Bel Fuse Inc. (NASDAQ:BELFB) Q4 2022 Earnings Conference Call February 23, 2023 8:30 AM ET
Company Participants
Jean Marie Young - Managing Director
Daniel Bernstein - President and Chief Executive Officer
Farouq Tuweiq - Chief Financial Officer
Lynn Hutkin - VP, Financial Reporting and IR
Conference Call Participants
Theodore O'Neill - Litchfield Hills Research
James Ricchiuti - Needham & Company
Hendi Susanto - Gabelli Funds
William Kim - Presidio Asset Management
Operator
Good morning and welcome to the Bel Fuse Fourth Quarter 2022 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.
I'd now like to turn the call over to Jean Marie Young. Please go ahead, Jean.
Jean Marie Young
Thank you and good morning, everyone. Before we begin, I'd like to remind everyone that this conference call contains certain forward-looking statements regarding the company's expected operating and financial performance for future periods. These statements are based on the company's current expectations. Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of risks and other factors.
Additional information about factors that could potentially impact our financial results is included in yesterday's press release and is discussed in our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K and our subsequent quarterly reports and other filings 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 our website.
Joining me on the call today is Dan Bernstein, President and CEO; Farouq Tuweiq, 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?
Daniel Bernstein
Yes. Thank you, Jean. We're very pleased to report a strong finish to a record-breaking year at Bel, where we demonstrated that even during a year with a challenging supply chain environment, our team's dedication and hard work has paid off. We would like to thank all our associates for allowing us to reach these milestones.
Each of the three product groups show a double-digit top line growth this year with our Power group leading the way with a 32% increase in sales year-over-year. Excluding the $32.5 million of raw materials surcharge invoicing during 2022, Power sales were up 17% over '21. Sales of our circuit protection products and CUI and EOS Power products have all had record sales in '22, reflecting double digit growth over the respective '21 levels.