Bel Fuse Inc. reported net sales of $168.8 million for Q2 2023, compared to $170.6 million in Q2 2022. Gross profit margin increased to 32.9% from 26.6% in Q2 2022. The Power group achieved record sales this quarter of $87.1 million.
Net sales were $168.8 million, compared to $170.6 million in Q2 2022.
Non-GAAP adjusted net sales were $163.1 million, up from $161.4 million in Q2 2022.
Gross profit margin increased to 32.9% from 26.6% in Q2 2022.
Commercial aerospace sales grew by 102% over Q2-22 to $15.9 million.
For the third quarter of 2023, Bel Fuse estimates GAAP net sales in the range of $157-$165 million and anticipates gross profit margins to largely hold at second quarter 2023 levels.
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