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.
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.
Visualization of income flow from segment revenue to net income
Analyze how earnings announcements historically affect stock price performance