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Jun 30, 2021
Bel Fuse Q2 2021 Earnings Report
Reported a year-over-year sales growth, reflecting higher sales volume across all major product lines.
Key Takeaways
Bel Fuse Inc. reported a 14.5% increase in net sales to $138.7 million for the second quarter of 2021, compared to $121.2 million in the same quarter last year. The company saw improvements in both GAAP and non-GAAP EPS, driven by solid execution across its three business units and contributions from recent acquisitions. A record backlog of over $300 million was also reported.
Net sales increased 14.5% to $138.7 million compared to the second quarter of last year.
Gross profit was $34.2 million, representing 24.7% of net sales.
Acquisitions of rms and EOS contributed combined sales of $6 million and net earnings of $1.0 million.
The company has a record backlog of over $300 million.
Forward Guidance
Bel Fuse expects strong growth drivers from IoT/5G, e-Mobility and the return of aerospace demand for the foreseeable future. However, supply chain constraints need to be managed.
Positive Outlook
- IoT/5G is expected to be a strong growth driver.
- e-Mobility is expected to be a strong growth driver.
- The return of aerospace demand is expected to be a strong growth driver.
- Implemented across-the-board price adjustments to offset labor and material cost increases
- Heightened focus on profit improvement.
Challenges Ahead
- Supply chain constraints that so far we have managed well.
- Closure of modules design and technical support center in Maidstone, UK will be closing later in the third quarter of 2021.
- The market concerns facing our customers.
- The continuing viability of sectors that rely on our products.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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