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Mar 31, 2023
Bel Fuse Q1 2023 Earnings Report
Bel Fuse Inc. reported first quarter 2023 results with continued momentum and new records set.
Key Takeaways
Bel Fuse Inc. announced strong Q1 2023 results, with net sales up 26.1% year-over-year to $172.3 million and a gross profit margin of 31.1%, an increase from 25.0% in Q1 2022. The Connectivity and Power groups posted record sales, and the company is optimistic about continued growth throughout 2023.
Net sales increased by 26.1% compared to Q1 2022, reaching $172.3 million.
Gross profit margin improved to 31.1% from 25.0% in Q1 2022.
Commercial aerospace sales grew by 135% year-over-year, reaching $14.6 million.
Power group achieved its highest sales quarter on record, with sales of $83.2 million.
Revenue by Segment
Forward Guidance
Bel Fuse anticipates a solid second quarter in 2023, with sales expected to be in the range of $162 million to $170 million. This estimate excludes any expedite fee revenue.
Positive Outlook
- Expecting another solid quarter with sales in the range of $162-$170 million.
- Cautiously optimistic and are encouraged by what we are seeing for the rest of the year.
- Pleased with our recent accomplishments that are the result of executing on our strategy.
- Progressing into 2023 with a number of strategic initiatives underway
- Focus will continue to be on exploring various growth strategies.
Challenges Ahead
- Estimate is based on information available as of today
- Estimate excludes any expedite fee revenue that may be recorded in the second quarter.
- Market concerns facing our customers
- Effects of rising input costs, and cost changes generally
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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