Bel Fuse (NASDAQ:BELFB) stock is sliding lower on Thursday after the data transmission technology company released its earnings report for the fourth quarter of 2023.
The bad news for BELFB stock starts with the company’s adjusted earnings per share of $1.23. That’s below the $1.41 per share that Wall Street was expecting. It’s also lower than the $1.27 per share reported in the same period of the year prior.
Adding to this is Bel Fuse’s revenue of $140.01 million during the quarter. That’s another miss next to analysts’ estimate of $151.9 million for the period. It’s also worse than the $169.2 million reported in the fourth quarter of 2022.
What’s Next for BELFB Stock?
Farouq Tuweiq, Chief Financial Officer of Bel Fuse, provided investors with the following insight into the company’s expectations for 2024:
“It is expected that 2024 will be off to a slow start with various indicators forecasting a possible rebound in the second half of the year as inventory in the channel normalizes. Based on information available today, GAAP net sales in the first quarter of 2024 are expected to be in the range of $125 to $135 million, with gross margins holding at the full year 2023 level.”
BELFB stock is down 17.3% as of Thursday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
