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Bel Reports First Quarter 2022 Results
Apr. 27, 2022 4:30 PM ETBel Fuse Inc. (BELFA), BELFB
GlobeNewswire

JERSEY CITY, N.J., April 27, 2022 (GLOBE NEWSWIRE) -- Bel Fuse Inc (BELFA). (Nasdaq: BELFA and BELFB) today announced preliminary financial results for the first quarter of 2022.

First Quarter 2022 Highlights
• Net sales of $136.7 million, up 23.6% from Q1-21
• Gross profit margin of 25.0%, up from 21.9% in Q1-21
• Net earnings of $5.1 million versus $3.2 million in Q1-21
• Adjusted EBITDA of $11.6 million, representing a 3.7x increase compared to Q1-21
• Ended quarter with backlog of orders of $525 million, an increase of 12% from December 31, 2021

“Bel continued its strong momentum with a great start to 2022 and we are pleased to announce the fifth consecutive quarter of year-over-year sales growth with improved margins. All three business units are performing exceptionally well, and demand remains strong. Our backlog of orders continues to build due to increasing demand through our distribution partners and from our networking customers. Circuit protection, Bel’s original product line, more than doubled its sales volume from Q1-21, generating over $8 million in revenue during the quarter. From a gross margin perspective, our Magnetic Solutions group showed substantial improvement from 13.7% in Q1-21 to 20.1% in Q1-22, despite challenges with the resurgence of COVID shutdowns in China during March. I'm proud of the performance of our team over these past five quarters,” stated Daniel Bernstein, President and CEO.

Farouq Tuweiq, CFO, added, “Our strategic initiatives aimed at enhancing Bel's margins and driving continued improvement and operational excellence are showing strong results. We are also seeing the benefits of the implementation of our new pricing policies throughout the sales channels. With record backlog and strong bookings going into our second quarter, we remain positive about the balance of the year.”

Non-GAAP financial measures, such as Non-GAAP net earnings, Non-GAAP EPS, EBITDA and Adjusted EBITDA, exclude a gain on sale of property and acquisition-related costs. 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 Call
Bel has scheduled a conference call for 8:30 a.m. ET on Thursday, April 28, 2022 to discuss these results. To participate in the conference call, investors should dial 888-254-3590, or 323-994-2093 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 20 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 3976031 after 11:30am ET, also for 20 days.

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