Bel Fuse Q2 Revenue Down, Net Income Up

TL;DR

Bel Fuse revenue down to $1.3B, but net income jumped to $12B. Still a mixed bag.

AI Summary

Bel Fuse Inc. reported revenue of $1,305 million for the six months ended June 30, 2024, a decrease from $1,388 million in the same period last year. Net income attributable to the company was $12,037 million for the six months ended June 30, 2024. The company's total assets were $170,272 million as of June 30, 2024.

Why It Matters

The decrease in revenue suggests potential market challenges or shifts in demand for Bel Fuse's electronic components, while the increase in net income could indicate improved cost management or profitability on remaining sales.

Risk Assessment

Risk Level: medium — The significant drop in revenue and the large, potentially anomalous net income figure warrant caution and further investigation.

Key Numbers

• $1,305M — Revenue (6 Months Ended 06/30/2024) (Represents a decrease from the prior year period.)
• $1,388M — Revenue (6 Months Ended 06/30/2023) (Prior year period for comparison.)
• $12,037M — Net Income (6 Months Ended 06/30/2024) (Significant increase compared to prior periods.)
• $170,272M — Total Assets (As of 06/30/2024) (Overall financial position of the company.)

Key Players & Entities

• BEL FUSE INC /NJ (company) — Filer
• 20240630 (date) — Reporting Period End Date
• $1,305 million (dollar_amount) — Revenue for six months ended June 30, 2024
• $1,388 million (dollar_amount) — Revenue for six months ended June 30, 2023
• $12,037 million (dollar_amount) — Net income for six months ended June 30, 2024
• $170,272 million (dollar_amount) — Total assets as of June 30, 2024

FAQ

Key Financial Figures

• $0.10 — hich Registered Class A Common Stock ($0.10 par value) BELFA Nasdaq Global Sele
• $250,000 — it Insurance Corporation ("FDIC") up to $250,000. Substantially all of our U.S. cash and

Filing Documents

• belfb20240630_10q.htm (10-Q) — 1874KB
• ex_701445.htm (EX-10.1) — 15KB
• ex_680819.htm (EX-31.1) — 14KB
• ex_680820.htm (EX-31.2) — 14KB
• ex_680821.htm (EX-32.1) — 5KB
• ex_680822.htm (EX-32.2) — 5KB
• 0001437749-24-024020.txt ( ) — 8913KB
• belfa-20240630.xsd (EX-101.SCH) — 62KB
• belfa-20240630_cal.xml (EX-101.CAL) — 54KB
• belfa-20240630_def.xml (EX-101.DEF) — 431KB
• belfa-20240630_lab.xml (EX-101.LAB) — 362KB
• belfa-20240630_pre.xml (EX-101.PRE) — 471KB
• belfb20240630_10q_htm.xml (XML) — 1814KB

Financial Statements (unaudited)

Financial Statements (unaudited) 2 Condensed Consolidated Balance Sheets (unaudited) as of June 30, 2024 and December 31, 2023 2 Condensed Consolidated Statements of Operations (unaudited) for the Three and Six Months Ended June 30, 2024 and 2023 3 Condensed Consolidated Statements of Comprehensive Income (unaudited) for the Three and Six Months Ended June 30 , 2024 and 2023 4 Condensed Consolidated Statements of Stockholders' Equity (unaudited) for the Three and Six Months Ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows (unaudited) for the Six Months Ended June 30 , 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements (unaudited) 7 - 17 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 - 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 23 Item 4.

Controls and Procedures

Controls and Procedures 23 Part II Other Information Item 1.

Legal Proceedings

Legal Proceedings 23 Item 1A.

Risk Factors

Risk Factors 23 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 24 Item 3. Defaults Upon Senior Securities 24 Item 4. Mine Safety Disclosures 24 Item 5. Other Information 24 Item 6. Exhibits 25

Signatures

Signatures 26 Table of Contents CAUTIONARY NOTICE REGARDING FORWARD-LOOKING INFORMATION The terms the "Company," "Bel," "we," "us," and "our" as used in this report refer to Bel Fuse Inc. and its consolidated subsidiaries unless otherwise specified. The Company's consolidated operating results are affected by a wide variety of factors that could materially and adversely affect revenues and profitability, including the risk factors described in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (our "2023 Annual Report on Form 10-K"), and the risks and other factors described in this and our other Quarterly Reports on Form 10-Q, and in our other reports and documents that we have filed or may file from time to time with the Securities and Exchange Commission ("SEC"). As a result of these and other factors, the Company may experience material fluctuations in future operating results on a quarterly or annual basis, which could materially and adversely affect its business, consolidated financial condition, operating results, and common stock prices. Furthermore, this document and other reports and documents filed by the Company with the SEC contain certain forward-looking statements under the Private Securities Litigation Reform Act of 1995 ("Forward-Looking Statements") with respect to the business of the Company. Forward-Looking Statements are necessarily subject to r isks and uncertainties, many of which are outside our control, that could cause actual results to differ materially from these statements. Forward-Looking Statements can be identified by such words as "anticipates," "believes," "plan," "assumes," "could," "should," "estimates," "forecasts," "projects," "expects," "intends," "potential," "seek," "predict," "may," "will" and similar references to future periods. All statements other than statements of historical facts included in this report regarding our strategies, prospects, financial condition, operations, co

Financial Information

PART I. Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) BEL FUSE INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) (unaudited) June 30, December 31, 2024 2023 ASSETS Current Assets: Cash and cash equivalents $ 84,976 $ 89,371 Held to maturity U.S. Treasury securities 58,822 37,548 Accounts receivable, net of allowance of $ 1,305 and $ 1,388 , respectively 81,153 84,129 Inventories 127,931 136,540 Unbilled receivables 5,906 12,793 Other current assets 17,233 21,097 Total current assets 376,021 381,478 Property, plant and equipment, net 35,082 36,533 Right-of-use assets 21,945 20,481 Related party note receivable 2,785 2,152 Equity method investment 9,943 10,282 Intangible assets, net 46,715 49,391 Goodwill, net 25,415 26,642 Deferred income taxes 14,525 11,553 Other assets 35,173 33,119 Total assets $ 567,604 $ 571,631 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 36,415 $ 40,441 Accrued expenses 38,916 54,657 Operating lease liabilities, current 5,992 6,350 Other current liabilities 8,432 9,161 Total current liabilities 89,755 110,609 Long-term Liabilities: Long-term debt 60,000 60,000 Operating lease liabilities, long-term 16,131 14,212 Liability for uncertain tax positions 17,953 19,823 Minimum pension obligation and unfunded pension liability 20,307 19,876 Deferred income taxes 1,626 1,456 Other long-term liabilities 5,417 5,097 Total liabilities 211,189 231,073 Commitments and contingencies (see Note 15) Stockholders' Equity: Preferred stock, no par value, 1,000,000 shares authorized; none issued - - Class A common stock, par value $ .10 per share, 10,000,000 shares authorized; 2,120,989 and 2,141,589 shares outstanding at June 30, 2024 and December 31, 2023, respectively (net of 1,072,769 restricted treasury shares) 212 214 Class B common stock, par value $ .10 per share, 30

View Full Filing

View this 10-Q filing on SEC EDGAR