Bel Fuse Inc. announced preliminary financial results for the third quarter of 2024 on October 23, 2024, with sales and gross margin landing above the midpoint of guidance. The company reported GAAP net sales of $123.6 million and GAAP profit of $8.1 million, or $0.61 per share.
CFO Farouq Tuweiq noted positive trends in bookings during September and October across all product segments, particularly in networking, industrial markets, and distribution channels. This indicates a potential sequential improvement in market conditions as the company enters 2025.
For the fourth quarter of 2024, Bel provided GAAP net sales guidance in the range of $117 million to $125 million, with gross margins expected to be approximately 34% to 36%. This guidance excludes any potential incremental contribution from the Enercon acquisition, which was expected to close during the fourth quarter.
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