Bel Fuse Inc. reported Q4 2020 net sales of $116.1 million, a 0.9% increase from Q4 2019. The gross profit margin improved to 25.3% from 21.1% in Q4 2019. Full year net sales were $465.8 million, down 5.4% from 2019, while the gross profit margin increased to 25.7% from 22.3% in 2019.
Net sales increased by 0.9% compared to Q4 2019, reaching $116.1 million.
Gross profit margin improved to 25.3%, up from 21.1% in Q4 2019.
Military sales grew by 60% compared to Q4 2019.
The company sold its Switzerland facility during the quarter, resulting in a gain of $1.9 million.
Visibility continues to be limited as a result of COVID and long lead times for semiconductors and certain components and these factors may affect our organic growth for 2021. We believe, however, that the incremental contribution from the two new acquisitions coupled with continued actions under our global cost savings initiative will bode well for further profitability in the coming year
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