Financial Performance - Net sales for the full year 2024 were $534.8 million, down 19.7% from $639.8 million in 2023, excluding Enercon's contribution[3] - In Q4 2024, net sales were $149.9 million, an increase from $140.0 million in Q4 2023, but organic sales decreased by 7.8% when excluding Enercon's $20.8 million contribution[8] - GAAP net loss attributable to Bel shareholders in Q4 2024 was $1.8 million, compared to a net income of $12.0 million in Q4 2023[8] - Non-GAAP net earnings attributable to Bel shareholders for the full year 2024 were $72.1 million, down from $89.6 million in 2023[8] - Adjusted EBITDA for the full year 2024 was $101.9 million, representing 19.0% of sales, a decrease from $116.8 million or 18.3% of sales in 2023[8] - GAAP net sales for Q4 2024 were $149,859 thousand, an increase from $140,010 thousand in Q4 2023, while year-end GAAP net sales decreased to $534,792 thousand from $639,813 thousand[30] - Non-GAAP adjusted net sales for Q4 2024 were $149,859 thousand, compared to $139,585 thousand in Q4 2023, with year-end adjusted net sales at $534,735 thousand, up from $624,963 thousand[30] - GAAP net earnings for Q4 2024 were $6,432 thousand, down from $12,036 thousand in Q4 2023, and year-end net earnings decreased to $49,192 thousand from $73,831 thousand[30] - Non-GAAP operating income for Q4 2024 was $24,629 thousand, slightly up from $23,901 thousand in Q4 2023, while year-end non-GAAP operating income decreased to $85,417 thousand from $103,512 thousand[30] - Adjusted EBITDA for Q4 2024 was $30,327 thousand, compared to $27,251 thousand in Q4 2023, with year-end adjusted EBITDA at $101,874 thousand, down from $116,824 thousand[30] Market and Operational Developments - The acquisition of Enercon, completed in Q4 2024, is expected to enhance scale and diversity, making aerospace and defense Bel's largest end market[5] - The company initiated two facility consolidation projects in 2024 and hired a Global Head of Sales to enhance operational efficiencies and drive growth[5] - Management expressed optimism for 2025, anticipating a slow and steady rebound in demand from networking and distribution partners[6] Sales and Revenue Breakdown - Power Solutions and Protection sales decreased by 21.8% to $245,551 thousand in FY 2024 from $314,105 thousand in FY 2023[28] - Connectivity Solutions sales increased by 4.7% to $220,370 thousand in FY 2024 from $210,572 thousand in FY 2023[28] Tax and Financial Metrics - The effective tax rate for FY 2024 was 20.4%, up from 11.4% in FY 2023[20] - The provision for income taxes for Q4 2024 was $953 thousand, compared to $1,463 thousand in Q4 2023, reflecting a decrease in tax expenses[30] Assets and Liabilities - Total assets increased significantly to $949,789 thousand in 2024 from $571,631 thousand in 2023[22] - Cash and cash equivalents decreased to $68,253 thousand at the end of 2024 from $89,371 thousand at the end of 2023[24] - Total liabilities rose to $508,627 thousand in 2024, compared to $231,073 thousand in 2023[22] Costs and Expenses - Research and development costs increased to $6,934 thousand in Q4 2024, up from $5,966 thousand in Q4 2023[20] - Interest expense for Q4 2024 was $2,815 thousand, significantly higher than $448 thousand in Q4 2023, indicating increased borrowing costs[30] - Restructuring charges for Q4 2024 amounted to $1,669 thousand, down from $3,808 thousand in Q4 2023, while acquisition-related costs were $8,592 thousand in Q4 2024[30] - Restructuring charges for the year ended December 31, 2024, amounted to $3,459 million, compared to $10,114 million in 2023, a reduction of 65.8%[35] - Acquisition-related costs for the year ended December 31, 2024, were $12,884 million, while there were no such costs reported in 2023[35] Earnings Per Share and Non-GAAP Measures - The earnings per share (EPS) for the three months ended December 31, 2024, was $0.14, down from $0.90 in the same period of 2023, reflecting a decrease of 84.4%[35] - Non-GAAP measures for the year ended December 31, 2024, showed net earnings of $90,919 million, compared to $103,350 million in 2023, indicating a decline of 12.0%[36] - The EPS for the year ended December 31, 2024, was $5.47, down from $6.72 in 2023, a decrease of 18.6%[36] - The company has included Non-GAAP financial measures such as Non-GAAP adjusted net sales and Non-GAAP EPS to aid in comparisons with other periods[37] - The company modified its Non-GAAP financial measures to exclude stock-based compensation and amortization of intangibles, enhancing investor insight into operational performance[32] - The use of Non-GAAP measures is intended to provide additional insight into operational performance and assist in trend analysis and budgeting[37] Foreign Currency and Other Losses - Unrealized foreign currency exchange losses for the year ended December 31, 2024, were $1,455 million, compared to $831 million in 2023, indicating an increase of 75.0%[36] - The company reported a loss on liquidation of a foreign subsidiary amounting to $2,724 million for the year ended December 31, 2024, compared to $2,043 million in 2023, an increase of 33.4%[35] - The total revenue for the year ended December 31, 2024, was $61,808 million, a decrease from $73,831 million in 2023, representing a decline of 16.3%[35]

Core Viewpoint - The comparison between Bel Fuse (BELFB) and Rockwell Automation (ROK) indicates that BELFB presents a better value opportunity for investors at this time [1]. Group 1: Zacks Rank and Analyst Outlook - Bel Fuse has a Zacks Rank of 2 (Buy), while Rockwell Automation has a Zacks Rank of 3 (Hold), suggesting that BELFB's earnings estimate revision activity is more favorable [3]. - The Zacks Rank emphasizes companies with positive estimate revision trends, which is a key factor for investors [2]. Group 2: Valuation Metrics - BELFB has a forward P/E ratio of 14.67, significantly lower than ROK's forward P/E of 29.95, indicating that BELFB may be undervalued [5]. - The PEG ratio for BELFB is 0.98, while ROK's PEG ratio is 3, suggesting that BELFB has a better expected earnings growth relative to its price [5]. - BELFB's P/B ratio is 2.83 compared to ROK's P/B of 8.61, further highlighting BELFB's relative valuation advantage [6]. Group 3: Value Grades - BELFB has earned a Value grade of A, while ROK has a Value grade of D, indicating a stronger value proposition for BELFB [6].

Core Viewpoint - Investors in the Electronics - Miscellaneous Products sector should consider Bel Fuse (BELFB) and Hoya Corp. (HOCPY) for potential value opportunities, with BELFB currently presenting a better value option based on various financial metrics [1]. Valuation Metrics - Bel Fuse has a Zacks Rank of 2 (Buy), indicating a more favorable earnings estimate revision trend compared to Hoya Corp., which has a Zacks Rank of 3 (Hold) [3]. - BELFB's forward P/E ratio is 13.85, significantly lower than HOCPY's forward P/E of 35.08, suggesting that BELFB may be undervalued relative to its earnings potential [5]. - The PEG ratio for BELFB is 0.92, while HOCPY's PEG ratio is 2.48, indicating that BELFB's expected earnings growth is more favorable compared to its price [5]. - BELFB has a P/B ratio of 2.67, compared to HOCPY's P/B of 6.99, further supporting the argument that BELFB is a more attractive investment based on its market value relative to book value [6]. - Overall, BELFB holds a Value grade of A, while HOCPY has a Value grade of F, highlighting the superior valuation metrics of BELFB [6].

Core Viewpoint - Growth investors seek stocks with above-average financial growth, but identifying such stocks can be challenging due to inherent risks and volatility [1] Group 1: Company Overview - Bel Fuse (BELFB) is currently recommended as a cutting-edge growth stock by the Zacks Growth Style Score system, which evaluates a company's real growth prospects [2] - The company has a favorable Growth Score and a top Zacks Rank, indicating strong potential for growth investors [2][10] Group 2: Earnings Growth - Bel Fuse has a historical EPS growth rate of 129%, with projected EPS growth of 35.3% this year, significantly surpassing the industry average of 22% [5] - Earnings growth is a critical factor for growth investors, as it often indicates strong future stock price gains [4] Group 3: Cash Flow Growth - The year-over-year cash flow growth for Bel Fuse is currently 33%, which is notably higher than the industry average of -6.6% [6] - The company's annualized cash flow growth rate over the past 3-5 years is 19.9%, compared to the industry average of 4.1%, highlighting its strong cash flow performance [7] Group 4: Earnings Estimate Revisions - There has been a positive trend in earnings estimate revisions for Bel Fuse, with the Zacks Consensus Estimate for the current year increasing by 28.7% over the past month [8] - Positive earnings estimate revisions are correlated with near-term stock price movements, making this a favorable indicator for investors [8] Group 5: Investment Potential - Bel Fuse has achieved a Growth Score of A and a Zacks Rank of 2 due to its strong earnings estimate revisions, positioning it as a potential outperformer for growth investors [10]

Core Insights - The article compares Bel Fuse (BELFB) and Garmin (GRMN) as potential investment opportunities, highlighting BELFB as the superior value option based on various valuation metrics [6][9]. Valuation Metrics - BELFB has a P/B ratio of 2.78, while GRMN has a P/B ratio of 5.36, indicating that BELFB is more undervalued relative to its book value [2]. - BELFB's forward P/E ratio is 19.51 compared to GRMN's 29.87, suggesting that BELFB is more attractively priced in terms of earnings [8]. - The PEG ratio for BELFB is 1.30, while GRMN's PEG ratio is 1.38, indicating that BELFB offers better value when considering expected earnings growth [8]. Earnings Outlook - Both BELFB and GRMN currently hold a Zacks Rank of 1 (Strong Buy), reflecting positive earnings estimate revisions and improving earnings outlooks [3][9]. - BELFB has earned a Value grade of B, while GRMN has a Value grade of D, further supporting the argument for BELFB as the better value investment [5]. Investment Strategy - The article emphasizes the importance of traditional valuation metrics such as P/E, P/S, and cash flow per share in identifying undervalued companies [4][7].

Group 1: Stock Recommendations - USANA has a price-to-earnings ratio (P/E) of 14.57, significantly lower than the S&P 500's P/E of 24.88, and holds a Value Score of A [1] - Bel Fuse has a price-to-earnings ratio (P/E) of 19.51, also lower than the S&P 500's P/E of 24.88, and possesses a Value Score of B [2] Group 2: Earnings Estimates - Bel Fuse Inc. (BELFB) has seen the Zacks Consensus Estimate for its current year earnings increase by 4.8% over the last 60 days [3] - USANA Health Sciences, Inc. (USNA) has experienced a 13.8% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [4]

WEST ORANGE, N.J., Dec. 02, 2024 (GLOBE NEWSWIRE) -- Bel Fuse Inc. (Nasdaq: BELFA and BELFB), a leading global manufacturer of products that power, protect and connect electronic circuits, today announced its investor conference schedule for December 2024: Oppenheimer Midwest Virtual SummitFarouq Tuweiq, CFOLynn Hutkin, VP Financial Reporting & Investor RelationsWednesday, December 11, 2024Conducting meetings throughout the day Northland Virtual Growth Conference Farouq Tuweiq, CFOLynn Hutkin, VP Financial ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ____________ Commission File No. 000-11676 BEL FUSE INC. (Exact name of registrant as specified in its charter) New Jersey 22-1463699 (I.R. ...

Core Points - Bel Fuse Inc. has declared regular quarterly cash dividends of $0.06 per share for Class A common shares and $0.07 per share for Class B common shares, payable on January 31, 2025, to shareholders of record on January 15, 2025 [1] Company Overview - Bel Fuse Inc. designs, manufactures, and markets a wide range of products that power, protect, and connect electronic circuits, primarily serving industries such as networking, telecommunications, computing, military, and commercial aerospace [3] - The company has approximately 12,547,000 common shares outstanding, with 2,115,000 being Class A shares and 10,432,000 being Class B shares [2] - Bel's product groups include Magnetic Solutions, Power Solutions and Protection, and Connectivity Solutions, with applications in automotive, medical, and consumer electronics markets [3]

Financial Data and Key Metrics - Q3 2024 sales were $123.6 million, a 22.1% decline from Q3 2023, driven by lower sales in Power and Magnetics segments, partially offset by growth in Connectivity sales [7] - Gross margin increased to 36.1% in Q3 2024 from 35% in Q3 2023, driven by operational efficiencies in Magnetics and Connectivity segments [7] - Power Solutions and Protection sales declined 35% YoY to $48.7 million, with rail products growing over 40% YoY to $2.6 million [8] - Connectivity Solutions Group sales grew 7.6% YoY to $55.7 million, with commercial air applications up 10.3% to $12.5 million [8] - Magnetic Solutions Group sales decreased 40% YoY to $19.2 million, in line with expectations due to lower shipments to a large networking customer [9] Business Line Performance - Power segment sales were impacted by seasonality in Europe and trade restrictions on a former supplier in China [4] - Connectivity segment saw strong growth in Aerospace, Defense, and Space applications, despite a strike at one aerospace customer [4][5] - Magnetics segment experienced incremental growth sequentially from Q2 2024, driven by facility consolidations and lower fixed overhead costs [4][9] Market Performance - Aerospace and Defense markets drove Connectivity segment growth, with military sales consistent at $11.6 million [8] - Space revenue for Q3 was $2 million, bringing year-to-date revenue to $6.3 million [37] - Rail products showed strength, growing over 40% YoY, primarily driven by European-based customers [8][44] Strategic Direction and Industry Competition - The company is transitioning from a self-help phase to a growth phase, with new leadership additions and the acquisition of Enercon Technologies [6][14] - Enercon acquisition will expand the company's presence in Aerospace and Defense markets, offering cross-selling opportunities and new product capabilities [14][39][40] - The company is focusing on operational improvements, including facility consolidations and cost-saving initiatives, expected to save $1.5 million annually [13] Management Commentary on Operating Environment and Future Outlook - Management expects year-over-year growth across all segments in 2025, driven by AI, e-mobility, and space markets [16][17] - The company anticipates a rebound in rail sales and recovery in networking and distribution in Q4 2024, despite seasonal slowdowns [15] - Bookings in Q3 2024 showed strong growth, particularly in Power and Magnetics segments, indicating potential for higher sales in 2025 [16][27] Other Important Information - The company incurred a one-time tax provision of $1.3 million, resulting in an effective tax rate of 27.8% for Q3 2024 [11] - Cash and securities increased by $36.9 million from year-end, with $65.7 million generated from operating activities in the first nine months of 2024 [11] - Inventory levels decreased by $12.3 million from year-end, reflecting continued efforts to manage inventory on hand [11] Q&A Session Summary Question: Factors driving the sequential decline in Power segment sales [20] - The decline was primarily due to seasonality in Europe and trade restrictions on a former supplier in China [21] Question: Confidence in year-over-year growth for Power segment in 2025 [22] - Management expects growth in 2025, driven by AI, e-mobility, and space markets, supported by strong bookings in Q3 2024 [22][26] Question: Impact of the strike on Q3 sales and Q4 guidance [30] - The strike had a minor impact on Q3 sales, and Q4 guidance reflects the potential for a prolonged strike [31][32] Question: Green shoots in networking and industrial markets [33] - Management sees new growth opportunities in AI, Space, and EV markets, with existing customers returning to normal ordering patterns as inventory levels normalize [34][35] Question: Enercon acquisition and cross-selling opportunities [39] - Enercon brings new capabilities in Aerospace and Defense markets, with potential for cross-selling and expanding into new markets [39][40][42] Question: Regional strength in rail business [43] - Rail business is primarily driven by European-based customers, with manufacturing in Slovakia [43][44]