Bel Fuse Inc. (Nasdaq: BELFA and BELFB) today
announced preliminary financial results for the first quarter of
2023.
First Quarter 2023
Highlights
- Net sales of $172.3 million, up 26.1% from Q1-22
- Gross profit margin of 31.1%, up from 25.0% in
Q1-22
- Net earnings of $14.6 million versus $5.1 million in
Q1-22
- Adjusted EBITDA of $28.1 million (16.3% of sales), up from
$11.6 million (8.5% of sales) in Q1-22
Product Group Highlights
|
|
Sales (dollars in thousands) |
|
|
Gross Margin |
|
|
|
Q1-23 |
|
|
Q1-22 |
|
|
% Change |
|
|
Q1-23 |
|
|
Q1-22 |
|
|
Basis Point Change |
|
Power Solutions and
Protection |
|
$ |
83,181 |
|
|
$ |
58,790 |
|
|
|
41.5 |
% |
|
|
35.7 |
% |
|
|
27.1 |
% |
|
|
860 |
|
Magnetic
Solutions |
|
|
35,767 |
|
|
|
34,215 |
|
|
|
4.5 |
% |
|
|
22.8 |
% |
|
|
20.1 |
% |
|
|
270 |
|
Connectivity
Solutions |
|
|
53,396 |
|
|
|
43,713 |
|
|
|
22.2 |
% |
|
|
34.1 |
% |
|
|
26.5 |
% |
|
|
760 |
|
Total |
|
$ |
172,344 |
|
|
$ |
136,718 |
|
|
|
26.1 |
% |
|
|
31.1 |
% |
|
|
25.0 |
% |
|
|
610 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
"We are very pleased with the continuation of
our exceptional results this quarter. This marks the eleventh
consecutive quarter of year-over-year sales improvement, and the
sixth consecutive quarter of year-over-year gross margin expansion.
Our Connectivity and Power groups each posted record sales in Q1-23
and achieved significant gross margin improvements from Q1-22,"
said Daniel Bernstein, President and CEO.
"The team worked hard in early 2022 ramping up
headcount and production capabilities at our North American
factories to meet expected demand from commercial aerospace and
defense customers. During the first quarter of 2023, robust volume
growth, more favorable pricing, and stronger cost management
enabled our Connectivity group to expand its gross margin by 760
basis points over Q1-22. Commercial aerospace sales grew by 135%
over Q1-22 to $14.6 million, the highest revenue quarter for this
end market in Bel’s history. We believe we are now well positioned
to both support and financially benefit from the increased demand
from new aircraft builds and aftermarket needs. Our military end
market was also strong in Q1 with sales of $10.4 million, a 14%
increase from Q1-22. As mentioned late last year, military bookings
have picked up in recent quarters and we expect this to translate
into higher military sales throughout 2023.
"Our Power group had its highest sales
quarter on record at $83.2 million. We are starting to see
increased availability for certain critical components which has
reduced delays and enabled our factories to ship more product on
schedule. EMobility power product sales grew to $6.7 million in
Q1-23 with incremental growth expected over the next year. Expedite
fee revenue within this group continued in Q1-23 and amounted
to $7.8 million during the quarter, as compared to $3.1 million in
Q1-22.
"Our Magnetics segment delivered
year-over-year sales growth and margin improvement, despite the
challenges associated with increasing channel inventory
levels. The team’s focus is on cost containment and new
product development, with the overlying goal of supporting Bel’s
growth strategy. The Magnetics segment will benefit from the
previously-announced facility consolidation initiative in China,
which remains on schedule for completion later this year. We
expect to launch 1,000 new magnetic products in 2023, expanding our
Signal and ICM product lines, to ensure continued alignment with
our customers’ product development roadmaps.
"Bel's consolidated gross margin percentage
remained steady from the Q4 level, which is a first for us, given
the usual seasonal impacts of the Chinese New Year holiday in Q1.
This is a testament to the diversity of our businesses and stronger
contribution from our North American and European businesses,"
concluded Mr. Bernstein.
Farouq Tuweiq, CFO, added "As we look at Q2-23,
we are expecting another solid quarter with sales in the range of
$162-$170 million. This estimate is based on information
available as of today, and excludes any expedite fee
revenue that may be recorded in the second quarter. We are
cautiously optimistic and are encouraged by what we are seeing for
the rest of the year.
"Overall, we are pleased with our recent
accomplishments that are the result of executing on our strategy.
As we progress into 2023 with a number of strategic initiatives
underway and a materially improved margin profile, our focus
will continue to be on exploring various growth strategies. We will
be holding our second annual executive offsite in the coming months
as we chart the next chapter in Bel’s journey," concluded Mr.
Tuweiq.
Non-GAAP financial measures, such as Non-GAAP
net earnings, Non-GAAP EPS, EBITDA and Adjusted EBITDA, exclude
restructuring charges and certain litigation costs. Please refer to
the financial information included with this press release for
reconciliations of GAAP financial measures to Non-GAAP financial
measures and our explanation of why we present Non-GAAP financial
measures.
Conference CallBel has
scheduled a conference call for 8:30 a.m. ET on Thursday, April 27,
2023 to discuss these results. To participate in the
conference call, investors should dial 877-407-0784, or
201-689-8560 if dialing internationally. The presentation will
additionally be broadcast live over the Internet and will be
available at https://ir.belfuse.com/events-and-presentations. The
webcast will be available via replay for a period of 20 days at
this same Internet address. For those unable to access the
live call, a telephone replay will be available at 844-512-2921, or
412-317-6671 if dialing internationally, using access
code 13737701 after 11:30am ET, also for 20 days.
About BelBel (www.belfuse.com)
designs, manufactures and markets a broad array of products that
power, protect and connect electronic circuits. These
products are primarily used in the networking, telecommunications,
computing, general industrial, high-speed data transmission,
military, commercial aerospace, transportation and eMobility
industries. Bel's portfolio of products also finds
application in the automotive, medical, broadcasting and consumer
electronics markets. Bel's product groups include Magnetic
Solutions (integrated connector modules, power transformers, power
inductors and discrete components), Power Solutions and Protection
(front-end, board-mount and industrial power products, module
products and circuit protection), and Connectivity Solutions
(expanded beam fiber optic, copper-based, RF and RJ connectors and
cable assemblies). The Company operates facilities around the
world.
Company Contact:Farouq Tuweiq Chief
Financial Officer ir@belf.com
Investor Contact:Three Part AdvisorsJean Marie
Young, Managing Director or Steven Hooser,
Partner631-418-4339jyoung@threepa.com; shooser@threepa.com
Cautionary Language Concerning
Forward-Looking StatementsThis press release contains
“forward-looking statements” within the meaning of the “safe
harbor” provisions of the Private Securities Litigation Reform Act
of 1995, including but not limited to, our guidance for the second
quarter of 2023, our statements regarding our expectations for
2023, and our statements regarding future events, performance,
plans, intentions, beliefs, and expectations, including statements
regarding matters such as trends in sales, demand, bookings,
growth, and costs, and statements regarding Company strategies,
goals and initiatives, and the expected timing and potential
benefits thereof. These forward-looking statements are made as of
the date of this release and are based on current expectations,
estimates, forecasts and projections as well as the beliefs and
assumptions of management. Words such as “expect,” “anticipate,”
“should,” “believe,” “hope,” “target,” “project,” “forecast,”
“outlook,” “goals,” “estimate,” “potential,” “predict,” “may,”
“will,” “might,” “could,” “intend,” variations of these terms or
the negative of these terms and similar expressions are intended to
identify these forward-looking statements. Forward-looking
statements are subject to a number of risks and uncertainties, many
of which involve factors or circumstances that are beyond Bel’s
control. Bel’s actual results could differ materially from those
stated or implied in our forward-looking statements (including
without limitation any of Bel’s projections) due to a number of
factors, including but not limited to, the market concerns facing
our customers, and risks for the Company’s business in the event of
the loss of certain substantial customers; the continuing viability
of sectors that rely on our products; the effects of business and
economic conditions; the impact of public health crises (such as
the governmental, social and economic effects of COVID-19); the
effects of rising input costs, and cost changes generally;
difficulties associated with integrating previously acquired
companies; capacity and supply constraints or difficulties,
including supply chain constraints or other challenges;
difficulties associated with the availability of labor, and the
risks of any labor unrest or labor shortages; risks associated with
our international operations, including our substantial
manufacturing operations in China; risks associated with
restructuring programs or other strategic initiatives, including
any difficulties in implementation or realization of the expected
benefits or cost savings; product development, commercialization or
technological difficulties; the regulatory and trade environment;
risks associated with fluctuations in foreign currency exchange
rates and interest rates; uncertainties associated with legal
proceedings; the market's acceptance of the Company's new products
and competitive responses to those new products; the impact of
changes to U.S. legal and regulatory requirements, including tax
laws, trade and tariff policies; and the risks detailed in Bel’s
most recent Annual Report on Form 10-K and in subsequent reports
filed by Bel with the Securities and Exchange Commission, as well
as other documents that may be filed by Bel from time to time with
the Securities and Exchange Commission. In light of the risks and
uncertainties impacting our business, there can be no assurance
that any forward-looking statement will in fact prove to be
correct. Past performance is not necessarily indicative of future
results. The forward-looking statements included in this press
release represent Bel’s views as of the date of this press release.
Bel anticipates that subsequent events and developments will cause
its views to change. Bel undertakes no intention or obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. These
forward-looking statements should not be relied upon as
representing Bel’s views as of any date subsequent to the date of
this press release.
Non-GAAP Financial MeasuresThe Non-GAAP
measures identified in this press release as well as in the
supplementary information to this press release (Non-GAAP net
earnings, Non-GAAP EPS, EBITDA and Adjusted EBITDA) are not
measures of performance under accounting principles generally
accepted in the United States of America ("GAAP"). These
measures should not be considered a substitute for, and the reader
should also consider, income from operations, net earnings,
earnings per share and other measures of performance as defined by
GAAP as indicators of our performance or profitability. Our
Non-GAAP measures may not be comparable to other similarly-titled
captions of other companies due to differences in the method of
calculation. We present results adjusted to exclude the
effects of certain unusual or special items and their related tax
impact that would otherwise be included under U.S. GAAP, to aid in
comparisons with other periods. We may use Non-GAAP financial
measures to determine performance-based compensation and management
believes that this information may be useful to investors.
Website InformationWe routinely
post important information for investors on our
website, www.belfuse.com, in the "Investor Relations" section.
We use our website as a means of disclosing material, otherwise
non-public information and for complying with our disclosure
obligations under Regulation FD. Accordingly, investors should
monitor the Investor Relations section of our website, in addition
to following our press releases, SEC filings, public conference
calls, presentations and webcasts. The information contained on, or
that may be accessed through, our website is not incorporated by
reference into, and is not a part of, this document.
Bel Fuse Inc. |
Supplementary Information(1) |
Condensed Consolidated Statements of
Operations |
(in thousands, except per share amounts) |
(unaudited) |
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
Net
sales |
|
$ |
172,344 |
|
|
$ |
136,718 |
|
Cost of sales |
|
|
118,680 |
|
|
|
102,594 |
|
Gross
profit |
|
|
53,664 |
|
|
|
34,124 |
|
As a % of net
sales |
|
|
31.1 |
% |
|
|
25.0 |
% |
|
|
|
|
|
|
|
|
|
Research and
development costs |
|
|
5,223 |
|
|
|
5,009 |
|
Selling, general
and administrative expenses |
|
|
25,296 |
|
|
|
21,026 |
|
As a % of net
sales |
|
|
14.7 |
% |
|
|
15.4 |
% |
Restructuring
charges |
|
|
3,507 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Income from
operations |
|
|
19,638 |
|
|
|
8,089 |
|
As a % of net
sales |
|
|
11.4 |
% |
|
|
5.9 |
% |
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
(983 |
) |
|
|
(688 |
) |
Other
income/expense, net |
|
|
81 |
|
|
|
(773 |
) |
Earnings
before income taxes |
|
|
18,736 |
|
|
|
6,628 |
|
|
|
|
|
|
|
|
|
|
Provision for
income taxes |
|
|
4,164 |
|
|
|
1,564 |
|
Effective tax
rate |
|
|
22.2 |
% |
|
|
23.6 |
% |
Net
earnings |
|
$ |
14,572 |
|
|
$ |
5,064 |
|
As a % of net
sales |
|
|
8.5 |
% |
|
|
3.7 |
% |
|
|
|
|
|
|
|
|
|
Weighted
average number of shares outstanding: |
|
|
|
|
|
|
|
|
Class A common
shares - basic and diluted |
|
|
2,142 |
|
|
|
2,145 |
|
Class B common
shares - basic and diluted |
|
|
10,639 |
|
|
|
10,374 |
|
|
|
|
|
|
|
|
|
|
Net
earnings per common share: |
|
|
|
|
|
|
|
|
Class A common
shares - basic and diluted |
|
$ |
1.09 |
|
|
$ |
0.38 |
|
Class B common
shares - basic and diluted |
|
$ |
1.15 |
|
|
$ |
0.41 |
|
(1) The
supplementary information included in this press release for 2023
is preliminary and subject to change prior to the filing of our
upcoming Quarterly Report on Form 10-Q with the
Securities and Exchange Commission. |
|
|
|
Bel Fuse Inc. |
Supplementary Information(1) |
Condensed Consolidated Balance Sheets |
(in thousands, unaudited) |
|
|
March 31, 2023 |
|
|
December 31, 2022 |
|
Assets |
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
77,840 |
|
|
$ |
70,266 |
|
Accounts
receivable, net |
|
|
108,965 |
|
|
|
107,274 |
|
Inventories |
|
|
165,814 |
|
|
|
172,465 |
|
Other current
assets |
|
|
29,982 |
|
|
|
31,403 |
|
Total current assets |
|
|
382,601 |
|
|
|
381,408 |
|
Property, plant and
equipment, net |
|
|
38,498 |
|
|
|
36,833 |
|
Right-of-use
assets |
|
|
20,322 |
|
|
|
21,551 |
|
Related-party note
receivable |
|
|
1,958 |
|
|
|
- |
|
Equity method
investment |
|
|
9,975 |
|
|
|
- |
|
Goodwill and other
intangible assets, net |
|
|
78,563 |
|
|
|
79,210 |
|
Other assets |
|
|
42,609 |
|
|
|
41,464 |
|
Total
assets |
|
$ |
574,526 |
|
|
$ |
560,466 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts
payable |
|
$ |
60,237 |
|
|
$ |
64,589 |
|
Operating lease
liability, current |
|
|
5,239 |
|
|
|
5,870 |
|
Other current
liabilities |
|
|
64,381 |
|
|
|
65,845 |
|
Total current liabilities |
|
|
129,857 |
|
|
|
136,304 |
|
Long-term debt |
|
|
100,000 |
|
|
|
95,000 |
|
Operating lease
liability, long-term |
|
|
15,072 |
|
|
|
15,742 |
|
Other
liabilities |
|
|
51,534 |
|
|
|
51,074 |
|
Total liabilities |
|
|
296,463 |
|
|
|
298,120 |
|
Stockholders'
equity |
|
|
278,063 |
|
|
|
262,346 |
|
Total
liabilities and stockholders' equity |
|
$ |
574,526 |
|
|
$ |
560,466 |
|
(1) The
supplementary information included in this press release for 2023
is preliminary and subject to change prior to the filing of our
upcoming Quarterly Report on Form 10-Q with the Securities and
Exchange Commission. |
|
Bel Fuse Inc. |
Supplementary Information(1) |
Condensed Consolidated Statements of Cash
Flows |
(in thousands, unaudited) |
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities: |
|
|
|
|
|
|
|
|
Net earnings |
|
$ |
14,572 |
|
|
$ |
5,064 |
|
Adjustments to
reconcile net earnings to net cash provided by (used in) operating
activities: |
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
|
3,236 |
|
|
|
4,301 |
|
Stock-based
compensation |
|
|
902 |
|
|
|
576 |
|
Amortization of
deferred financing costs |
|
|
33 |
|
|
|
34 |
|
Deferred income
taxes |
|
|
(1,137 |
) |
|
|
(451 |
) |
Net unrealized
gains on foreign currency revaluation |
|
|
199 |
|
|
|
(289 |
) |
Other, net |
|
|
465 |
|
|
|
131 |
|
Changes in
operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts
receivable, net |
|
|
(1,316 |
) |
|
|
(6,694 |
) |
Unbilled
receivables |
|
|
3,175 |
|
|
|
7,719 |
|
Inventories |
|
|
7,652 |
|
|
|
(16,344 |
) |
Accounts
payable |
|
|
(4,831 |
) |
|
|
(1,194 |
) |
Accrued
expenses |
|
|
(6,417 |
) |
|
|
(3,564 |
) |
Accrued
restructuring costs |
|
|
2,590 |
|
|
|
- |
|
Income taxes
payable |
|
|
3,931 |
|
|
|
473 |
|
Other operating
assets/liabilities, net |
|
|
(6,219 |
) |
|
|
2,490 |
|
Net cash
provided by (used in) operating activities |
|
|
16,835 |
|
|
|
(7,748 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
Purchases of
property, plant and equipment |
|
|
(3,761 |
) |
|
|
(2,040 |
) |
Payment for
noncontrolling investment |
|
|
(9,975 |
) |
|
|
- |
|
Proceeds from sale
of property, plant and equipment |
|
|
25 |
|
|
|
87 |
|
Net cash
used in investing activities |
|
|
(13,711 |
) |
|
|
(1,953 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
Dividends paid to
common stockholders |
|
|
(829 |
) |
|
|
(823 |
) |
Borrowings under
revolving credit line |
|
|
5,000 |
|
|
|
- |
|
Net cash
provided by (used in) financing activities |
|
|
4,171 |
|
|
|
(823 |
) |
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents |
|
|
279 |
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents |
|
|
7,574 |
|
|
|
(10,521 |
) |
Cash and cash
equivalents - beginning of period |
|
|
70,266 |
|
|
|
61,756 |
|
Cash and
cash equivalents - end of period |
|
$ |
77,840 |
|
|
$ |
51,235 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplementary
information: |
|
|
|
|
|
|
|
|
Cash paid
during the period for: |
|
|
|
|
|
|
|
|
Income taxes, net of refunds received |
|
$ |
976 |
|
|
$ |
1,152 |
|
Interest payments |
|
$ |
1,415 |
|
|
$ |
461 |
|
ROU assets
obtained in exchange for lease obligations |
|
$ |
380 |
|
|
$ |
3,340 |
|
(1) The supplementary information included in this press release
for 2023 is preliminary and subject to change prior to the filing
of our upcoming Quarterly Report on Form 10-Q with the
Securities and Exchange Commission.
|
Bel Fuse Inc. |
Supplementary Information(1) |
Reconciliation of GAAP Net Earnings to EBITDA and Adjusted
EBITDA(2) |
(in thousands, unaudited) |
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
GAAP Net
earnings |
|
$ |
14,572 |
|
|
$ |
5,064 |
|
Interest
expense |
|
|
983 |
|
|
|
688 |
|
Provision for
income taxes |
|
|
4,164 |
|
|
|
1,564 |
|
Depreciation and
amortization |
|
|
3,236 |
|
|
|
4,301 |
|
EBITDA |
|
$ |
22,955 |
|
|
$ |
11,617 |
|
% of net sales |
|
|
13.3 |
% |
|
|
8.5 |
% |
|
|
|
|
|
|
|
|
|
Unusual or
special items: |
|
|
|
|
|
|
|
|
Restructuring
charges |
|
|
3,507 |
|
|
|
- |
|
MPS litigation
costs |
|
|
1,611 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
|
$ |
28,073 |
|
|
$ |
11,617 |
|
% of net sales |
|
|
16.3 |
% |
|
|
8.5 |
% |
(1) The
supplementary information included in this press release for 2023
is preliminary and subject to change prior to the filing of our
upcoming Quarterly Report on Form 10-Q with the Securities and
Exchange Commission. |
|
(2) In this press
release and supplemental information, we have included Non-GAAP
financial measures, including Non-GAAP net earnings, Non-GAAP
EPS, EBITDA and Adjusted EBITDA. We present results adjusted to
exclude the effects of certain specified items and their related
tax impact that would otherwise be included under GAAP, to aid in
comparisons with other periods. We may use Non-GAAP financial
measures to determine performance-based compensation and management
believes that this information may be useful to investors. |
|
Bel Fuse Inc. |
Supplementary Information(1) |
Reconciliation of GAAP Measures to Non-GAAP
Measures(2) |
(in thousands, except per share
data)(unaudited) |
The following
tables detail the impact that certain unusual or special items had
on the Company's net earnings per common Class A and Class B basic
and diluted shares ("EPS") and the line items in which these items
were included on the consolidated statements of
operations. |
|
|
Three Months Ended March 31, 2023 |
|
|
Three Months Ended March 31, 2022 |
|
Reconciling Items |
|
Earnings before taxes |
|
|
Provision for income taxes |
|
|
Net earnings |
|
|
Class A EPS(3) |
|
|
Class B EPS(3) |
|
|
Earnings before taxes |
|
|
Provision for income taxes |
|
|
Net earnings |
|
|
Class A EPS(3) |
|
|
Class B EPS(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
measures |
|
$ |
18,736 |
|
|
$ |
4,164 |
|
|
$ |
14,572 |
|
|
$ |
1.09 |
|
|
$ |
1.15 |
|
|
$ |
6,628 |
|
|
$ |
1,564 |
|
|
$ |
5,064 |
|
|
$ |
0.38 |
|
|
$ |
0.41 |
|
Restructuring
charges |
|
|
3,507 |
|
|
|
483 |
|
|
|
3,024 |
|
|
|
0.23 |
|
|
|
0.24 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
MPS litigation
costs |
|
|
1,611 |
|
|
|
371 |
|
|
|
1,240 |
|
|
|
0.09 |
|
|
|
0.10 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Non-GAAP
measures |
|
$ |
23,854 |
|
|
$ |
5,018 |
|
|
$ |
18,836 |
|
|
$ |
1.41 |
|
|
$ |
1.49 |
|
|
$ |
6,628 |
|
|
$ |
1,564 |
|
|
$ |
5,064 |
|
|
$ |
0.38 |
|
|
$ |
0.41 |
|
(1) The
supplementary information included in this press release for 2023
is preliminary and subject to change prior to the filing of our
upcoming Quarterly Report on Form 10-Q with the Securities and
Exchange Commission. |
(2) In this press
release and supplemental information, we have included Non-GAAP
financial measures, including Non-GAAP net earnings, Non-GAAP EPS,
EBITDA and Adjusted EBITDA. We present results adjusted to exclude
the effects of certain specified items and their related tax impact
that would otherwise be included under GAAP, to aid in comparisons
with other periods. We may use Non-GAAP financial measures to
determine performance-based compensation and management believes
that this information may be useful to investors. |
(3) Individual
amounts of earnings per share may not agree to the total due to
rounding. |
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