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    Bel Fuse Inc (BELFA)

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    Bel Fuse Inc. (BELFA) designs, manufactures, and markets products that power, protect, and connect electronic circuits. Its offerings are used across industries such as networking, telecommunications, computing, aerospace, automotive, and consumer electronics. The company operates globally, with manufacturing facilities in the United States, Mexico, Europe, and Asia, and has a history of growth through strategic acquisitions.

    1. Power Solutions and Protection - Develops front-end, board-mount, industrial, and transportation power products, as well as module products and circuit protection devices.
    2. Connectivity Solutions - Produces expanded beam fiber optic, copper-based, RF and RJ connectors, and cable assemblies for high-speed data transmission and other applications.
    3. Magnetic Solutions - Offers integrated connector modules, power transformers, power inductors, and discrete components for use in various electronic systems.
    NamePositionStart DateShort Bio
    Daniel BernsteinPresident, CEO, and Director1978 (joined Bel)Joined Bel in 1978. Served as President since June 1992, CEO since May 2001, and Director since 1986. Previously held roles as VP (1985-1992) and Treasurer (1986-1992).
    Farouq TuweiqCFO and TreasurerFebruary 15, 2021Appointed CFO and Treasurer in February 2021 and became principal financial officer on July 29, 2021. Previously worked at BMO Capital Markets, Schneider Electric, and Ernst & Young.
    Suzanne KozlovskyGlobal Head of PeopleNovember 15, 2022Joined Bel as Global Head of People in November 2022. Previously held HR leadership roles at Prinova, Marmon Foodservice Technologies, and Bel Brands USA, transforming workplace cultures.
    Dennis AckermanRetiring President of Bel Power SolutionsJune 2014Joined Bel in 1986. Held various roles before becoming President of Bel Power Solutions in June 2014. Announced retirement effective July 31, 2024.
    Steve DawsonPresident of Bel Power Solutions and ProtectionJuly 1, 2024 (expected)Appointed President of Bel Power Solutions and Protection effective July 1, 2024. Has over 25 years of experience in power and circuit protection, previously working at Eaton, Power-One, and ABB.
    Peter Bittner IIIPresident of Bel Connectivity SolutionsMay 2015Began career in 1991 at Stewart Connector Systems. Joined Bel in 2003 after Insilco Technologies' acquisition. Appointed President of Bel Connectivity Solutions in May 2015.
    Joseph BerryVice President of Magnetic SolutionsJanuary 1, 2023Joined Bel in 1999 through Lucent Technologies' acquisition. Appointed VP of Magnetic Solutions in January 2023. Previously served as Director of Operations and GM of Bel Magnetic Solutions.
    Kenneth LaiVice President of Asia OperationsJanuary 1, 2023Joined Bel in 2013 through TE Connectivity's TRP Connector division acquisition. Appointed VP of Asia Operations in January 2023. Previously GM of Bel Power Solutions Gongming factory.
    Lynn HutkinVP of Financial Reporting and Investor RelationsJanuary 1, 2023Joined Bel in 2007. Appointed VP of Financial Reporting and Investor Relations in January 2023. Also serves as principal accounting officer since July 2021.
    1. Given the significant decline in sales within your Magnetics Solutions Group, particularly due to lower shipments to a large networking customer as they work through inventory , how are you addressing customer concentration risks, and what strategies are in place to diversify your customer base in this segment?

    2. With the acquisition of Enercon Technologies and the resulting increase in debt to $300 million at a blended interest rate of approximately 5.7% , how does the company plan to manage the higher leverage, and what are the expected impacts on cash flow and investment priorities, especially considering your near-term focus on debt paydown?

    3. The consolidation of your fuse manufacturing operations is expected to result in annualized cost savings of $1.5 million but involves restructuring costs of approximately $4.2 million over Q3 2024 to 2025. Can you elaborate on why the upfront costs are almost three times the expected annual savings, and how confident are you in achieving these savings within the expected timeframe?

    4. You've indicated that bookings within your Power segment have doubled from Q2 to Q3 2024, reaching the highest level since Q3 2023 , and you expect year-over-year growth across all three segments in 2025. Considering uncertainties such as ongoing inventory corrections and potential macroeconomic headwinds, what gives you confidence in these projections, and what are the main risks that could hinder this anticipated growth?

    5. With setbacks like the loss of a key supplier due to trade restrictions impacting $3–$4 million of business per quarter , and the challenges in quickly finding replacements due to long design cycles , how are you mitigating supply chain risks, and what measures are you taking to prevent similar disruptions in the future?

    Program DetailsProgram 1
    Approval DateFebruary 21, 2024
    End Date/DurationNo expiration date
    Total Additional Amount$25.0 million
    Remaining Authorization$8.947 million (Class A: $2.093 million, Class B: $6.854 million)
    DetailsFirst buyback program since 2012; aims to return capital to shareholders and enhance shareholder value. Suballocations: $4 million for Class A shares, $21 million for Class B shares. Repurchases conducted in open market, privately negotiated, or block transactions.