Earnings call transcript Q1 2023

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Operator

Good morning, and welcome to the Bel Fuse First Quarter 2023 Earnings Call. At this time, all participants are in listen-only mode. [Operator Instructions] As a reminder, this call is being recorded.

I would now like to turn the call over to Jean Marie Young of Three Part Advisors. Please go ahead, Jean.

Jean Young

good and Jeff, you, morning, everyone. Thank

under begin, today's conference we our the that forward-looking company's I'd as statements and should such statements like periods, guidance during for reflect that statements business statements considered be be performance everyone expected the remind will on securities call, based regarding expectations to of including views laws, future and as to relating These Before federal the financial we for and operating make future as subsequent company's company's the of considered representative only of views are not date. periods in today, current company's XXXX. will any

may disclaims any and projected to issued update those are after market any due outlook. by release forward-looking these company yesterday. the forward-looking Actual These we a factors. obligation summarized uncertainties materially future risks, differ in number of press statements from or The risks periods material to other statements results closed for that

Additional results and information our cause year with XX, the SEC on from Report XX-K in Securities our recent or with other file documents filed most filings and important financial may Commission, and from performance the potentially including Annual actual and that our that could time factors differ expectations as impact XXXX, quarterly other time. materially for the ended the reports our Form discussed material our Exchange to about fiscal December and we risks have to

press have been our this release. and our of results results non-GAAP GAAP to during results may in non-GAAP discuss call, also We included reconciliations

of IR website. are Our all press filings our release available our at the and section SEC

Relations. and Tuweiq, is Hutkin, me Dan and today Investor Financial of Bernstein, call Lynn Joining Reporting CEO; and the Farouq President Vice President CFO; on

turn call I'd over that, to like Dan? Dan. With to the

Dan Bernstein

all us the Thank thank and call you, on today. joining Jean, for you

quarter profitability. associates. all are best This a successful of extremely of of our company and and sales was of quarter first was Bel in another We the have our result improved efforts pleased history the to

Looking at groups our individually. of product each

record Sales Power Our consolidated group drivers. our power the seen sales remain were offset sales. strong in our largest for protection declines sales. help products representing products in e-mobility us front-end, almost high of of posted board-mounted this Bel's High a and half demand the circuit quarter,

Connectivity with record and manufacturing restored Solutions higher rebound in faced quarter profile. customers the in costs. both result Our margin aerospace In had a group increase rapid inefficiencies, this significant with by XXXX, did military and sales

fully in needs to current and of military growing commercial positioned well our support now and are our customers We this segment.

Magnetic our transition. is group, From XXXX year of a

handled China the As being the our third major the quarter. announced stages sites is in combined magnetic last moving This business. move to our completed final two The of into move impacts of stage scheduled approximately in production one of third year, process with be site. in during

production efficiency The this in demand fully customer through well segment positioned customers inventory standpoint transition. hand as slowdown returns. more once good This will I for current is as focus to magnetic timing on allows us on from be our demand work

we compared our progress Signal's our ahead. and and are progress to happy growth double of our that We're with as are continue which to was sales turnaround Magnetic pleased QX X% the Signal last to gross is 'XX. year. financial extremely date part their of Also about a group report percentage margin excited Transformer with story road business, almost Overall,

update. to the provide would like over financial call now Lynn to I to turn over

Lynn Hutkin

you, Thank Dan.

to the increase $XXX to quarter for compared of XX% the with Dan quarter of was very margin As QX increased mentioned, from a first first growth XX.X% across were million, prior. year groups. each seen year-over-year of product XXXX. Overall, strong as quarter our an Gross sales XX%

were sales Protection and quarter. Solutions from Power up $XX.X year's group, XX% million, product first last By

Dan margin improvement of product our basis was for year products. a favorable this over front-end, this mix, shift and board-mount largely 'XX, XX.X% pricing higher FX. the group some in e-mobility favorable was from Gross the QX and by power demand XXX by quarter, actions past for point an As driven mentioned, for from driven largely taken the impact first benefits

Our million. X a of a first had Power XXXX Solutions of orders the of and and ratio $XXX of Protection book-to-bill group backlog during quarter

XX% first XXXX, our rebound of up primarily to Sales at in came million, XX.X% quarter, quarter XXXX. the group from XX.X% to were from markets. commercial Connectivity the Turning Gross of year's due margin the aerospace first $XX.X the an of Solutions this continued for first military in for end Group. increase last of and quarter

factories Solutions Connectivity the ratio ship higher enabled first a us of in to March a further at first realign of of input overhead the product book-to-bill higher and margin to to which improvement ability at costs the current during X.XX of group demand more volume XXXX a implemented accommodate improvements backlog and was given of by XX. Efficiency resulted The orders quarter. levels. our favorable quarter million had driven The our during pricing, profitability $XXX needed

labor this Solutions our up in the of in year's XXXX. higher group prior. sales this quarter our a XXXX the improved volume also China a year U.S. Gross first lowered the had versus $XX.X sales Chinese from XX.X% quarter. Magnetic which shift favorable from and Margins of margin Lastly, group million, QX rate first to exchange cost X.X% versus of in benefited last dollar, group for from for XX.X% renminbi

low of continued of within first quarter a during book-to-bill the our orders QX with work ratio a hand, group to customers group of in finished XXXX. This As through backlog million. X.X $XX their on resulting inventory be in QX, of bookings Magnetics

QX, to is to of certain approximately ease scheduled there This primarily which started has At availability. the areas. level, million in QX consolidated by did were the $XX as not level component in million availability due from to component down ship $XX orders

XX, XXXX and expected year the as to in availability from backlog, of It's down component end times million overall normalize. important begin XX% lead reductions Regarding intentional level. and reduction this note our eases and that it was as to backlog March $XXX further are

costs Our total salaries, from recent addition in litigation these with a $XX.X XX.X% continue $X.X $XX up selling, associated first last were to We down matter as as sales. the benefits of quarter percentage and anticipate administrative XX-K Within to the SG&A, million in million were fringe or in costs general discussed the but balance million primary plaintiff our of of litigation of through our MTS expenses to year, related year. sales the increases filing.

$X.X of related largely quarter factory to XXXX. These in million China. Restructuring consolidation costs the first amounted costs the to initiative in

future incurred quarter expect million, primarily restructuring the the in with to We be the costs second XXXX, quarter. third balance in of $X approximately of

generated capital free first of in 'XX, balance from of expenditures flow items. first We generation We sheet December an quarter this for cash flow XXst. was quarter. cash quarter million, versus million $XX the the of $X.X resulted to $XX.X from million activities and ended in when of with free an the negative. increase cash balance quarter million flow the cash million $XX.X Turning $X.X operating With a flow XXXX, cash million, $XX.X of first during improvement of of

some X.X is overall decreased year-end, to million levels, and company-wide X.X There level times improving while in year-end. down year-end to down. of effort by be inventory from Inventory improved bringing from QX resulting from times high. related our turns $X.X the continue inventory versus turns a Our level during

outstanding our $XXX our At debt I as million $XX.X fixed revolver XX, down debt between outstanding portions today, Lastly, on this our a an we with and of bringing facility balance current variable an balance. of update provide we of March blended to down Earlier wanted million, million. to week, had on X.X%. revolving credit $XX.X our paid additional cost

Of with agreements of this is rate amount, of a is rate swap X.X%. debt, a only remaining which million our in under million that variable X.X% $XX $XX.X place, at rate are fixed of at

and I'll over for now color Farouq Farouq? call the outlook. turn additional to

Farouq Tuweiq

Thank Lynn. you,

noted of Dan and by the testament and some theme previously, in our Lynn the true challenges an team quarter a that was diversity the here markets As and products is the customers. midst expectation surpassing business, and of QX to

we're Looking million. the healthy our million $XXX range another $XXX of ahead, to release, sales with for QX and as in noted expecting quarter in

raising on the be QX call. expectations communicated QX, year our and actuals to now range on earnings end the for are full XXXX our of outlook we Given higher sales and estimating last our are

discussed, we end e-mobility. year, strength previously markets certain in including As air, see commercial this and military, resiliency

equal through overall couple not note and channels that is Bel distribution working we every be profitability. which inventory in quarters. will take Our of a estimate on that consumer-facing sales to is important will It hand, their terms magnetic of of dollar products customers,

anticipate to consumer-facing higher greater a weight in in The just profitability this that markets strong products or go terms have a margin We versus networking we used I mix product highlighted end will as through lead XXXX. in profile of shift consolidated products.

despite fluctuations financial While thus patterns demand view same they XXXX to end amalgamation for above side the timing demand given in because some enough this us our of for and the magnetics item can't overall aren't same We news inconvenience The know have to as and remains versus strategy linear an are comfort The applications. ordering products Therefore, customer results. end our customers this sell on power consumption in the is we headwinds. currently the good more our the who strong. the of indicator. a outlook our raising we

to various our of have activities been the busy business, a operational active trying to grow sales on initiatives, and number we manage fronts. addition In and

the we For targets Dan with and example, these requirements, annual aligning business motivating approach it while proxy, through focused to for with better are norms each team industry in noted clarity myself. our our with compensation along unit, We changes believe shareholders. on as performance have revamped and we our of executive clear

to forward last process. we Another the That are shareholders, the finishing building annual of kicked the rest encouraged process by the the fresh we and initiatives committed as and are work year that stage we last of and led is was expand strategies to journey. strategy year's implementing next optimistic course chart are benefit end work business outcomes off-site underway this in Bel's have the remain we Overall, that the what our that done for and to off off We for of some example our our great look year. are year, currently has year. we and cautiously will seeing

With turn to call the over I'll that, back Dan.

Dan Bernstein

up we Can open the Farouq. questions, call please? for you, now Thank

Operator

we'll Instructions] now Yes, gentlemen, Please course. is of Co. & question from go Ricchiuti question-and-answer Needham and session. [Operator ahead. of begin Ladies the first Jim Our

Chris Grenga

This Hi, for Chris good Jim. is on Grenga morning.

But to You wondering you're I about to factor Group? seeing talk as was the growth some of the mentioned could other contributing e-mobility that you power Power a contributors growth. if in Solutions the

Farouq Tuweiq

Yeah.

us, for some of of front-end it on that one side big a was the us. for was obviously, and was kind e-mobility, networking demand one the of So was Also, the some datacom also good little power side. a the it allowed see. main easing ship has to the But products drivers more of of to bit this was us out kind the on nice a quarter, business are which the those components

Chris Grenga

with a initiatives result of -- Got structural from respect year. that it. great. Any provide could a margin, to discussing? typical be change just in the this would strategic bridge been hoping as gross Is you've the color And you on last seasonality

Farouq Tuweiq

Yeah.

a and went group come about. There's work -- group, questions. Dan really is the strong. Lynn items So our few Connectivity of to two as on One that that here. lot It's spoke a really has it's

January there volume increases. into improvement, year, this with the coupled benefits coming saw margin So X we and the

strong, Connectivity coming the impacted not other which New obviously, Chinese aren't. businesses So out our by it's Year,

see great being So to a it Connectivity there. contributor good was

didn't the Power able obviously We of the Chinese we -- and some this Magnetic activities the traditional that done New -- mitigate but year, impact. have of Year, were on businesses, we're the some to

lot point started in Another of them year. roughly results last seeing reference initiatives in really a is of March our

QX, to we are QX. the So is where playbook compared last into has strategies this hold where coming our operational quarter called a year's taken first and

last X about in little bit as it improvements think we you the QX, if X So well, year. and a saw

bit here the the performance. was the usually -- aided of has this we and it of of Power a is same, because it So Year the impact that Chinese blunted New little Connectivity but

Chris Grenga

going that products? Great. existing Or as what new foundational using maybe very perhaps growth just And your more of X,XXX that to does for percentage Thank On that favorable Magnetics, incremental dynamics? shifting or the existing other to is the one be technology address one pricing segments much. for products, And you that represent products? have is a me. mix, to

Farouq Tuweiq

being wide here, product terms was COVID If the bit on focus addressed. of potential I back, three think it's door, brush years, what's painting fulfillment, it, a a outcomes again, big of challenges. a supply lot here little with call in we a out the of look chain at two, getting

general. are we new seeing and iterations product more So developments in

So should note kind that to commitment the doubling really, at the NPIs I better side customers. is are well. of our align rebuild Also, private looking label of our as kind with ourselves down that X,XXX to of key we

Dan Bernstein

But job were really in us, to and building of of not Farouq. a a we past is labeling the supply company acquisitions thought But in called think were power we they they've were And over had years People try power buying jump I'll digital for they supply tremendous company. a private products. anything one Maybe done marketing three a company. I company CUI. a the

most get from. CUI was and supplier to distributors -- today, that one sorry, the I'm that closely engineers number work feel And We We now with very Mouser DigiKey a parts DigiKey, their Mouser. like DigiKey. e-commerce

parts that model. done type they've or of suppliers. with our do they distribution channels We a was based that the on should -- XX XX So working piggyback X,XXX year model good we that thought of

model. Signal working CUI and where that work Signal So very between case to we can see closely first was how we're our develop

if probably And you manufacture themselves. they XX% two what of bells look years ago, signal

strategies. down CUI marketing distribution using effort since by using channels. using private combination that and their Our that techniques we label a of this our goal is to on that XX% using to our And acquiring is did and get more brands,

Chris Grenga

leave Appreciate I'll Thank the it color. you there. very much. Great.

Operator

Hills. open. Thank The line next O'Neill go is is ahead. to Please Sir, question like from Litchfield you. take that of you your not Theodore Would muted. you're

on Please We're question Capital issue [Indiscernible] to ahead. that the technical Management. on go next line. Robert of have moving We from Venator

Unidentified Analyst

Hi guys.

you product how first left to done. want there of follow to first just quarter, it's year, I the do just now complete of questions a was and portfolio? I for you. this one, the of coming is bit more I couple quick remember a great I Farouq, How I or is good much guess January Xst for mentioning And So all. think more maybe but was have repricing know much

Farouq Tuweiq

Yeah.

in benefit the So of not we action. terms of we kind extent or the kind of saw that we're some seeing. of say I couple laggards, of got of still to already a would it's but extreme what

work. So I would say that there's just leftover cleanup

we're done, it's So at but minimal not this work. XXX%

initiatives, more becomes as job a few of there on. maintenance terms Now with of we laggards. go of in it kind But kind we're of a big

Dan Bernstein

I had aboard with quicker, -- than on are ever big low past. a better when backlog react things we do can basis. change But we'll we pinpoint a a weekly monitoring better if We job see we our we think lot things in substantially was the Farouq margins, much a

Farouq Tuweiq

Dan So it's think was maintenance that work, I about. talking

right? that's So an ongoing issue, always

Unidentified Analyst

Yeah. Got it.

cadence. -- my then and And just margin guess, basically that. or is appreciate revenue I questions about I two next my Okay. one

obviously, seasonally quarter. I the know we So weakest generally mean, QX is

detailed So, pick probably to know that even revenues, like sequentially or not extremely a I you're in expect it anything, right? give guidance flat we should to assumption? be I margins seems correct but mean, Would going probably on

Farouq Tuweiq

guided, we XXX-XXX, talked as I sequentially to right, this go to we So around have think, QX about.

talked out we're new our gross see building will one are little margins, bit the China of Dan improvement. the is is we about. as we a China through things working facility, On But --

that we'll structure also So a but bit double have of bit cost offsetting. little some a a little business, there's within

That's of we do a now. the to I maybe But little bit So kind lot a guess other best moving of way. there's also see pieces of flat expect down. right our it little bit it, going could a kind maybe but to

Unidentified Analyst

or relating clarify, to was revenues just So that to margins?

Farouq Tuweiq

margin. gross The

the had QX On side, we right? the the well, million roughly XXX we as revenue $X of But got to side. also in remember, numbers PPVs

Unidentified Analyst

right. Right,

Okay. Got it.

Farouq Tuweiq

Which we forecast. don't

So QX, forecast they we that in can't may can occur also but really one.

Unidentified Analyst

last understand, I'm how as could side trying -- of the I it much profile just structural last then I And guess relates the question, improved to the new to margin my year. the guess, it call has so, business, we

differences were there's generally, assume guess, I the margins obviously, just the guess, higher say year-over-year, revenues flat how business, mean, I initiatives mix profile that some improving connectivity But would so much are mean, to here. I various and And margin I are shift EBITDA you like EV on an you in if basis?

Dan Bernstein

Yeah.

quite gap, I our didn't think we're credit be down. cost -- want we to lot this but remember, exactly optimize results operation where saying our we're and -- stay with cost, have year of we closing we're not pleased the discussions. initiatives the to We that And within we a say going our internal for on happy. we're

those lead leave margins. to all And that that. will improved we're it obviously, But not be So at will clicking I'll in. and yet. done should

Lynn Hutkin

just important to another in think margin general. I note And profile our thing is

If had was we ago, We that margin you the look years margin high SKUs. margin SKUs. SKU very very had We profit had back two negative large. range across our base of

margin door gross result consolidated the the that so on shipped really depended out And what quarter. of

the this more So in It's the a is a huge this -- gone mix, past in was year, that even margin we up particularly of in at point. over stabilized product margin over much don't all our there gross fluctuations bringing have so shift work that when everything base. has

Unidentified Analyst

Okay. Got it. Thanks, everyone.

Operator

John from is go is Hudson, Private Investor. Please question next The you. Thank who a ahead.

Unidentified Analyst

quarter, question. my taking first, is all about can for I Great everybody. wow. thanks the say And Hi, job,

Dan Bernstein

Thank you.

Unidentified Analyst

to provides think, companies relationship a of in, companies question the best give the than all have but -- all the information I I've kudo bigger of invest I And companies. an investor, invest other Fuse, in. my And Bel ones most Fuse, are of invested in number you. Bel stockholder individual the of one I you. I'm Thank sure. more I For and

statements I you and appreciate the make. you really provide information And so

Dan Bernstein

very you Thank much.

Unidentified Analyst

the my the a sure. and good. China the relationship It's are And is coming is for I'm and very For from. equal benefits bigger take about is being China than I And The about what that short quick, the room, ever the as I about just has China. mutually today, and relationship my And have are to relationship. a in relationship team the where like been, the and benefits between years, about question. the to beneficial see explain the and nurtured question call many they many, question both to company. for company I'd company the a elephant minute but

nervous and We economic might endured I all the and of beneficial the are am worldwide for and fact this about mutually that relationship. they years. political the of the issues how relation so many optimistic has affect nature because that relationship

the great done and annual Commission. You team and potential a the in the have the discussing Exchange to risks Securities job report

So state short question about all My you with see beyond would do situation and not China else common relationship where of of make either or you on are asking I'm is, significantly the the probably about that. mind nervous a more more significantly that today company? the we anything optimistic

Dan Bernstein

with agree would I this.

deeply into take able over impotence Ukraine. Russia between was China me keep on the look ask I'm more would to one situation me a optimistic it's based somewhat lot a to up if But at U.S.-China We the more I'm that went concerned give Taiwan. two night, and at today, definitely I thing weeks. Russia what's optimistic more number and highly think you If country the within Ukraine was If I that today. relationship.

back I lot. problem having put China. really perceive world And the worldwide by China on Russ is that and way bit deep has effect a the a think or I that's little a think the they

marketing of at CUI acquisition When way if looked buying a All our the you're a power people at at we company. we at not looking again, look strategy, company, the again, said as EOS, power looked -- one reasons, a you EOS, company.

manufacturing manufacturing do a site could a in acquired if we low-cost where area we had to move very India, Now quickly. we to,

for power of our sales. suppliers, now team XX% almost which accounts a have We management know that

much on are is The a but commitment factor. we're us not or customers concern different willing pricing is for concern about as things, again, worldwide, good the that. job is and willing there, they it a as to they But of -- a of that want do our China our that. to lot customers support move us they're you And we have or make here a for they're move driving doing talk can asking to pay -- and out

all when best we're Philippines. China factory, my spent that our our still we this -- the time, at point in is I at situation And the product. looking look Vietnam, time of doing and for We Malaysia in consolidation thought reviews, after

it's magnetics, our at constantly. possible, you labor-intensive, -- need where We footprint or it's concern. And if something us costing look -- money customers. I the biggest China ways to, it's skilled look move costing it's are we We workers. building our that look and think out we'll us of Again, without at at it

Unidentified Analyst

Thank you. I appreciate that.

Operator

you. Thank

is Hendi Funds. of question Gabelli Our Susanto next from Please ahead. go

Hendi Gabelli

Thank Dan, morning, Farouq you. Lynn. Good and

Lynn Hutkin

Good morning.

Hendi Gabelli

Dan. visibility? Yeah. have how how much historical question versus for for now or first visibility Farouq, Dan, do much visibility My is like you

Dan Bernstein

I product think on line, it depends again. the

see we aerospace you group, tremendous of companies. at times, had it's that based good from semiconductor lead because aerospace Power the always business, and the because the visibility the we of the much large very the again, so In forecast industry. If we look visibility on long have

the is and more visibility consumer. which Magnetic in product line the So having only that group, is good not networking we're

I past. overall, a do nice that think in visibility never So we we -- good, some yeah the have had

Farouq Tuweiq

yet. me Hendi, know, XX XX wrong, I'm generally if X And lot generally X weeks historical is because to historically, the a you out. we've definitely correct pre-COVID talked this. now, Dan, is extent norms. visibility But right not there to and about to We're today as weeks

out, visibility but to above you have we historical longer the today, better norms. go So seem

Hendi Gabelli

it. mentioned you to And levels inventory levels. will more somewhat will consumed? fully have when I excess some inventory return in channel Magnetic, Do normalized think then channel level? a levels you And be increasing then expectation Got inventory about

Lynn Hutkin

expect down? and overall about see when Hendi, you're So we to come asking consolidated inventory so them levels

Hendi Gabelli

Yes.

Lynn Hutkin

Okay.

Farouq Tuweiq

Yeah.

that best kind Dan, now right I a quarters nearly as to the through guess system. of is for of work you're couple generally, of think, our

two And best guess so of our quarters one kind is probably or today.

Dan Bernstein

Yes.

Hendi Gabelli

Yeah. Fuse presentation, whether in been think and mentioned you on has can And be like we more as successful you -- are inverters. and number has the product roadmap? customers selling Would then, you wondering color of converters share SKUs, number some metrics? But think your inquire able I slide such Bel to the of I'm e-mobility. I the

Farouq Tuweiq

So I if agree as say immediate I -- kind it's But broader have the would would don't SKUs. broad on as of that. not question know Bel. I Dan don't with

Dan Bernstein

agree. I No,

Farouq Tuweiq

e-mobility, to pretty had it tends be a about Our relatively fragmented previously. as talked we today, business,

kind over I also that have We say and haven't one [ph] we kind we seen of our to. XXX scale. customer mass of hit agreements products, and people that NDAs speak would

therefore, there's So diversity.

people and orders of start-ups of of the So and and good whole including a get some number household we it's names kind kind from gamut.

If a procure So bit issues. we we components, of today more could the some a with business. could component it is ship restricted healthy little It is more.

doubling to It for on one you. don't well our like. it into It's of our SKU for that specifically, an kind Obviously, of But and area spoke is we we So a we're commitment continuation business really about a us counts as tends we businesses closed and there definitely of on. electric. e-mobility. have be higher-margin I

Dan Bernstein

buses the vehicles, see main trucks, looking understand to niche you we we're for point besides mostly business. cars, Like not Protection key the with school for us, going think as commercial a we're vans. not that We're going trucks. to high-volume commercial the Circuit is heavy-duty opportunity, great at after I

for be So are markets again, very niche where we we feel highly can we looking successful.

to we power see away going market. stations are business power to that companies high-volume to that a big be margin, that It's going from. address we want For supply limited kind that set that opportunities the low of up, really feel we stay

Hendi Gabelli

new magnetic see Got mentioned quite launch new like to And it are interesting upgrades? press then to release products in us versus Yeah. of those many that how plan the some you the XXXX. Can is X,XXX give products idea it.

Dan Bernstein

No.

products, this products for on is again, could introducing -- in think, products and say expanding when a we family we're a I part portfolio. all again, family products, product new that be X,XXX of the numbers, XXX our that

they CUI go to they try as They the model, products many to as a using again, sell a with diversified So customer customers. can broad-based base.

very is of their limited Signal set historically, So in customers. portfolio the product and

we more Now broader with distributors, our because products of and a relationships put customer these can lot these base. e-commerce get

a So with goal, full of today. anybody magnetic in compete products where again, can to any is our basket have or world we company the

Hendi Gabelli

And you. are are certain sales. me. military trends market are military end sales macro somewhat Thank that question are whether last in there Dan, wondering reason or a it then driving I'm for certain like -- there trends higher drive like that in some applications --- whether

Dan Bernstein

world, the marketplace us think military and the the Ukraine, the German the forth. compare any Services, Armed No, view British throughout Services military people I in robust. look, today budgets supporting Armed uncertainty situation of gives to more I so mean, pre-Russia, how Ukraine,

to we So those that areas are support. try

with think We aerospace I see real great more the the see But is us side, satellites. where on we opportunity growth for opportunities.

there's a product military, bigger as that address. can So we that portfolio basket such besides of

Hendi Gabelli

you. Thank

Operator

And time. some no this turn for Bernstein are to I floor at back over the remarks. would further Dan to questions like There closing

Dan Bernstein

continued our for We'd joining we thank forward call the like to today, you success Thank you. and look to year. throughout

Operator

Thank you participation. time. your may That lines today's you conclude disconnect this for conference, Thank and you at does your very much.

Bel Fuse (BELFB) 27 Apr 232023 Q1 Earnings call transcript