Bel Fuse Inc. (Nasdaq: BELFA and BELFB) today
announced preliminary financial results for the first quarter
of 2024.
First Quarter 2024
Highlights
• |
Net sales of $128.1 million compared to $172.3 million in
Q1-23 |
• |
Gross profit margin of 37.5%, up from 31.1% in Q1-23 |
• |
Net earnings of
$15.9 million versus $14.6 million in Q1-23 |
• |
Adjusted EBITDA of $24.5
million (19.2% of sales) as compared to $28.1 million (16.3% of
sales) in Q1-23 |
• |
Repurchased 109,000 shares of
Bel stock at an aggregate cost of $6.3 million through March 31,
2024 |
“We are pleased with our Q1 results, achieving a
higher than anticipated level of profitability on a lower sales
volume from Q1-23, which was within our expected range,” said
Daniel Bernstein, President and CEO. “Our Connectivity segment
continues to be strong with robust sales into commercial air and
defense and meaningful sales into the emerging end market of space.
From a profitability perspective, the Power Solutions and
Protection and Connectivity segments were significant contributors,
each achieving impressive margin expansion compared to last year’s
first quarter. These areas helped to mitigate the challenging
environment within our Magnetics business, where our customers and
distribution partners are still working through inventory on hand,”
concluded Mr. Bernstein.
Farouq Tuweiq, CFO, added “The level of gross
margin percentage achieved during the quarter continues to prove
the durability of our transformation. Margins in Q1-24 benefited
from a favorable product mix, certain customer contract renewals
and cost savings from the facility consolidation and procurement
efforts of 2023.
“As we look to Q2-2024, and given destocking is
still underway in certain areas, we are expecting second quarter
GAAP net sales to be in the range of $125 to $135 million with
gross margins in the range of 34-36% based on information available
as of today. The team remains diligent in balancing the level of
resources needed to support future growth while being mindful of
our current level of demand. We will be closely monitoring the
status of the anticipated rebound as we approach mid-year in order
to make proactive and responsive business decisions as needed to
support our 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 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 Friday, April 26,
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 13745912 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
second quarter of 2024, and our statements regarding our
expectations for 2024 generally including anticipated financial
performance, projections and trends for the coming 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, inventory,
products, product segments and product mix, end markets and
emerging end markets, customer contracts, contract renewals and
destocking, growth, costs and cost structures, statements regarding
consolidation projects and initiatives and procurement
efforts, and the anticipated benefits thereof, statements regarding
the diligence of the team in balancing resources, expectations
regarding anticipated rebound, and statements about future growth,
development, success, and margin enhancement, 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, and statements regarding our expectations and beliefs
regarding trends in the Company's business and industry and the
macroeconomic environment generally. 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; 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 |
|
|
March 31, |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
Net
sales |
$ |
128,090 |
|
|
$ |
172,344 |
|
Cost of sales |
|
80,012 |
|
|
|
118,680 |
|
Gross
profit |
|
48,078 |
|
|
|
53,664 |
|
As a % of net sales |
|
37.5 |
% |
|
|
31.1 |
% |
|
|
|
|
|
|
|
|
Research and development
costs |
|
5,215 |
|
|
|
5,223 |
|
Selling, general and
administrative expenses |
|
24,944 |
|
|
|
25,296 |
|
As a % of net sales |
|
19.5 |
% |
|
|
14.7 |
% |
Restructuring charges |
|
65 |
|
|
|
3,507 |
|
Income from
operations |
|
17,854 |
|
|
|
19,638 |
|
As a % of net sales |
|
13.9 |
% |
|
|
11.4 |
% |
|
|
|
|
|
|
|
|
Interest expense |
|
(434 |
) |
|
|
(983 |
) |
Interest income |
|
1,115 |
|
|
|
107 |
|
Other income/expense, net |
|
1,817 |
|
|
|
(26 |
) |
Earnings before income
taxes |
|
20,352 |
|
|
|
18,736 |
|
|
|
|
|
|
|
|
|
Provision for income
taxes |
|
4,478 |
|
|
|
4,164 |
|
Effective tax rate |
|
22.0 |
% |
|
|
22.2 |
% |
Net
earnings |
$ |
15,874 |
|
|
$ |
14,572 |
|
As a % of net sales |
|
12.4 |
% |
|
|
8.5 |
% |
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding: |
|
|
|
|
|
|
|
Class A common shares - basic
and diluted |
|
2,139 |
|
|
|
2,142 |
|
Class B common shares - basic
and diluted |
|
10,610 |
|
|
|
10,639 |
|
|
|
|
|
|
|
|
|
Net earnings per
common share: |
|
|
|
|
|
|
|
Class A common shares - basic
and diluted |
$ |
1.19 |
|
|
$ |
1.09 |
|
Class B common shares - basic
and diluted |
$ |
1.26 |
|
|
$ |
1.15 |
|
(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) |
|
March 31, 2024 |
|
December 31, 2023 |
Assets |
|
|
|
|
|
Current
assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
71,320 |
|
$ |
89,371 |
Held to maturity U.S. Treasury securities |
|
49,900 |
|
|
37,548 |
Accounts receivable, net |
|
83,458 |
|
|
84,129 |
Inventories |
|
130,459 |
|
|
136,540 |
Other current assets |
|
29,202 |
|
|
33,890 |
Total current
assets |
|
364,339 |
|
|
381,478 |
Property, plant and equipment, net |
|
36,036 |
|
|
36,533 |
Right-of-use assets |
|
21,328 |
|
|
20,481 |
Related-party note receivable |
|
2,644 |
|
|
2,152 |
Equity method investment |
|
10,324 |
|
|
10,282 |
Goodwill and other intangible assets, net |
|
73,215 |
|
|
76,033 |
Other assets |
|
47,451 |
|
|
44,672 |
Total
assets |
$ |
555,337 |
|
$ |
571,631 |
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts payable |
$ |
32,818 |
|
$ |
40,441 |
Operating lease liability, current |
|
5,730 |
|
|
6,350 |
Other current liabilities |
|
47,953 |
|
|
63,818 |
Total current
liabilities |
|
86,501 |
|
|
110,609 |
Long-term debt |
|
60,000 |
|
|
60,000 |
Operating lease liability, long-term |
|
15,727 |
|
|
14,212 |
Other liabilities |
|
46,452 |
|
|
46,252 |
Total
liabilities |
|
208,680 |
|
|
231,073 |
Stockholders' equity |
|
346,657 |
|
|
340,558 |
Total liabilities and
stockholders' equity |
$ |
555,337 |
|
$ |
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) |
|
Three Months Ended |
|
|
March 31, |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
Cash flows from operating
activities: |
|
|
|
|
|
|
|
Net earnings |
$ |
15,874 |
|
|
$ |
14,572 |
|
Adjustments to reconcile net
earnings to net cash provided by operating activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
|
3,684 |
|
|
|
3,236 |
|
Stock-based compensation |
|
804 |
|
|
|
902 |
|
Amortization of deferred financing costs |
|
26 |
|
|
|
33 |
|
Deferred income taxes |
|
(1,676 |
) |
|
|
(1,137 |
) |
Net unrealized (gains) losses on foreign currency revaluation |
|
(647 |
) |
|
|
199 |
|
Other, net |
|
(29 |
) |
|
|
465 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable, net |
|
725 |
|
|
|
(1,316 |
) |
Unbilled receivables |
|
3,644 |
|
|
|
3,175 |
|
Inventories |
|
5,688 |
|
|
|
7,652 |
|
Accounts payable |
|
(7,575 |
) |
|
|
(4,831 |
) |
Accrued expenses |
|
(16,440 |
) |
|
|
(6,417 |
) |
Accrued restructuring costs |
|
(1,254 |
) |
|
|
2,590 |
|
Income taxes payable |
|
4,971 |
|
|
|
3,931 |
|
Other operating assets/liabilities, net |
|
(1,603 |
) |
|
|
(6,219 |
) |
Net cash provided by operating activities |
|
6,192 |
|
|
|
16,835 |
|
|
|
|
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
|
|
|
|
Purchases of property, plant and equipment |
|
(2,929 |
) |
|
|
(3,761 |
) |
Purchases of held to maturity U.S. Treasury securities |
|
(42,726 |
) |
|
|
- |
|
Proceeds from held to maturity securities |
|
30,374 |
|
|
|
- |
|
Payment for noncontrolling investment |
|
(42 |
) |
|
|
(9,975 |
) |
Investment in related party notes receivable |
|
(492 |
) |
|
|
- |
|
Proceeds from sale of property, plant and equipment |
|
192 |
|
|
|
25 |
|
Net cash used in investing activities |
|
(15,623 |
) |
|
|
(13,711 |
) |
|
|
|
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
|
|
|
|
Dividends paid to common stockholders |
|
(837 |
) |
|
|
(829 |
) |
Borrowings under revolving credit line |
|
- |
|
|
|
5,000 |
|
Purchases of common stock |
|
(6,283 |
) |
|
|
- |
|
Net cash (used in) provided by financing
activities |
|
(7,120 |
) |
|
|
4,171 |
|
|
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash and cash equivalents |
|
(1,500 |
) |
|
|
279 |
|
|
|
|
|
|
|
|
|
Net (decrease) increase in
cash and cash equivalents |
|
(18,051 |
) |
|
|
7,574 |
|
Cash and cash equivalents -
beginning of period |
|
89,371 |
|
|
|
70,266 |
|
Cash and cash
equivalents - end of period |
$ |
71,320 |
|
|
$ |
77,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplementary
information: |
|
|
|
|
|
|
|
Cash paid during the period
for: |
|
|
|
|
|
|
|
Income taxes, net of refunds received |
$ |
978 |
|
|
$ |
976 |
|
Interest payments |
$ |
981 |
|
|
$ |
1,415 |
|
ROU assets obtained in
exchange for lease obligations |
$ |
179 |
|
|
$ |
380 |
|
(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 |
|
|
Q1-24 |
|
|
Q1-23 |
|
|
% Change |
|
|
Q1-24 |
|
|
Q1-23 |
|
|
Basis Point Change |
|
Power Solutions and Protection |
$ |
60,247 |
|
|
$ |
83,181 |
|
|
|
-27.6 |
% |
|
|
44.0 |
% |
|
|
35.7 |
% |
|
|
830 |
|
Connectivity Solutions |
|
54,285 |
|
|
|
53,396 |
|
|
|
1.7 |
% |
|
|
36.1 |
% |
|
|
34.1 |
% |
|
|
200 |
|
Magnetic Solutions |
|
13,558 |
|
|
|
35,767 |
|
|
|
-62.1 |
% |
|
|
16.0 |
% |
|
|
22.8 |
% |
|
|
(680 |
) |
Total |
$ |
128,090 |
|
|
$ |
172,344 |
|
|
|
-25.7 |
% |
|
|
37.5 |
% |
|
|
31.1 |
% |
|
|
640 |
|
(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 |
|
March 31, |
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
GAAP net
sales |
$ |
128,090 |
|
|
$ |
172,344 |
Expedite fee revenue |
|
57 |
|
|
|
7,754 |
Non-GAAP adjusted net
sales |
$ |
128,033 |
|
|
$ |
164,590 |
|
Three Months Ended |
|
|
March 31, |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
GAAP Net
earnings |
$ |
15,874 |
|
|
$ |
14,572 |
|
Interest expense |
|
434 |
|
|
|
983 |
|
Provision for income taxes |
|
4,478 |
|
|
|
4,164 |
|
Depreciation and amortization |
|
3,684 |
|
|
|
3,236 |
|
EBITDA |
$ |
24,470 |
|
|
$ |
22,955 |
|
% of net sales |
|
19.1 |
% |
|
|
13.3 |
% |
|
|
|
|
|
|
|
|
Unusual or special
items: |
|
|
|
|
|
|
|
Restructuring charges |
|
65 |
|
|
|
3,507 |
|
MPS litigation costs |
|
- |
|
|
|
1,611 |
|
Adjusted
EBITDA |
$ |
24,535 |
|
|
$ |
28,073 |
|
% of net sales |
|
19.2 |
% |
|
|
16.3 |
% |
(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 March 31, 2024 |
|
Three Months Ended March 31, 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 |
$ |
20,352 |
|
$ |
4,478 |
|
$ |
15,874 |
|
$ |
1.19 |
|
$ |
1.26 |
|
$ |
18,736 |
|
$ |
4,164 |
|
$ |
14,572 |
|
$ |
1.09 |
|
$ |
1.15 |
Restructuring charges |
|
65 |
|
|
10 |
|
|
55 |
|
|
- |
|
|
- |
|
|
3,507 |
|
|
483 |
|
|
3,024 |
|
|
0.23 |
|
|
0.24 |
MPS litigation costs |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
1,611 |
|
|
371 |
|
|
1,240 |
|
|
0.09 |
|
|
0.10 |
Non-GAAP
measures |
$ |
20,417 |
|
$ |
4,488 |
|
$ |
15,929 |
|
$ |
1.19 |
|
$ |
1.26 |
|
$ |
23,854 |
|
$ |
5,018 |
|
$ |
18,836 |
|
$ |
1.41 |
|
$ |
1.49 |
(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. |
Bel Fuse (NASDAQ:BELFA)
과거 데이터 주식 차트
부터 11월(11) 2024 으로 12월(12) 2024
Bel Fuse (NASDAQ:BELFA)
과거 데이터 주식 차트
부터 12월(12) 2023 으로 12월(12) 2024