,851 |
|
|
Amortization of deferred financing costs |
|
|
27 |
|
|
|
33 |
|
|
Deferred income taxes |
|
|
(2,930 |
) |
|
|
(3,128 |
) |
|
Net unrealized (gains) losses on foreign currency revaluation |
|
|
(355 |
) |
|
|
505 |
|
|
Gain on sale of property |
|
|
- |
|
|
|
(3,672 |
) |
|
Gain on sale of Czech Republic business |
|
|
- |
|
|
|
(1,115 |
) |
|
Other, net |
|
|
487 |
|
|
|
(1,124 |
) |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts receivable, net |
|
|
2,805 |
|
|
|
(236 |
) |
|
Unbilled receivables |
|
|
6,887 |
|
|
|
5,018 |
|
|
Inventories |
|
|
7,972 |
|
|
|
13,473 |
|
|
Accounts payable |
|
|
(4,026 |
) |
|
|
(11,544 |
) |
|
Accrued expenses |
|
|
(14,802 |
) |
|
|
2,448 |
|
|
Accrued restructuring costs |
|
|
(1,553 |
) |
|
|
2,343 |
|
|
Income taxes payable |
|
|
4,517 |
|
|
|
3,856 |
|
|
Other operating assets/liabilities, net |
|
|
(4,265 |
) |
|
|
(16,970 |
) |
|
Net cash provided by operating activities |
|
|
38,342 |
|
|
|
40,656 |
|
| |
|
|
|
|
|
|
|
|
| Cash flows from investing
activities: |
|
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment |
|
|
(4,278 |
) |
|
|
(7,081 |
) |
|
Purchases of held to maturity U.S. Treasury securities |
|
|
(122,345 |
) |
|
|
- |
|
|
Proceeds from held to maturity securities |
|
|
101,071 |
|
|
|
- |
|
|
Payment for equity method investment |
|
|
- |
|
|
|
(9,975 |
) |
|
Investment in related party notes receivable |
|
|
(633 |
) |
|
|
- |
|
|
Proceeds from sale of property, plant and equipment |
|
|
229 |
|
|
|
5,239 |
|
|
Proceeds from sale of business |
|
|
- |
|
|
|
5,198 |
|
|
Net cash used in investing activities |
|
|
(25,956 |
) |
|
|
(6,619 |
) |
| |
|
|
|
|
|
|
|
|
| Cash flows from financing
activities: |
|
|
|
|
|
|
|
|
|
Dividends paid to common stockholders |
|
|
(1,674 |
) |
|
|
(1,658 |
) |
|
Repayments under revolving credit line |
|
|
- |
|
|
|
(40,000 |
) |
|
Borrowings under revolving credit line |
|
|
- |
|
|
|
5,000 |
|
|
Purchases of common stock |
|
|
(14,175 |
) |
|
|
- |
|
|
Net cash used in financing activities |
|
|
(15,849 |
) |
|
|
(36,658 |
) |
| |
|
|
|
|
|
|
|
|
| Effect of exchange rate
changes on cash and cash equivalents |
|
|
(932 |
) |
|
|
(2,592 |
) |
| |
|
|
|
|
|
|
|
|
| Net decrease in cash and cash
equivalents |
|
|
(4,395 |
) |
|
|
(5,213 |
) |
| Cash and cash equivalents -
beginning of period |
|
|
89,371 |
|
|
|
70,266 |
|
| Cash and cash
equivalents - end of period |
|
$ |
84,976 |
|
|
$ |
65,053 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Supplementary
information: |
|
|
|
|
|
|
|
|
| Cash paid during the period
for: |
|
|
|
|
|
|
|
|
|
Income taxes, net of refunds received |
|
$ |
8,277 |
|
|
$ |
10,358 |
|
|
Interest payments |
|
$ |
1,985 |
|
|
$ |
2,762 |
|
| ROU assets obtained in
exchange for lease obligations |
|
$ |
4,239 |
|
|
$ |
5,172 |
|
|
(1) |
The supplementary information included in this press release for
2024 is preliminary and subject to change prior to the filing of
our upcoming Quarterly Report on Form 10-Q with the Securities
and Exchange Commission. |
|
Bel Fuse Inc.Supplementary
Information(1)Product Group Highlights(dollars in
thousands, unaudited) |
| |
|
|
|
|
|
|
| |
|
Sales |
|
|
Gross Margin |
|
| |
|
Q2-24 |
|
|
Q2-23 |
|
|
% Change |
|
|
Q2-24 |
|
|
Q2-23 |
|
|
Basis Point Change |
|
|
Power Solutions and Protection |
|
$ |
58,551 |
|
|
$ |
87,091 |
|
|
|
-32.8 |
% |
|
|
45.7 |
% |
|
|
35.7 |
% |
|
|
1,000 |
|
| Connectivity Solutions |
|
|
57,822 |
|
|
|
54,843 |
|
|
|
5.4 |
% |
|
|
38.9 |
% |
|
|
37.4 |
% |
|
|
150 |
|
| Magnetic Solutions |
|
|
16,832 |
|
|
|
26,843 |
|
|
|
-37.3 |
% |
|
|
26.4 |
% |
|
|
24.6 |
% |
|
|
180 |
|
|
Total |
|
$ |
133,205 |
|
|
$ |
168,777 |
|
|
|
-21.1 |
% |
|
|
40.1 |
% |
|
|
32.9 |
% |
|
|
720 |
|
| |
|
Sales |
|
|
Gross Margin |
|
| |
|
YTD June 2024 |
|
|
YTD June 2023 |
|
|
% Change |
|
|
YTD June 2024 |
|
|
YTD June 2023 |
|
|
Basis Point Change |
|
|
Power Solutions and Protection |
|
$ |
118,798 |
|
|
|
170,272 |
|
|
|
-30.2 |
% |
|
|
44.8 |
% |
|
|
35.7 |
% |
|
|
910 |
|
| Connectivity Solutions |
|
|
112,107 |
|
|
|
108,239 |
|
|
|
3.6 |
% |
|
|
37.6 |
% |
|
|
35.9 |
% |
|
|
170 |
|
| Magnetic Solutions |
|
|
30,390 |
|
|
|
62,610 |
|
|
|
-51.5 |
% |
|
|
21.8 |
% |
|
|
23.6 |
% |
|
|
(180 |
) |
|
Total |
|
$ |
261,295 |
|
|
$ |
341,121 |
|
|
|
-23.4 |
% |
|
|
38.8 |
% |
|
|
32.0 |
% |
|
|
680 |
|
|
(1) |
The supplementary information included in this press release for
2024 is preliminary and subject to change prior to the filing of
our upcoming Quarterly Report on Form 10-Q with the Securities
and Exchange Commission. |
|
Bel Fuse Inc.Supplementary
Information(1)Reconciliation of GAAP Net Sales to
Non-GAAP Adjusted Net
Sales(2)Reconciliation
of GAAP Net Earnings to EBITDA and Adjusted
EBITDA(2)(in thousands, unaudited) |
| |
|
|
|
|
|
|
| |
|
Three Months Ended |
|
|
Six Months Ended |
|
| |
|
June 30, |
|
|
June 30, |
|
| |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP net
sales |
|
$ |
133,205 |
|
|
$ |
168,777 |
|
|
$ |
261,295 |
|
|
$ |
341,121 |
|
|
Expedite fee revenue |
|
|
- |
|
|
|
5,663 |
|
|
|
57 |
|
|
|
13,417 |
|
| Non-GAAP adjusted net
sales |
|
$ |
133,205 |
|
|
$ |
163,114 |
|
|
$ |
261,238 |
|
|
$ |
327,704 |
|
| |
|
Three Months Ended |
|
|
Six Months Ended |
|
| |
|
June 30, |
|
|
June 30, |
|
| |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP Net
earnings |
|
$ |
18,806 |
|
|
$ |
27,775 |
|
|
$ |
34,680 |
|
|
$ |
42,347 |
|
|
Interest expense |
|
|
415 |
|
|
|
908 |
|
|
|
849 |
|
|
|
1,890 |
|
|
Provision for (benefit from) income taxes |
|
|
4,077 |
|
|
|
(479 |
) |
|
|
8,555 |
|
|
|
3,685 |
|
|
Depreciation and amortization |
|
|
3,439 |
|
|
|
3,335 |
|
|
|
7,123 |
|
|
|
6,571 |
|
| EBITDA |
|
$ |
26,737 |
|
|
$ |
31,539 |
|
|
$ |
51,207 |
|
|
$ |
54,493 |
|
| % of net sales |
|
|
20.1 |
% |
|
|
18.7 |
% |
|
|
19.6 |
% |
|
|
16.0 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unusual or special
items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring charges |
|
|
638 |
|
|
|
709 |
|
|
|
703 |
|
|
|
4,215 |
|
|
MPS litigation costs |
|
|
- |
|
|
|
1,160 |
|
|
|
- |
|
|
|
2,771 |
|
|
Gain on sale of Czech Republic business |
|
|
- |
|
|
|
(1,115 |
) |
|
|
- |
|
|
|
(1,115 |
) |
|
Gain on sale of property |
|
|
- |
|
|
|
(3,672 |
) |
|
|
- |
|
|
|
(3,672 |
) |
| Adjusted
EBITDA |
|
$ |
27,375 |
|
|
$ |
28,621 |
|
|
$ |
51,910 |
|
|
$ |
56,692 |
|
| % of net sales |
|
|
20.6 |
% |
|
|
17.0 |
% |
|
|
19.9 |
% |
|
|
16.6 |
% |
|
(1) |
The supplementary information included in this press release for
2024 is preliminary and subject to change prior to the filing of
our upcoming Quarterly Report on Form 10-Q with the Securities
and Exchange Commission. |
|
(2) |
In this press release and supplemental information, we have
included Non-GAAP financial measures, including Non-GAAP
adjusted net sales, Non-GAAP net earnings, Non-GAAP EPS,
EBITDA and Adjusted EBITDA. We present results adjusted to exclude
the effects of certain specified items and their related tax impact
that would otherwise be included under GAAP, to aid in comparisons
with other periods. We believe that these non-GAAP measures of
financial results provide useful information to management and
investors regarding certain financial and business trends relating
to our financial condition and results of operations. We use these
non-GAAP measures to compare the Company’s performance to that of
prior periods for trend analysis and for budgeting and planning
purposes. We also believe that the use of these non-GAAP financial
measures provides an additional tool for investors to use in
evaluating ongoing operating results and trends and in comparing
the Company’s financial measures with other similarly situated
companies in our industry, many of which present similar non-GAAP
financial measures to investors. We also use non-GAAP measures in
determining incentive compensation. See the section above captioned
“Non-GAAP Financial Measures” for additional information. |
Bel Fuse Inc.Supplementary
Information(1)Reconciliation of GAAP Measures to Non-GAAP
Measures(2)(in thousands, except per share
data)(unaudited)
The following tables detail the impact that
certain unusual or special items had on the Company's net earnings
per common Class A and Class B basic and diluted shares ("EPS") and
the line items in which these items were included on
the consolidated statements of operations.
| |
|
Three Months Ended June 30, 2024 |
|
|
Three Months Ended June 30, 2023 |
|
|
Reconciling Items |
|
Earnings before taxes |
|
|
Provision for income taxes |
|
|
Net earnings |
|
|
Class A
EPS(3) |
|
|
Class B
EPS(3) |
|
|
Earnings before taxes |
|
|
Benefit from income taxes |
|
|
Net earnings |
|
|
Class A
EPS(3) |
|
|
Class B
EPS(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP
measures |
|
$ |
22,883 |
|
|
$ |
4,077 |
|
|
$ |
18,806 |
|
|
$ |
1.43 |
|
|
$ |
1.50 |
|
|
$ |
27,296 |
|
|
$ |
(479 |
) |
|
$ |
27,775 |
|
|
$ |
2.08 |
|
|
$ |
2.19 |
|
| Restructuring charges |
|
|
638 |
|
|
|
153 |
|
|
|
485 |
|
|
|
0.04 |
|
|
|
0.04 |
|
|
|
709 |
|
|
|
118 |
|
|
|
591 |
|
|
|
0.04 |
|
|
|
0.05 |
|
| MPS litigation costs |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,160 |
|
|
|
267 |
|
|
|
893 |
|
|
|
0.07 |
|
|
|
0.07 |
|
| Gain on sale of Czech Republic
business |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,115 |
) |
|
|
(56 |
) |
|
|
(1,059 |
) |
|
|
(0.08 |
) |
|
|
(0.08 |
) |
| Gain on sale of property |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(3,672 |
) |
|
|
(734 |
) |
|
|
(2,938 |
) |
|
|
(0.22 |
) |
|
|
(0.23 |
) |
| Non-GAAP
measures |
|
$ |
23,521 |
|
|
$ |
4,230 |
|
|
$ |
19,291 |
|
|
$ |
1.46 |
|
|
$ |
1.54 |
|
|
$ |
24,378 |
|
|
$ |
(884 |
) |
|
$ |
25,262 |
|
|
$ |
1.89 |
|
|
$ |
1.99 |
|
| |
|
Six Months Ended June 30, 2024 |
|
|
Six Months Ended June 30, 2023 |
|
| Reconciling
Items |
|
Earnings before taxes |
|
|
Provision for income taxes |
|
|
Net earnings |
|
|
Class A
EPS(3) |
|
|
Class B
EPS(3) |
|
|
Earnings before taxes |
|
|
Provision for income taxes |
|
|
Net earnings |
|
|
Class A
EPS(3) |
|
|
Class B
EPS(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP
measures |
|
$ |
43,235 |
|
|
$ |
8,555 |
|
|
$ |
34,680 |
|
|
$ |
2.61 |
|
|
$ |
2.76 |
|
|
$ |
46,032 |
|
|
$ |
3,685 |
|
|
$ |
42,347 |
|
|
$ |
3.17 |
|
|
$ |
3.34 |
|
| Restructuring charges |
|
|
703 |
|
|
|
163 |
|
|
|
540 |
|
|
|
0.04 |
|
|
|
0.04 |
|
|
|
4,215 |
|
|
|
600 |
|
|
|
3,615 |
|
|
|
0.27 |
|
|
|
0.29 |
|
| MPS litigation costs |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,771 |
|
|
|
637 |
|
|
|
2,134 |
|
|
|
0.16 |
|
|
|
0.17 |
|
| Gain on sale of Czech Republic
business |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,115 |
) |
|
|
(56 |
) |
|
|
(1,059 |
) |
|
|
(0.08 |
) |
|
|
(0.08 |
) |
| Gain on sale of property |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(3,672 |
) |
|
|
(734 |
) |
|
|
(2,938 |
) |
|
|
(0.22 |
) |
|
|
(0.23 |
) |
| Non-GAAP
measures |
|
$ |
43,938 |
|
|
$ |
8,718 |
|
|
$ |
35,220 |
|
|
$ |
2.66 |
|
|
$ |
2.80 |
|
|
$ |
48,231 |
|
|
$ |
4,132 |
|
|
$ |
44,099 |
|
|
$ |
3.30 |
|
|
$ |
3.48 |
|
|
(1) |
The supplementary information included in this press release for
2024 is preliminary and subject to change prior to the filing of
our upcoming Quarterly Report on Form 10-Q with the Securities
and Exchange Commission. |
|
(2) |
In this press release and supplemental information, we have
included Non-GAAP financial measures, including Non-GAAP adjusted
net sales, Non-GAAP net earnings, Non-GAAP EPS, EBITDA and Adjusted
EBITDA. We present results adjusted to exclude the effects of
certain specified items and their related tax impact that would
otherwise be included under GAAP, to aid in comparisons with other
periods. We believe that these non-GAAP measures of financial
results provide useful information to management and investors
regarding certain financial and business trends relating to our
financial condition and results of operations. We use these
non-GAAP measures to compare the Company’s performance to that of
prior periods for trend analysis and for budgeting and planning
purposes. We also believe that the use of these non-GAAP financial
measures provides an additional tool for investors to use in
evaluating ongoing operating results and trends and in comparing
the Company’s financial measures with other similarly situated
companies in our industry, many of which present similar non-GAAP
financial measures to investors. We also use non-GAAP measures in
determining incentive compensation. See the section above captioned
“Non-GAAP Financial Measures” for additional information. |
|
(3) |
Individual amounts of earnings per share may not agree to the total
due to rounding. |
Grafico Azioni Bel Fuse (NASDAQ:BELFA)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni Bel Fuse (NASDAQ:BELFA)
Storico
Da Dic 2023 a Dic 2024
