The following is a summary of the Bel Fuse Inc. (BELFB) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Bel Fuse reported Q1 2024 sales of $128 million, a decrease of 25.7% from the first quarter of the previous year.

• Gross margin increased to 37.5% in Q1 2024 from 31.1% in Q1 2023 due to improvements in the Power and Connectivity segment, where Power Solutions and Protection sales saw a decrease, but the Connectivity Solutions Group sales slightly increased.

• Q1 2024 saw the continuation of the share repurchase program with a purchase of 189,000 shares for $11.1 million.

Business Progress:

• Despite soft Magnetic sales, sales in Power and Connectivity remained strong. The company has growth plans in space and AI technology, with sales for products targeted at space applications expected to increase significantly in 2024.

• The company is actively reviewing potential M&A targets to further bolster performance across sectors.

• Great emphasis is also placed on completing their buyback program by 2024 and growth in partnerships with significant sector players like Amazon and SpaceX.

• The European and US markets are viewed as areas of opportunity, with Europe showing particularly promising performance in Q1.

More details: Bel Fuse-B IR

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