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Sep 30, 2020
Bel Fuse Q3 2020 Earnings Report
Bel Fuse reported third quarter results with net sales in line with Q3-19 and gross profit margin up from 23.0% in Q3-19.
Key Takeaways
Bel Fuse Inc. announced preliminary financial results for the third quarter of 2020, with net sales of $124.5 million and a gross profit margin of 26.9%. The company's profitability improved due to ongoing cost reduction plans and streamlining efforts.
Net sales of $124.5 million, in line with Q3-19 sales.
Gross profit margin of 26.9%, up from 23.0% in Q3-19.
Cinch Connectivity Solutions business had record shipments into military applications.
Power Solutions and Protection business benefited from $10.9 million in sales from CUI business.
Forward Guidance
Sales are expected to be similar to the fourth quarter 2019 level with very limited visibility into 2021.
Positive Outlook
- Incremental annual cost savings of approximately $1 million starting in the fourth quarter of 2020 from the closure of sales office in Germany and a restructuring of North America sales organization.
- Expect to see a more favorable gross margin comparison versus last year’s fourth quarter.
- Actively look at acquisitions that will complement existing product offerings and manufacturing capabilities to better position Bel for the future.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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