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Sep 30, 2025
Bel Fuse Q3 2025 Earnings Report
Bel Fuse reported strong third quarter 2025 results with sales and gross margin percentage above expected ranges.
Key Takeaways
Bel Fuse Inc. delivered a robust third quarter in 2025, with net sales reaching $179.0 million, a significant increase of 44.8% from the previous year. The company also achieved a gross profit margin of 39.7%, up from 36.1% in Q3-24, driven by strong demand in commercial aerospace, defense, and a rebound in networking and distribution sectors. GAAP net earnings attributable to Bel shareholders surged to $22.3 million, compared to $8.1 million in Q3-24.
Net sales for Q3 2025 were $179.0 million, marking a 44.8% increase from $123.6 million in Q3 2024.
Gross profit margin improved to 39.7% in Q3 2025, up from 36.1% in the same period last year.
GAAP net earnings attributable to Bel shareholders significantly increased to $22.3 million in Q3 2025, compared to $8.1 million in Q3 2024.
Adjusted EBITDA reached $39.2 million (21.9% of sales) in Q3 2025, up from $21.5 million (17.4% of sales) in Q3 2024.
Revenue by Segment
Forward Guidance
For the fourth quarter of 2025, Bel Fuse estimates net sales to be between $165 million and $180 million, with gross margin expected to remain healthy in the 37% to 39% range, reflecting typical seasonality due to holidays.
Positive Outlook
- Expected net sales for Q4 2025 are projected to be strong, ranging from $165 million to $180 million.
- Gross margin is anticipated to remain healthy, in the 37% to 39% range for Q4 2025.
- Strong internal collaboration is noted across Bel, focusing on growth and new opportunities.
- The company's performance in Q3 was driven by robust demand in key sectors like commercial aerospace and defense.
- Continued rebound among networking and distribution customers is expected to contribute positively.
Challenges Ahead
- The fourth quarter generally reflects seasonality due to the holidays, which may impact sales.
- No specific negative financial guidance was provided beyond the general seasonality.
- Potential risks include difficulties associated with integrating previously acquired companies.
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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