Jersey City-based Bel Fuse Inc. announced Wednesday preliminary financial results for the first quarter of 2014 that ended on March 31.
According to the announcement, net sales increased 31.1 percent to $82.6 million compared to $63 million in last year’s first quarter. Net earnings increased to $0.20 per Class A share and $0.22 per Class B share compared to net losses of $0.05 per Class A and Class B share for the same time last year. The total net earnings for the first quarter were $2.5 million.
Also, Bel recently agreed to acquire Power Solutions business from ABB for $177 million, the company said.
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