Bel Fuse, Inc. (NASDAQ:BELFB) Q1 2022 Earnings Conference Call April 28, 2022 8:30 AM ET
Company Participants
Jean Young - Three Part Advisors
Daniel Bernstein - President, CEO & Director
Lynn Hutkin - Director, Financial Reporting, Principal Accounting Officer & Company Secretary
Farouq Tuweiq - CFO, Principal Financial Officer & Treasurer
Conference Call Participants
Theodore O'Neill - Litchfield Hills Research
Hendi Susanto - Gabelli Funds
Chris Grenga - Needham & Company
Operator
Good day, and welcome to the Bel Fuse First Quarter 2022 Earnings Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Jean Young with Three Part Advisors. Please go ahead.
Jean Young
Thank you, Emma, 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 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 us on the call today is Dan Bernstein, President and CEO; Farouq Tuweiq, CFO; and Lynn Hutkin, Director of Financial Reporting. Now I'd like to turn the call over to Dan.
Daniel Bernstein
Thank you, Jean, and thank you all for joining us on the call today. I'm pleased to report that all 3 business units performed exceptionally well, with all groups showing sales and margin improvement compared to the first quarter of 2021. With a record backlog of $525 million, we expect demand to remain strong for the balance of the year.
The highlights this quarter were led by the Magnetic Solutions group, where gross margin rose to 20.1% in the first quarter as of 2022 as compared to 13.7% in the first quarter of 2021 as a result of higher sales from our enterprise networking customers and despite the temporary government mandate factory closes in China related to COVID.