Littelfuse Reports Third Quarter Results for 2024
Littelfuse (NASDAQ: LFUS) reported Q3 2024 results with net sales of $567 million, down 7% year-over-year. The company achieved GAAP diluted EPS of $2.32 and adjusted diluted EPS of $2.71. Cash flow from operations was $80 million, with free cash flow of $65 million. For Q4 2024, Littelfuse expects net sales between $510-540 million and adjusted diluted EPS of $1.90-2.10. The company announced a quarterly dividend of $0.70 per share, payable on December 5, 2024.
Littelfuse (NASDAQ: LFUS) ha riportato i risultati del terzo trimestre 2024 con ricavi netti di $567 milioni, in diminuzione del 7% rispetto all'anno precedente. L'azienda ha raggiunto un utile per azione diluito GAAP di $2.32 e un utile per azione diluito rettificato di $2.71. Il flusso di cassa dalle operazioni è stato di $80 milioni, con un flusso di cassa libero di $65 milioni. Per il quarto trimestre del 2024, Littelfuse prevede ricavi netti tra $510-540 milioni e un utile per azione diluito rettificato di $1.90-2.10. L'azienda ha annunciato un dividendo trimestrale di $0.70 per azione, pagabile il 5 dicembre 2024.
Littelfuse (NASDAQ: LFUS) reportó los resultados del tercer trimestre de 2024, con ventas netas de $567 millones, una disminución del 7% en comparación al año anterior. La compañía obtuvo un BPA diluido GAAP de $2.32 y un BPA diluido ajustado de $2.71. El flujo de caja de las operaciones fue de $80 millones, con un flujo de caja libre de $65 millones. Para el cuarto trimestre de 2024, Littelfuse espera ventas netas entre $510-540 millones y un BPA diluido ajustado de $1.90-2.10. La empresa anunció un dividendo trimestral de $0.70 por acción, que se pagará el 5 de diciembre de 2024.
리틀퓨즈 (NASDAQ: LFUS)는 2024년 3분기 결과를 발표하였으며, 순매출은 $567 백만으로 전년 대비 7% 감소하였습니다. 회사는 GAAP 희석 주당순이익(EPS) $2.32 및 조정 희석 주당순이익 $2.71을 달성하였습니다. 운영으로부터의 현금 흐름은 $80 백만이며, 자유 현금 흐름은 $65 백만입니다. 2024년 4분기 동안 리틀퓨즈는 순매출을 $510-540 백만으로 예상하며, 조정된 희석 주당순이익은 $1.90-2.10으로 예상하고 있습니다. 회사는 분기당 $0.70의 배당금을 2024년 12월 5일에 지급할 것이라고 발표하였습니다.
Littelfuse (NASDAQ: LFUS) a publié les résultats du troisième trimestre 2024 avec des ventes nettes de $567 millions, soit une baisse de 7 % par rapport à l'année précédente. L'entreprise a atteint un BPA dilué GAAP de $2.32 et un BPA dilué ajusté de $2.71. Le flux de trésorerie d'exploitation a été de $80 millions, avec un flux de trésorerie libre de $65 millions. Pour le quatrième trimestre 2024, Littelfuse s'attend à des ventes nettes comprises entre $510-540 millions et un BPA dilué ajusté de $1.90-2.10. L'entreprise a annoncé un dividende trimestriel de $0.70 par action, payable le 5 décembre 2024.
Littelfuse (NASDAQ: LFUS) hat die Ergebnisse für das 3. Quartal 2024 veröffentlicht, mit Nettoumsätzen von $567 Millionen, was einem Rückgang von 7% im Vergleich zum Vorjahr entspricht. Das Unternehmen erzielte einen GAAP verwässerten Gewinn je Aktie von $2.32 und einen bereinigten verwässerten Gewinn je Aktie von $2.71. Der Cashflow aus operativen Tätigkeiten betrug $80 Millionen, mit einem freien Cashflow von $65 Millionen. Für das 4. Quartal 2024 erwartet Littelfuse Nettoumsätze zwischen $510-540 Millionen und einen bereinigten verwässerten Gewinn je Aktie von $1.90-2.10. Das Unternehmen kündigte eine vierteljährliche Dividende von $0.70 pro Aktie an, die am 5. Dezember 2024 zahlbar ist.
- Q3 earnings exceeded company expectations
- Strong cash flow generation with $80M from operations
- Maintained quarterly dividend of $0.70 per share
- Net sales declined 7% year-over-year
- Q4 guidance indicates continued revenue decline
- Management reports soft end market conditions
Insights
Littelfuse's Q3 results demonstrate resilience despite market headwinds, with
The Q4 guidance of
Operational execution drives third quarter earnings above expectations
-
Net sales of
were down$567 million 7% versus the prior year period and organically -
GAAP diluted EPS was
and adjusted diluted EPS was$2.32 $2.71 -
Cash flow from operations was
and free cash flow was$80 million $65 million
“In the third quarter, our global teams delivered strong execution and drove sales and earnings above our expectations,” said Dave Heinzmann, Littelfuse President and Chief Executive Officer. “While we see soft end market conditions extending into the fourth quarter, we remain focused on driving operational excellence while serving our global customer base and delivering meaningful new business wins. Our proven growth strategy, diversification efforts and strong technology capabilities position us to deliver top tier long-term stakeholder value.”
Fourth Quarter of 2024*
Based on current market conditions, for the fourth quarter the company expects,
-
Net sales in the range of
-$510 , adjusted diluted EPS in the range of$540 million -$1.90 and an adjusted effective tax rate of approximately$2.10 14%
*Littelfuse provides guidance on a non-GAAP (adjusted) basis. GAAP items excluded from guidance may include the after-tax impact of items including acquisition and integration costs, restructuring, impairment and other charges, certain purchase accounting adjustments, non-operating foreign exchange adjustments and significant and unusual items. These items are uncertain, depend on various factors, and could be material to results computed in accordance with GAAP. Littelfuse is not able to forecast the excluded items in order to provide the most directly comparable GAAP financial measure without unreasonable efforts.
Dividend and Share Repurchase Authorization
-
The company will pay a cash dividend on its common stock of
per share on December 5, 2024, to shareholders of record as of November 21, 2024$0.70
Conference Call and Webcast Information
Littelfuse will host a conference call on Wednesday, October 30, 2024, at 9:00 a.m. Central Time to discuss the results. The call will be broadcast and available for replay at Littelfuse.com. A slide presentation is available in the Investor Relations section of the company’s website at Littelfuse.com.
About Littelfuse
Littelfuse, Inc. (NASDAQ: LFUS) is a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world. Across more than 20 countries, and with approximately 16,000 global associates, we partner with customers to design and deliver innovative, reliable solutions. Serving over 100,000 end customers, our products are found in a variety of industrial, transportation and electronics end markets – everywhere, every day. Learn more at Littelfuse.com.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995
The statements in this press release that are not historical facts are intended to constitute "forward-looking statements" entitled to the safe-harbor provisions of the Private Securities Litigation Reform Act. Such statements are based on Littelfuse, Inc.’s (“Littelfuse” or the “Company”) current expectations and are subject to a number of factors and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties, include, but are not limited to, risks and uncertainties relating to general economic conditions; product demand and market acceptance; the impact of competitive products and pricing; product quality problems or product recalls; capacity and supply difficulties or constraints; coal mining exposures reserves; cybersecurity matters; failure of an indemnification for environmental liability; exchange rate fluctuations; commodity and other raw material price fluctuations; the effect of Littelfuse accounting policies; labor disputes; restructuring costs in excess of expectations; pension plan asset returns less than assumed; integration of acquisitions; uncertainties related to political or regulatory changes; and other risks which may be detailed in the company's Securities and Exchange Commission filings. Should one or more of these risks or uncertainties materialize or should the underlying assumptions prove incorrect, actual results and outcomes may differ materially from those indicated or implied in the forward-looking statements. This release should be read in conjunction with information provided in the financial statements appearing in the company's Annual Report on Form 10-K for the year ended December 30, 2023.
Further discussion of the risk factors of the company can be found under the caption "Risk Factors" in the company's Annual Report on Form 10-K for the year ended December 30, 2023, and in other filings and submissions with the SEC, each of which are available free of charge on the company’s investor relations website at investor.littelfuse.com and on the SEC’s website at www.sec.gov. These forward-looking statements are made as of the date hereof. The company does not undertake any obligation to update, amend or clarify these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the availability of new information.
Non-GAAP Financial Measures
The information included in this press release includes the non-GAAP financial measures of organic net sales (decline) growth, adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted diluted earnings per share, adjusted income taxes, adjusted effective tax rate, free cash flow, net debt, consolidated EBITDA, and consolidated net leverage ratio (as defined in the credit agreement). Many of these non-GAAP financial measures exclude the effect of certain expenses and income not related directly to the underlying performance of our fundamental business operations. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is set forth in the attached schedules. The company believes that organic net sales (decline) growth, adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted diluted earnings per share, adjusted income taxes, and adjusted effective tax rate provide useful information to investors regarding its operational performance because they enhance an investor’s overall understanding of our core financial performance and facilitate comparisons to historical results of operations, by excluding items that are not related directly to the underlying performance of our fundamental business operations or were not part of our business operations during a comparable period. The company believes that free cash flow is a useful measure of its ability to generate cash. The company believes that net debt, consolidated EBITDA, and consolidated net leverage ratio are useful measures of its credit position. The company believes that all of these non-GAAP financial measures are commonly used by financial analysts and others in the industries in which we operate, and thus further provide useful information to investors. Management additionally uses these measures when assessing the performance of the business and for business planning purposes. Note that our definitions of these non-GAAP financial measures may differ from those terms as defined or used by other companies.
LFUS-F
LITTELFUSE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||
|
|
(Unaudited) |
|
|
||
(in thousands, except share and per share data) |
|
September 28,
|
|
December 30,
|
||
ASSETS |
|
|
|
|
||
Current assets: |
|
|
|
|
||
Cash and cash equivalents |
|
$ |
629,670 |
|
$ |
555,513 |
Short-term investments |
|
|
1,011 |
|
|
235 |
Trade receivables, less allowances of |
|
|
338,758 |
|
|
287,018 |
Inventories |
|
|
453,781 |
|
|
474,607 |
Prepaid income taxes and income taxes receivable |
|
|
6,793 |
|
|
8,701 |
Prepaid expenses and other current assets |
|
|
132,510 |
|
|
82,526 |
Total current assets |
|
|
1,562,523 |
|
|
1,408,600 |
Net property, plant, and equipment |
|
|
481,592 |
|
|
493,153 |
Intangible assets, net of amortization |
|
|
560,994 |
|
|
606,136 |
Goodwill |
|
|
1,317,748 |
|
|
1,309,998 |
Investments |
|
|
26,607 |
|
|
24,821 |
Deferred income taxes |
|
|
11,955 |
|
|
10,486 |
Right of use lease assets |
|
|
60,277 |
|
|
62,370 |
Other long-term assets |
|
|
40,548 |
|
|
79,711 |
Total assets |
|
$ |
4,062,244 |
|
$ |
3,995,275 |
LIABILITIES AND EQUITY |
|
|
|
|
||
Current liabilities: |
|
|
|
|
||
Accounts payable |
|
$ |
179,486 |
|
$ |
173,535 |
Accrued liabilities |
|
|
152,772 |
|
|
149,214 |
Accrued income taxes |
|
|
39,809 |
|
|
38,725 |
Current portion of long-term debt |
|
|
67,799 |
|
|
14,020 |
Total current liabilities |
|
|
439,866 |
|
|
375,494 |
Long-term debt, less current portion |
|
|
799,949 |
|
|
857,915 |
Deferred income taxes |
|
|
95,554 |
|
|
110,820 |
Accrued post-retirement benefits |
|
|
31,373 |
|
|
34,422 |
Non-current lease liabilities |
|
|
52,074 |
|
|
49,472 |
Other long-term liabilities |
|
|
70,328 |
|
|
86,671 |
Total equity |
|
|
2,573,100 |
|
|
2,480,481 |
Total liabilities and equity |
|
$ |
4,062,244 |
|
$ |
3,995,275 |
LITTELFUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME
(Unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
(in thousands, except per share data) |
|
September 28,
|
|
September 30,
|
|
September 28,
|
|
September 30,
|
||||||||
Net sales |
|
$ |
567,390 |
|
|
$ |
607,071 |
|
|
$ |
1,661,263 |
|
|
$ |
1,828,850 |
|
Cost of sales |
|
|
351,498 |
|
|
|
380,200 |
|
|
|
1,050,559 |
|
|
|
1,122,190 |
|
Gross profit |
|
|
215,892 |
|
|
|
226,871 |
|
|
|
610,704 |
|
|
|
706,660 |
|
|
|
|
|
|
|
|
|
|
||||||||
Selling, general, and administrative expenses |
|
|
83,897 |
|
|
|
87,204 |
|
|
|
263,395 |
|
|
|
270,057 |
|
Research and development expenses |
|
|
26,470 |
|
|
|
25,484 |
|
|
|
81,283 |
|
|
|
77,270 |
|
Amortization of intangibles |
|
|
15,864 |
|
|
|
16,022 |
|
|
|
47,418 |
|
|
|
49,773 |
|
Restructuring, impairment, and other charges |
|
|
1,840 |
|
|
|
4,516 |
|
|
|
10,329 |
|
|
|
13,221 |
|
Total operating expenses |
|
|
128,071 |
|
|
|
133,226 |
|
|
|
402,425 |
|
|
|
410,321 |
|
Operating income |
|
|
87,821 |
|
|
|
93,645 |
|
|
|
208,279 |
|
|
|
296,339 |
|
|
|
|
|
|
|
|
|
|
||||||||
Interest expense |
|
|
9,772 |
|
|
|
10,101 |
|
|
|
29,358 |
|
|
|
29,803 |
|
Foreign exchange loss |
|
|
9,630 |
|
|
|
11,776 |
|
|
|
4,273 |
|
|
|
8,697 |
|
Other income, net |
|
|
(9,297 |
) |
|
|
(3,527 |
) |
|
|
(19,916 |
) |
|
|
(11,810 |
) |
Income before income taxes |
|
|
77,716 |
|
|
|
75,295 |
|
|
|
194,564 |
|
|
|
269,649 |
|
Income taxes |
|
|
19,658 |
|
|
|
17,507 |
|
|
|
42,588 |
|
|
|
53,045 |
|
Net income |
|
$ |
58,058 |
|
|
$ |
57,788 |
|
|
$ |
151,976 |
|
|
$ |
216,604 |
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
2.34 |
|
|
$ |
2.32 |
|
|
$ |
6.12 |
|
|
$ |
8.72 |
|
Diluted |
|
$ |
2.32 |
|
|
$ |
2.30 |
|
|
$ |
6.07 |
|
|
$ |
8.63 |
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares and equivalent shares outstanding: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
24,796 |
|
|
|
24,893 |
|
|
|
24,822 |
|
|
|
24,838 |
|
Diluted |
|
|
25,025 |
|
|
|
25,143 |
|
|
|
25,040 |
|
|
|
25,100 |
|
|
|
|
|
|
|
|
|
|
||||||||
Comprehensive income |
|
$ |
114,451 |
|
|
$ |
55,654 |
|
|
$ |
157,011 |
|
|
$ |
212,842 |
|
LITTELFUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) |
||||||||
|
|
Nine Months Ended |
||||||
(in thousands) |
|
September 28, 2024 |
|
September 30, 2023 |
||||
OPERATING ACTIVITIES |
|
|
|
|
||||
Net income |
|
$ |
151,976 |
|
|
$ |
216,604 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
101,437 |
|
|
|
137,988 |
|
Changes in operating assets and liabilities: |
|
|
|
|
||||
Trade receivables |
|
|
(50,672 |
) |
|
|
(21,752 |
) |
Inventories |
|
|
19,865 |
|
|
|
66,456 |
|
Accounts payable |
|
|
5,460 |
|
|
|
(38,475 |
) |
Accrued liabilities and income taxes |
|
|
(19,434 |
) |
|
|
(61,359 |
) |
Prepaid expenses and other assets |
|
|
(1,633 |
) |
|
|
13,678 |
|
Net cash provided by operating activities |
|
|
206,999 |
|
|
|
313,140 |
|
|
|
|
|
|
||||
INVESTING ACTIVITIES |
|
|
|
|
||||
Acquisitions of businesses, net of cash acquired |
|
|
— |
|
|
|
(198,810 |
) |
Purchases of property, plant, and equipment |
|
|
(50,065 |
) |
|
|
(63,166 |
) |
Net proceeds from sale of property, plant and equipment, and other |
|
|
8,931 |
|
|
|
597 |
|
Net cash used in investing activities |
|
|
(41,134 |
) |
|
|
(261,379 |
) |
|
|
|
|
|
||||
FINANCING ACTIVITIES |
|
|
|
|
||||
Net payments of credit facility |
|
|
(3,750 |
) |
|
|
(5,625 |
) |
Repurchases of common stock |
|
|
(40,862 |
) |
|
|
— |
|
Cash dividends paid |
|
|
(49,687 |
) |
|
|
(45,973 |
) |
All other cash provided by financing activities |
|
|
3,000 |
|
|
|
4,454 |
|
Net cash used in financing activities |
|
|
(91,299 |
) |
|
|
(47,144 |
) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |
|
|
(396 |
) |
|
|
(7,965 |
) |
Increase (decrease) in cash, cash equivalents, and restricted cash |
|
|
74,170 |
|
|
|
(3,348 |
) |
Cash, cash equivalents, and restricted cash at beginning of period |
|
|
557,123 |
|
|
|
564,939 |
|
Cash, cash equivalents, and restricted cash at end of period |
|
$ |
631,293 |
|
|
$ |
561,591 |
|
LITTELFUSE, INC.
NET SALES AND OPERATING INCOME BY SEGMENT
(Unaudited) |
||||||||||||||||||||||
|
|
Third Quarter |
|
Year-to-Date |
||||||||||||||||||
(in thousands) |
|
|
2024 |
|
|
|
2023 |
|
|
%
|
|
|
2024 |
|
|
|
2023 |
|
|
%
|
||
Net sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Electronics |
|
$ |
304,188 |
|
|
$ |
343,933 |
|
|
(11.6 |
)% |
|
$ |
900,932 |
|
|
$ |
1,052,673 |
|
|
(14.4 |
)% |
Transportation |
|
|
171,381 |
|
|
|
177,019 |
|
|
(3.2 |
)% |
|
|
510,711 |
|
|
|
515,708 |
|
|
(1.0 |
)% |
Industrial |
|
|
91,821 |
|
|
|
86,119 |
|
|
6.6 |
% |
|
|
249,620 |
|
|
|
260,469 |
|
|
(4.2 |
)% |
Total net sales |
|
$ |
567,390 |
|
|
$ |
607,071 |
|
|
(6.5 |
)% |
|
$ |
1,661,263 |
|
|
$ |
1,828,850 |
|
|
(9.2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Electronics |
|
$ |
48,891 |
|
|
$ |
77,022 |
|
|
(36.5 |
)% |
|
$ |
132,859 |
|
|
$ |
247,028 |
|
|
(46.2 |
)% |
Transportation |
|
|
23,485 |
|
|
|
9,694 |
|
|
142.3 |
% |
|
|
54,925 |
|
|
|
26,015 |
|
|
111.1 |
% |
Industrial |
|
|
17,711 |
|
|
|
13,201 |
|
|
34.2 |
% |
|
|
32,054 |
|
|
|
45,450 |
|
|
(29.5 |
)% |
Other(a) |
|
|
(2,266 |
) |
|
|
(6,272 |
) |
|
N.M. |
|
|
(11,559 |
) |
|
|
(22,154 |
) |
|
N.M. |
||
Total operating income |
|
$ |
87,821 |
|
|
$ |
93,645 |
|
|
(6.2 |
)% |
|
$ |
208,279 |
|
|
$ |
296,339 |
|
|
(29.7 |
)% |
Operating Margin |
|
|
15.5 |
% |
|
|
15.4 |
% |
|
|
|
|
12.5 |
% |
|
|
16.2 |
% |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense |
|
|
9,772 |
|
|
|
10,101 |
|
|
|
|
|
29,358 |
|
|
|
29,803 |
|
|
|
||
Foreign exchange loss |
|
|
9,630 |
|
|
|
11,776 |
|
|
|
|
|
4,273 |
|
|
|
8,697 |
|
|
|
||
Other income, net |
|
|
(9,297 |
) |
|
|
(3,527 |
) |
|
|
|
|
(19,916 |
) |
|
|
(11,810 |
) |
|
|
||
Income before income taxes |
|
$ |
77,716 |
|
|
$ |
75,295 |
|
|
3.2 |
% |
|
$ |
194,564 |
|
|
$ |
269,649 |
|
|
(27.8 |
)% |
(a) "other" typically includes non-GAAP adjustments such as acquisition-related and integration costs, purchase accounting inventory adjustments and restructuring and impairment charges. (See Supplemental Financial Information for details.)
N.M. - Not meaningful |
|
|
Third Quarter |
|
Year-to-Date |
||||||||||||||
(in thousands) |
|
2024 |
|
2023 |
|
%
|
|
2024 |
|
2023 |
|
%
|
||||||
Operating Margin |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Electronics |
|
16.1 |
% |
|
22.4 |
% |
|
(6.3 |
)% |
|
14.7 |
% |
|
23.5 |
% |
|
(8.8 |
)% |
Transportation |
|
13.7 |
% |
|
5.5 |
% |
|
8.2 |
% |
|
10.8 |
% |
|
5.0 |
% |
|
5.8 |
% |
Industrial |
|
19.3 |
% |
|
15.3 |
% |
|
4.0 |
% |
|
12.8 |
% |
|
17.4 |
% |
|
(4.6 |
)% |
LITTELFUSE, INC.
SUPPLEMENTAL FINANCIAL INFORMATION
(In millions of USD except per share amounts - unaudited) |
||||||||||||
Non-GAAP EPS reconciliation |
|
|
|
|
|
|
|
|
||||
|
|
Q3-24 |
|
Q3-23 |
|
YTD-24 |
|
YTD-23 |
||||
GAAP diluted EPS |
|
$ |
2.32 |
|
$ |
2.30 |
|
$ |
6.07 |
|
$ |
8.63 |
EPS impact of Non-GAAP adjustments (below) |
|
|
0.39 |
|
|
0.67 |
|
|
0.37 |
|
|
1.09 |
Adjusted diluted EPS |
|
$ |
2.71 |
|
$ |
2.97 |
|
$ |
6.44 |
|
$ |
9.72 |
Non-GAAP adjustments - (income) / expense |
|
|
|
|
|
|
|
|
|||||||
|
|
Q3-24 |
|
Q3-23 |
|
YTD-24 |
|
YTD-23 |
|||||||
Acquisition-related and integration costs (a) |
|
$ |
1.0 |
|
|
$ |
1.8 |
|
$ |
2.8 |
|
|
$ |
9.0 |
|
Restructuring, impairment and other charges (b) |
|
|
1.8 |
|
|
|
4.5 |
|
|
10.3 |
|
|
|
13.2 |
|
Gain on sale of fixed assets (c) |
|
|
(0.5 |
) |
|
|
— |
|
|
(1.5 |
) |
|
|
— |
|
Non-GAAP adjustments to operating income |
|
|
2.3 |
|
|
|
6.3 |
|
|
11.6 |
|
|
|
22.2 |
|
Other income, net (d) |
|
|
— |
|
|
|
— |
|
|
(0.3 |
) |
|
|
(0.2 |
) |
Non-operating foreign exchange loss |
|
|
9.6 |
|
|
|
11.8 |
|
|
4.3 |
|
|
|
8.7 |
|
Non-GAAP adjustments to income before income taxes |
|
|
11.9 |
|
|
|
18.1 |
|
|
15.6 |
|
|
|
30.7 |
|
Income taxes (e) |
|
|
2.1 |
|
|
|
1.2 |
|
|
6.2 |
|
|
|
3.2 |
|
Non-GAAP adjustments to net income |
|
$ |
9.8 |
|
|
$ |
16.9 |
|
$ |
9.4 |
|
|
$ |
27.5 |
|
|
|
|
|
|
|
|
|
|
|||||||
Total EPS impact |
|
$ |
0.39 |
|
|
$ |
0.67 |
|
$ |
0.37 |
|
|
$ |
1.09 |
|
Adjusted operating margin / Adjusted EBITDA reconciliation |
|
|
|
|
|
|
|
|
||||||||
|
|
Q3-24 |
|
Q3-23 |
|
YTD-24 |
|
YTD-23 |
||||||||
Net income |
|
$ |
58.1 |
|
|
$ |
57.8 |
|
|
$ |
152.0 |
|
|
$ |
216.6 |
|
Add: |
|
|
|
|
|
|
|
|
||||||||
Income taxes |
|
|
19.7 |
|
|
|
17.5 |
|
|
|
42.6 |
|
|
|
53.0 |
|
Interest expense |
|
|
9.8 |
|
|
|
10.1 |
|
|
|
29.4 |
|
|
|
29.8 |
|
Foreign exchange loss |
|
|
9.6 |
|
|
|
11.8 |
|
|
|
4.3 |
|
|
|
8.7 |
|
Other income, net |
|
|
(9.3 |
) |
|
|
(3.5 |
) |
|
|
(19.9 |
) |
|
|
(11.8 |
) |
GAAP operating income |
|
$ |
87.8 |
|
|
$ |
93.6 |
|
|
$ |
208.3 |
|
|
$ |
296.3 |
|
Non-GAAP adjustments to operating income |
|
|
2.3 |
|
|
|
6.3 |
|
|
|
11.6 |
|
|
|
22.2 |
|
Adjusted operating income |
|
$ |
90.1 |
|
|
$ |
99.9 |
|
|
$ |
219.9 |
|
|
$ |
318.5 |
|
Amortization of intangibles |
|
|
15.9 |
|
|
|
16.0 |
|
|
|
47.4 |
|
|
|
49.8 |
|
Depreciation expense |
|
|
17.3 |
|
|
|
17.9 |
|
|
|
51.0 |
|
|
|
53.5 |
|
Adjusted EBITDA |
|
$ |
123.3 |
|
|
$ |
133.8 |
|
|
$ |
318.3 |
|
|
$ |
421.8 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net sales |
|
$ |
567.4 |
|
|
$ |
607.1 |
|
|
$ |
1,661.3 |
|
|
$ |
1,828.9 |
|
Net income as a percentage of net sales |
|
|
10.2 |
% |
|
|
9.5 |
% |
|
|
9.1 |
% |
|
|
11.8 |
% |
Operating margin |
|
|
15.5 |
% |
|
|
15.4 |
% |
|
|
12.5 |
% |
|
|
16.2 |
% |
Adjusted operating margin |
|
|
15.9 |
% |
|
|
16.5 |
% |
|
|
13.2 |
% |
|
|
17.4 |
% |
Adjusted EBITDA margin |
|
|
21.7 |
% |
|
|
22.0 |
% |
|
|
19.2 |
% |
|
|
23.1 |
% |
Adjusted EBITDA by Segment |
|
Q3-24 |
|
Q3-23 |
||||||||||||||||||||
|
|
Electronics |
|
Transportation |
|
Industrial |
|
Electronics |
|
Transportation |
|
Industrial |
||||||||||||
GAAP operating income |
|
$ |
48.9 |
|
|
$ |
23.5 |
|
|
$ |
17.7 |
|
|
$ |
77.0 |
|
|
$ |
9.7 |
|
|
$ |
13.2 |
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Add back amortization |
|
|
9.9 |
|
|
|
3.4 |
|
|
|
2.6 |
|
|
|
9.8 |
|
|
|
3.6 |
|
|
|
2.6 |
|
Add back depreciation |
|
|
10.1 |
|
|
|
5.7 |
|
|
|
1.5 |
|
|
|
9.8 |
|
|
|
6.6 |
|
|
|
1.5 |
|
Adjusted EBITDA |
|
$ |
68.9 |
|
|
$ |
32.6 |
|
|
$ |
21.8 |
|
|
$ |
96.6 |
|
|
$ |
19.9 |
|
|
$ |
17.3 |
|
Adjusted EBITDA Margin |
|
|
22.6 |
% |
|
|
19.0 |
% |
|
|
23.8 |
% |
|
|
28.1 |
% |
|
|
11.2 |
% |
|
|
20.1 |
% |
Adjusted EBITDA by Segment |
|
YTD-24 |
|
YTD-23 |
||||||||||||||||||||
|
|
Electronics |
|
Transportation |
|
Industrial |
|
Electronics |
|
Transportation |
|
Industrial |
||||||||||||
GAAP operating income |
|
$ |
132.9 |
|
|
$ |
54.9 |
|
|
$ |
32.1 |
|
|
$ |
247.0 |
|
|
$ |
26.0 |
|
|
$ |
45.5 |
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Add back amortization |
|
|
29.6 |
|
|
|
10.1 |
|
|
|
7.7 |
|
|
|
30.1 |
|
|
|
12.2 |
|
|
|
7.5 |
|
Add back depreciation |
|
|
30.1 |
|
|
|
16.7 |
|
|
|
4.2 |
|
|
|
29.1 |
|
|
|
20.4 |
|
|
|
4.0 |
|
Adjusted EBITDA |
|
$ |
192.5 |
|
|
$ |
81.8 |
|
|
$ |
44.0 |
|
|
$ |
306.2 |
|
|
$ |
58.6 |
|
|
$ |
57.0 |
|
Adjusted EBITDA Margin |
|
|
21.4 |
% |
|
|
16.0 |
% |
|
|
17.6 |
% |
|
|
29.1 |
% |
|
|
11.4 |
% |
|
|
21.9 |
% |
Net sales reconciliation |
|
Q3-24 vs. Q3-23 |
||||||||||
|
|
Electronics |
|
Transportation |
|
Industrial |
|
Total |
||||
Net sales (decline) growth |
|
(12 |
)% |
|
(3 |
)% |
|
7 |
% |
|
(7 |
)% |
Less: |
|
|
|
|
|
|
|
|
||||
Acquisitions |
|
— |
% |
|
— |
% |
|
— |
% |
|
— |
% |
FX impact |
|
— |
% |
|
— |
% |
|
— |
% |
|
— |
% |
Organic net sales (decline) growth |
|
(12 |
)% |
|
(3 |
)% |
|
7 |
% |
|
(7 |
)% |
Net sales reconciliation |
|
YTD-24 vs. YTD-23 |
||||||||||
|
|
Electronics |
|
Transportation |
|
Industrial |
|
Total |
||||
Net sales decline |
|
(14 |
)% |
|
(1 |
)% |
|
(4 |
)% |
|
(9 |
)% |
Less: |
|
|
|
|
|
|
|
|
||||
Acquisitions |
|
— |
% |
|
— |
% |
|
— |
% |
|
— |
% |
FX impact |
|
— |
% |
|
— |
% |
|
— |
% |
|
— |
% |
Organic net sales decline |
|
(14 |
)% |
|
(1 |
)% |
|
(4 |
)% |
|
(9 |
)% |
Income tax reconciliation |
|
|
|
|
|
|
|
|
||||||||
|
|
Q3-24 |
|
Q3-23 |
|
YTD-24 |
|
YTD-23 |
||||||||
Income taxes |
|
$ |
19.7 |
|
|
$ |
17.5 |
|
|
$ |
42.6 |
|
|
$ |
53.0 |
|
Effective rate |
|
|
25.3 |
% |
|
|
23.3 |
% |
|
|
21.9 |
% |
|
|
19.7 |
% |
Non-GAAP adjustments - income taxes |
|
|
2.1 |
|
|
|
1.2 |
|
|
|
6.2 |
|
|
|
3.2 |
|
Adjusted income taxes |
|
$ |
21.8 |
|
|
$ |
18.7 |
|
|
$ |
48.8 |
|
|
$ |
56.2 |
|
Adjusted effective rate |
|
|
24.3 |
% |
|
|
20.0 |
% |
|
|
23.2 |
% |
|
|
18.7 |
% |
Free cash flow reconciliation |
|
|
|
|
|
|
|
|
||||||||
|
|
Q3-24 |
|
Q3-23 |
|
YTD-24 |
|
YTD-23 |
||||||||
Net cash provided by operating activities |
|
$ |
80.4 |
|
|
$ |
161.5 |
|
|
$ |
207.0 |
|
|
$ |
313.1 |
|
Less: Purchases of property, plant and equipment |
|
|
(15.4 |
) |
|
|
(21.7 |
) |
|
|
(50.1 |
) |
|
|
(63.2 |
) |
Free cash flow |
|
$ |
65.0 |
|
|
$ |
139.8 |
|
|
$ |
156.9 |
|
|
$ |
250.0 |
|
Consolidated Total Debt |
|
As of September 28, 2024 |
||
Consolidated Total Debt |
|
$ |
867.7 |
|
Unamortized debt issuance costs |
|
|
3.0 |
|
Finance lease liability |
|
|
0.4 |
|
Consolidated funded indebtedness |
|
|
871.1 |
|
Cash held in |
|
|
135.5 |
|
Net debt |
|
$ |
735.6 |
|
|
|
|
||
Consolidated EBITDA |
|
Twelve Months Ended September 28, 2024 |
||
Net Income |
|
$ |
194.8 |
|
Interest expense |
|
|
39.4 |
|
Income taxes |
|
|
58.7 |
|
Depreciation |
|
|
69.1 |
|
Amortization |
|
|
63.4 |
|
Non-cash additions: |
|
|
||
Stock-based compensation expense |
|
|
25.2 |
|
Purchase accounting inventory step-up charge |
|
|
— |
|
Unrealized loss on investments |
|
|
(2.6 |
) |
Impairment charges |
|
|
1.0 |
|
Other |
|
|
(0.2 |
) |
Consolidated EBITDA (1) |
|
$ |
448.8 |
|
|
|
|
||
Consolidated Net Leverage Ratio (as defined in the Credit Agreement) * |
|
1.6x |
* Our Credit Agreement and Private Placement Note with maturities ranging from 2024 to 2032, contain financial ratio covenants providing that if, as of the last day of each fiscal quarter, the Consolidated Net Leverage ratio at such time for the then most recently concluded period of four consecutive fiscal quarters of the Company exceeds 3.50:1.00, an Event of Default (as defined in the Credit Agreement and Private Placement Senior Notes) is triggered.
The Credit Agreement and Private Placement Senior Notes were amended in Q2 2022 and now allow for the addition of acquisition and integration costs up to
(1) Represents Consolidated EBITDA as defined in our Credit Agreement and Private Placement Senior Notes and is calculated using the most recently concluded period of four consecutive quarters.
Note: Total will not always foot due to rounding.
(a) reflected in selling, general and administrative expenses ("SG&A").
(b) reflected in restructuring, impairment and other charges.
(c) 2024 amount reflected a gain of
(d) 2024 year-to-date also included a reversal of
(e) reflected the tax impact associated with the non-GAAP adjustments.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241029085384/en/
David Kelley
224-727-2535
dkelley@littelfuse.com
Source: Littelfuse, Inc.
FAQ
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