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Dec 31, 2024
Bel Fuse Q4 2024 Earnings Report
Bel Fuse reported preliminary financial results for the fourth quarter and full year of 2024, showing increased net sales and gross profit margin in Q4 2024 compared to Q4 2023, despite a GAAP net loss.
Key Takeaways
Bel Fuse Inc. announced preliminary financial results for Q4 2024, with net sales increasing to $149.9 million from $140.0 million in Q4 2023, and gross profit margin improving to 37.5% from 36.6%. However, the company reported a GAAP net loss of $1.8 million attributable to Bel shareholders, compared to net earnings of $12.0 million in Q4 2023. Non-GAAP net earnings were $19.0 million, slightly down from $19.5 million in Q4 2023. Adjusted EBITDA increased to $30.3 million (20.2% of sales) from $27.3 million (19.5% of sales) in Q4 2023. The acquisition of Enercon was completed, making aerospace and defense Bel's largest end market.
Net sales increased to $149.9 million in Q4 2024, up from $140.0 million in Q4 2023, with Enercon contributing $20.8 million.
Gross profit margin improved to 37.5% in Q4 2024, compared to 36.6% in Q4 2023.
The company reported a GAAP net loss of $1.8 million attributable to Bel shareholders in Q4 2024, a decrease from $12.0 million in net earnings in Q4 2023.
Adjusted EBITDA rose to $30.3 million (20.2% of sales) in Q4 2024, up from $27.3 million (19.5% of sales) in Q4 2023.
Revenue by Segment
Forward Guidance
Bel Fuse anticipates a slow and steady rebound in demand from networking and distribution partners throughout 2025. For Q1 2025, GAAP net sales are expected to be between $144 million and $154 million, with a gross margin in the range of 36% to 38%. The company is excited to execute on growth opportunities as a more nimble organization.
Positive Outlook
- Anticipated rebound in demand from networking and distribution partners.
- Expected to be a more nimble organization in 2025.
- Looking forward to executing on growth opportunities in the year ahead.
- Enercon acquisition adds scale, diversity, and a strong financial profile.
- New cohesive global sales structure and strategy aimed at driving top line growth.
Challenges Ahead
- Rebound in demand is expected to be slow and steady.
- Organic sales were down 7.8% from Q4-23, excluding Enercon contribution.
- GAAP net loss attributable to Bel shareholders in Q4 2024.
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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