Bel Fuse Inc (NASDAQ:BELFB) Q4 2018 Earnings Conference Call - Final Transcript
Feb 21, 2019 • 11:00 am ET
Good day, and welcome to the Bel Fuse Incorporated Fourth Quarter and Full Year 2018 Results Conference Call. Today's conference is being recorded.
At this time, I would like to turn the conference over to Mr. Dan Bernstein, President and Chief Executive Officer. Please go ahead, sir.
Thank you, Allison. Joining me on the call today is Craig Brosious, our Vice President of Finance; and Lynn Hutkin, our Director of Financial Reporting.
Before we begin the call, I'd like to ask Lynn to go over the safe harbor statement. Lynn?
Thank you, Dan. Good morning, everybody. Before we start, I'd like to read the following safe harbor statement. Except for historical information contained on this call, the matters discussed on this call such as statements regarding anticipated growth from the Company's distribution channel, the effects of the ERP system implementation, and other positive business and growth trends are forward-looking statements as described under the Private Securities Litigation Reform Act of 1995 that involves risks and uncertainties. Actual results could differ materially from Bel's projections.
Among the factors that could cause actual results to differ materially from such statements are, the market concerns facing our customers; the continuing viability of sectors that rely on our products; the effects of business and economic conditions; difficulties associated with integrating recently acquired companies; capacity and supply constraints or difficulties; product development, commercialization or technological difficulties; the regulatory trade environment; risks associated with foreign currencies; uncertainties associated with legal proceedings; the market's acceptance of the Company's new products and competitive responses to those new products; the impact of changes to US trade and tariff policies; and the risk factors detailed from time to time in the Company's SEC reports.
In light of the risks and uncertainties, there can be no assurance that any forward-looking statement will, in fact, prove to be correct. We undertake no obligation to update or revise any forward-looking statements. 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 release.
And just before turning the call back to Dan, I just wanted to give everyone a heads up that our EBITDA reconciliation table in our original release was incorrect. There were errors in that table, and a new release is coming out. So please disregard that initial table. So that's the third table, which is on Page 7 of the release.
Thank you, Lynn. Before going through the financials, I would like to provide a brief update on how the businesses did from an operational standpoint this quarter, and what we see going forward. Overall, we were very pleased that we closed the year with another solid quarter, bringing our 2018 sales to $548 million, our highest sales year since 2015. More importantly, our net earnings for the year of $21 million were the highest in over a decade.
Sales during the fourth quarter were $142.7 million, up 19% from the fourth quarter of 2017 with double-digit growth in