Bel Fuse reported Q3 2023 results with net sales of $158.7 million and a gross profit margin of 35.0%. The company's performance was driven by a focus on engineering efforts and strategic revenue discipline.
Net sales reached $158.7 million, compared to $177.7 million in Q3 2022.
Non-GAAP adjusted net sales were $157.7 million, down from $168.3 million in Q3 2022.
Gross profit margin improved to 35.0%, up from 29.0% in Q3 2022.
Facility consolidations are expected to result in annualized cost savings of approximately $6.9 million.
Bel Fuse estimates Q4 2023 GAAP net sales in the $146-$154 million range and gross profit margins roughly in line with Q3 2023 levels.
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