Bel Fuse Stock Gains On Q2 Volume Growth; $314M Backlog - Bel Fuse (NASDAQ:BELFA)

Bel Fuse Inc BELFA reported second-quarter FY21 net sales growth of 14.5% year-on-year to $138.7 million, beating the analyst consensus of $128 million.
The gross margin contracted 110 bps to 24.7%, and the operating margin contracted 20 bps to 4.8%.
EPS of $0.64 beat the analyst consensus of $0.34.
The adjusted EBITDA margin contracted 100 bps to 8.4%.
Bel Fuse held $66.4 million in cash and equivalents at the end of Q2.
Backlog of $314 million on Jun. 30 represents over 100% growth from Dec. 31. Quarterly bookings of $212 million, was over double the order volume Y/Y.
The Q2 sales reflected a recovery in demand from key sectors served, mainly commercial aerospace, networking, military, e-Mobility, and industrial.
Further, acquisitions of rms and EOS earlier in 2021 also contributed to the growth.
The closure of the modules design and technical support center in Maidstone, UK, during Q3 is likely to save $0.4 million in annual cost.
Price action: BELFA shares traded higher by 17.9% at $15.5 in the market session on the last check Friday.