Bel Fuse Inc.

Good morning and welcome to Belfu's third quarter 2024 earnings call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the call over to Jean Marie Young with third part advisors. Please go ahead, Ms. Jean.

Thank you and good morning, everyone. Before we begin, I'd like to remind everyone that during today's conference call, we will make statements relating to our business that will be considered forward-looking statements under federal securities laws, such as statements regarding the company's expected operating and financial performance for future periods, including guidance for future periods in 2024. These statements are based on the company's current expectations and reflect the company's views only as of today and should not be considered representative of the company's views as of any subsequent date. The company disclaims any obligation to update any forward-looking statements or outlook. Actual results for future periods may differ materially from those projected by forward-looking statements due to a number of risks, uncertainties, and other factors. These material risks are summarized in the price reviews that we issued after market closed yesterday. Additional information about material risks and other important factors that could potentially impact our financial performance and cause actual results to differ materially from our expectations is discussed in our Filings and Securities and Exchange Commission, including our most recent annual report on Form 10-K for the fiscal year ended December 31, 2023, and our quarterly reports and other documents that we have filed or may file with the SEC from time to time. We may also discuss non-GAAP results during this call, and reconciliations of our GAAP results to non-GAAP results have been included in our press release. Our press release and our SEC filings are all available at the IR section of the website. Joining me today on the call is Dan Bernstein, President and CEO, Drew Twick, CFO, and Lynn Hutkin, Vice President of Financial Reporting and Investor Relations. With that, I'd like to turn the call over to Dan. Dan?

Yes, thank you, Jean. And we appreciate everyone joining our call this morning. We are pleased that our third quarter sales and gross margins each landed above the midpoint of our guidance. As anticipated, our connectivity segment had strong quarter driven by robust sales into aerospace defense and space applications. And our magnetic segment experienced incremental growth on a sequential basis from Q2 24, which is good to see. The power segment sales were within our expectations for the quarter, given the previously discussed seasonality in Europe and during August, and the impact from trade restrictions on one of our former suppliers in China. The only new factor which impacted revenue of our connectivity segment was the strike at one of our aerospace customers, which slowed the value of shipments late in the third quarter. During the third quarter, we have made two key additions to the corporate team as we continue to add high-impact individuals. In the new creative role, Umar Pagbao has joined as global head of sales and marketing, and Anubhav Gopi has joined as global head of corporate contracts. Umar was most recently the president of Global Sales at Farnell, a premier distributor in the electronic industry. Throughout his long-term tenure career, Umar has proven a track record of growing sales through a variety of avenues, including the turnaround of unperforming regions, entering new geographic markets, pursuing a tailored approach to product technology, and identifying and executing cross-selling opportunities. We will be responsible for creating and executing strategies that drive growth beyond the current trends, identifying areas for improvement, challenging existing processes, and implementing innovative solutions to optimize sales performance. And above is a season-proven supply chain and procurement layer with a heavy history of securing efficiencies and short-saving outcomes for multi-billion dollar companies, including Comscope, Motorola Mobility, and Google. He's been tasked with developing and implementing a procurement strategy, coveting robust vendor relations, negotiating contracts, and championing cost-effective, sustainable procurement practice on a global basis. We are very much looking forward to the contribution that each immigrant and above will be developed to position the company for long-term success. Now I'd like to turn it over to Lynn.