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Bel Fuse Q1 2025 Earnings Report
Bel Fuse reported increased net sales and gross profit margin in the first quarter of 2025, driven by growth in defense, commercial aerospace, and AI end markets, despite a decline in organic sales excluding Enercon's contribution.
Key Takeaways
Bel Fuse Inc. announced preliminary financial results for the first quarter of 2025, with net sales increasing to $152.2 million from $128.1 million in Q1-24. Gross profit margin improved to 38.6% from 37.5%, and GAAP net earnings attributable to Bel shareholders were $17.9 million.
Net sales increased to $152.2 million in Q1-25, up from $128.1 million in Q1-24, with Enercon contributing $32.4 million.
Gross profit margin improved to 38.6% in Q1-25, compared to 37.5% in Q1-24.
GAAP net earnings attributable to Bel shareholders were $17.9 million in Q1-25, up from $15.9 million in Q1-24.
Adjusted EBITDA was $30.9 million (20.3% of sales) in Q1-25, an increase from $22.4 million (17.5% of sales) in Q1-24.
Revenue by Segment
Forward Guidance
Bel Fuse projects second quarter 2025 GAAP net sales to be in the range of $145 million to $155 million, with gross margin between 37% and 39%. This guidance accounts for potential downside impact from China-related tariffs and lower intraquarter turns.
Positive Outlook
- Continued strength expected in defense, space, and AI end markets.
- Anticipated mitigation of lower volumes in rail, e-Mobility, and consumer markets due to strong end markets.
- Company's ability to design and manufacture products within close geographic proximity to customers, limiting tariff exposure.
- Proactive monitoring of the evolving tariff landscape and assessment of potential alternatives.
- Confidence in future leadership under Farouq Tuweiq and the Executive team.
Challenges Ahead
- Difficulty in predicting the moving target of tariffs and assessing corresponding impact.
- Approximately 10% of consolidated sales relate to products manufactured in China and shipped to the U.S., which are subject to tariff-related order pauses.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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