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     213  0 Kommentare Littelfuse Reports Third Quarter Results for 2023

    Littelfuse, Inc. (NASDAQ: LFUS), a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world, today reported financial results for the third quarter ended September 30, 2023:

    • Net sales of $607.1 million were down 8% versus the prior year period, and down 11% organically
    • GAAP diluted EPS was $2.30; adjusted diluted EPS was $2.97
    • Cash flow from operations was $161.5 million and free cash flow was $139.8 million

    “In the third quarter, sales and earnings exceeded our expectations, despite pockets of end market softness and ongoing inventory destocking,” said Dave Heinzmann, Littelfuse President and Chief Executive Officer. “Our year-to-date performance underscores the resilience of our business model, strong cash generation, and consistent execution. Looking ahead, while dynamic macro conditions likely persist, our improved cost structure, healthy balance sheet, and ability to optimize cash flow should position us well into 2024. Our experienced team will continue to leverage our competitive advantages across our evolving and diversified end markets.”

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    Fourth Quarter of 2023*

    Based on current market conditions, for the fourth quarter the company expects,

    • Net sales in the range of $520 to $550 million, adjusted diluted EPS in the range of $1.90 to $2.10 and an adjusted effective tax rate of approximately 18%

    *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

    • The company will pay a cash dividend on its common stock of $0.65 per share on December 7, 2023, to shareholders of record as of November 23, 2023.

    Conference Call and Webcast Information

    Littelfuse will host a conference call on Wednesday, November 1, 2023, 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 17,000 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 31, 2022. 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 31, 2022, 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)

     

    September 30,
    2023

     

    December 31,
    2022

    ASSETS

     

     

     

     

    Current assets:

     

     

     

     

    Cash and cash equivalents

     

    $

    560,056

     

    $

    562,588

    Short-term investments

     

     

    229

     

     

     

    84

     

    Trade receivables, less allowances of $88,440 and $83,562 at September 30, 2023 and December 31, 2022, respectively

     

     

    327,500

     

     

     

    306,578

     

    Inventories

     

     

    483,075

     

     

     

    547,690

     

    Prepaid income taxes and income taxes receivable

     

     

    3,776

     

     

     

    7,215

     

    Prepaid expenses and other current assets

     

     

    83,684

     

     

     

    87,641

     

    Total current assets

     

     

    1,458,320

     

     

     

    1,511,796

     

    Net property, plant, and equipment

     

     

    478,906

     

     

     

    481,110

     

    Intangible assets, net of amortization

     

     

    612,366

     

     

     

    593,970

     

    Goodwill

     

     

    1,284,343

     

     

     

    1,186,922

     

    Investments

     

     

    23,371

     

     

     

    24,121

     

    Deferred income taxes

     

     

    13,598

     

     

     

    14,367

     

    Right of use lease assets, net

     

     

    51,755

     

     

     

    57,382

     

    Other long-term assets

     

     

    80,267

     

     

     

    34,066

     

    Total assets

     

    $

    4,002,926

     

     

    $

    3,903,734

     

    LIABILITIES AND EQUITY

     

     

     

     

    Current liabilities:

     

     

     

     

    Accounts payable

     

    $

    166,725

     

     

    $

    208,571

     

    Accrued liabilities

     

     

    143,540

     

     

     

    187,057

     

    Accrued income taxes

     

     

    35,762

     

     

     

    41,793

     

    Current portion of long-term debt

     

     

    135,619

     

     

     

    134,874

     

    Total current liabilities

     

     

    481,646

     

     

     

    572,295

     

    Long-term debt, less current portion

     

     

    857,006

     

     

     

    866,623

     

    Deferred income taxes

     

     

    106,656

     

     

     

    100,230

     

    Accrued post-retirement benefits

     

     

    29,445

     

     

     

    28,037

     

    Non-current operating lease liabilities

     

     

    39,818

     

     

     

    45,661

     

    Other long-term liabilities

     

     

    83,496

     

     

     

    79,510

     

    Total equity

     

     

    2,404,859

     

     

     

    2,211,378

     

    Total liabilities and equity

     

    $

    4,002,926

     

     

    $

    3,903,734

     

    LITTELFUSE, INC.

     

    CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME

     

    (Unaudited)

     

     

     

     

     

     

     

    Three Months Ended

     

    Nine Months Ended

    (in thousands, except per share data)

     

    September 30,
    2023

     

    October 1,
    2022

     

    September 30,
    2023

     

    October 1,
    2022

    Net sales

     

    $

    607,071

     

     

    $

    658,880

     

     

    $

    1,828,850

     

     

    $

    1,900,646

    Cost of sales

     

     

    380,200

     

     

     

    402,059

     

     

     

    1,122,190

     

     

     

    1,122,258

     

    Gross profit

     

     

    226,871

     

     

     

    256,821

     

     

     

    706,660

     

     

     

    778,388

     

     

     

     

     

     

     

     

     

     

    Selling, general, and administrative expenses

     

     

    87,204

     

     

     

    90,219

     

     

     

    270,057

     

     

     

    258,820

     

    Research and development expenses

     

     

    25,484

     

     

     

    25,752

     

     

     

    77,270

     

     

     

    68,796

     

    Amortization of intangibles

     

     

    16,022

     

     

     

    15,567

     

     

     

    49,773

     

     

     

    39,883

     

    Restructuring, impairment, and other charges

     

     

    4,516

     

     

     

    3,413

     

     

     

    13,221

     

     

     

    4,265

     

    Total operating expenses

     

     

    133,226

     

     

     

    134,951

     

     

     

    410,321

     

     

     

    371,764

     

    Operating income

     

     

    93,645

     

     

     

    121,870

     

     

     

    296,339

     

     

     

    406,624

     

     

     

     

     

     

     

     

     

     

    Interest expense

     

     

    10,101

     

     

     

    8,399

     

     

     

    29,803

     

     

     

    17,069

     

    Foreign exchange loss

     

     

    11,776

     

     

     

    18,191

     

     

     

    8,697

     

     

     

    40,051

     

    Other (income) expense, net

     

     

    (3,527

    )

     

     

    (698

    )

     

     

    (11,810

    )

     

     

    9,789

     

    Income before income taxes

     

     

    75,295

     

     

     

    95,978

     

     

     

    269,649

     

     

     

    339,715

     

    Income taxes

     

     

    17,507

     

     

     

    20,510

     

     

     

    53,045

     

     

     

    59,713

     

    Net income

     

    $

    57,788

     

     

    $

    75,468

     

     

    $

    216,604

     

     

    $

    280,002

     

     

     

     

     

     

     

     

     

     

    Earnings per share:

     

     

     

     

     

     

     

     

    Basic

     

    $

    2.32

     

     

    $

    3.05

     

     

    $

    8.72

     

     

    $

    11.32

     

    Diluted

     

    $

    2.30

     

     

    $

    3.02

     

     

    $

    8.63

     

     

    $

    11.21

     

     

     

     

     

     

     

     

     

     

    Weighted-average shares and equivalent shares outstanding:

     

     

     

     

     

     

     

     

    Basic

     

     

    24,893

     

     

     

    24,755

     

     

     

    24,838

     

     

     

    24,726

     

    Diluted

     

     

    25,143

     

     

     

    24,988

     

     

     

    25,100

     

     

     

    24,986

     

     

     

     

     

     

     

     

     

     

    Comprehensive income

     

    $

    55,654

     

     

    $

    47,280

     

     

    $

    212,842

     

     

    $

    218,262

     

    LITTELFUSE, INC.

     

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

     

    (Unaudited)

     

     

     

     

     

    Nine Months Ended

    (in thousands)

     

    September 30,
    2023

     

    October 1,
    2022

    OPERATING ACTIVITIES

     

     

     

     

    Net income

     

    $

    216,604

     

     

    $

    280,002

     

    Adjustments to reconcile net income to net cash provided by operating activities:

     

     

    137,988

     

     

     

    183,942

     

    Changes in operating assets and liabilities:

     

     

     

     

    Trade receivables

     

     

    (21,752

    )

     

     

    (56,431

    )

    Inventories

     

     

    66,456

     

     

     

    (83,803

    )

    Accounts payable

     

     

    (38,475

    )

     

     

    (3,838

    )

    Accrued liabilities and income taxes

     

     

    (61,359

    )

     

     

    (4,399

    )

    Prepaid expenses and other assets

     

     

    13,678

     

     

     

    (2,034

    )

    Net cash provided by operating activities

     

     

    313,140

     

     

     

    313,439

     

     

     

     

     

     

    INVESTING ACTIVITIES

     

     

     

     

    Acquisitions of businesses, net of cash acquired

     

     

    (198,810

    )

     

     

    (532,772

    )

    Purchases of property, plant, and equipment

     

     

    (63,166

    )

     

     

    (77,773

    )

    Net proceeds from sale of property, plant and equipment, and other

     

     

    597

     

     

     

    565

     

    Net cash used in investing activities

     

     

    (261,379

    )

     

     

    (609,980

    )

     

     

     

     

     

    FINANCING ACTIVITIES

     

     

     

     

    Net payments of credit facility

     

     

    (5,625

    )

     

     

    373,125

     

    Cash dividends paid

     

     

    (45,973

    )

     

     

    (41,055

    )

    All other cash provided by (used in) financing activities

     

     

    4,454

     

     

     

    (10,147

    )

    Net cash (used in) provided by financing activities

     

     

    (47,144

    )

     

     

    321,923

     

    Effect of exchange rate changes on cash, cash equivalents, and restricted cash

     

     

    (7,965

    )

     

     

    (31,963

    )

    Decrease in cash, cash equivalents, and restricted cash

     

     

    (3,348

    )

     

     

    (6,581

    )

    Cash, cash equivalents, and restricted cash at beginning of period

     

     

    564,939

     

     

     

    482,836

     

    Cash, cash equivalents, and restricted cash at end of period

     

    $

    561,591

     

     

    $

    476,255

     

    LITTELFUSE, INC.

     

    NET SALES AND OPERATING INCOME BY SEGMENT

     

    (Unaudited)

     

     

     

     

     

     

     

    Third Quarter

     

    Year-to-Date

    (in thousands)

     

    2023

     

    2022

     

    %
    Growth /
    (Decline)

     

    2023

     

    2022

     

    %
    Growth /
    (Decline)

    Net sales

     

     

     

     

     

     

     

     

     

     

     

     

    Electronics

     

    $

    343,933

     

     

    $

    397,629

     

     

    (13.5

    )%

     

    $

    1,052,673

     

     

    $

    1,121,626

     

     

    (6.1

    )%

    Transportation

     

     

    177,019

     

     

     

    181,735

     

     

    (2.6

    )%

     

     

    515,708

     

     

     

    548,266

     

     

    (5.9

    )%

    Industrial

     

     

    86,119

     

     

     

    79,516

     

     

    8.3

    %

     

     

    260,469

     

     

     

    230,754

     

     

    12.9

    %

    Total net sales

     

    $

    607,071

     

     

    $

    658,880

     

     

    (7.9

    )%

     

    $

    1,828,850

     

     

    $

    1,900,646

     

     

    (3.8

    )%

     

     

     

     

     

     

     

     

     

     

     

     

     

    Operating income

     

     

     

     

     

     

     

     

     

     

     

     

    Electronics

     

    $

    77,022

     

     

    $

    113,140

     

     

    (31.9

    )%

     

    $

    247,028

     

     

    $

    339,675

     

     

    (27.3

    )%

    Transportation

     

     

    9,694

     

     

     

    12,987

     

     

    (25.4

    )%

     

     

    26,015

     

     

     

    57,604

     

     

    (54.8

    )%

    Industrial

     

     

    13,201

     

     

     

    12,178

     

     

    8.4

    %

     

     

    45,450

     

     

     

    39,968

     

     

    13.7

    %

    Other(a)

     

     

    (6,272

    )

     

     

    (16,435

    )

     

    N.M.

     

     

     

    (22,154

    )

     

     

    (30,623

    )

     

    N.M.

     

    Total operating income

     

    $

    93,645

     

     

    $

    121,870

     

     

    (23.2

    )%

     

    $

    296,339

     

     

    $

    406,624

     

     

    (27.1

    )%

    Operating Margin

     

     

    15.4

    %

     

     

    18.5

    %

     

     

     

     

    16.2

    %

     

     

    21.4

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Interest expense

     

     

    10,101

     

     

     

    8,399

     

     

     

     

     

    29,803

     

     

     

    17,069

     

     

     

    Foreign exchange loss

     

     

    11,776

     

     

     

    18,191

     

     

     

     

     

    8,697

     

     

     

    40,051

     

     

     

    Other (income) expense, net

     

     

    (3,527

    )

     

     

    (698

    )

     

     

     

     

    (11,810

    )

     

     

    9,789

     

     

     

    Income before income taxes

     

    $

    75,295

     

     

    $

    95,978

     

     

    (21.5

    )%

     

    $

    269,649

     

     

    $

    339,715

     

     

    (20.6

    )%

     

    (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)

     

    2023

     

    2022

     

    %
    (Decline)

     

    2023

     

    2022

     

    %
    Growth /
    (Decline)

    Operating Margin

     

     

     

     

     

     

     

     

     

     

     

     

    Electronics

     

    22.4

    %

     

    28.5

    %

     

    (6.1

    )%

     

    23.5

    %

     

    30.3

    %

     

    (6.8

    )%

    Transportation

     

    5.5

    %

     

    7.1

    %

     

    (1.6

    )%

     

    5.0

    %

     

    10.5

    %

     

    (5.5

    )%

    Industrial

     

    15.3

    %

     

    15.3

    %

     

    %

     

    17.4

    %

     

    17.3

    %

     

    0.1

    %

    LITTELFUSE, INC.

     

    SUPPLEMENTAL FINANCIAL INFORMATION

     

    (In millions of USD except per share amounts - unaudited)

     

     

     

     

     

     

     

     

     

    Non-GAAP EPS reconciliation

     

     

     

     

     

     

     

     

     

     

    Q3-23

     

    Q3-22

     

    YTD-23

     

    YTD-22

    GAAP diluted EPS

     

    $

    2.30

     

    $

    3.02

     

    $

    8.63

     

    $

    11.21

    EPS impact of Non-GAAP adjustments (below)

     

     

    0.67

     

     

     

    1.26

     

     

     

    1.09

     

     

     

    2.32

     

    Adjusted diluted EPS

     

    $

    2.97

     

     

    $

    4.28

     

     

    $

    9.72

     

     

    $

    13.53

     

    Non-GAAP adjustments - (income) / expense

     

     

     

     

     

     

     

     

     

     

    Q3-23

     

    Q3-22

     

    YTD-23

     

    YTD-22

    Acquisition-related and integration costs (a)

     

    $

    1.8

     

    $

    6.2

     

    $

    9.0

     

     

    $

    14.8

     

    Purchase accounting inventory adjustments (b)

     

     

     

     

     

    6.8

     

     

     

     

     

     

    11.6

     

    Restructuring, impairment and other charges (c)

     

     

    4.5

     

     

     

    3.4

     

     

     

    13.2

     

     

     

    4.3

     

    Non-GAAP adjustments to operating income

     

     

    6.3

     

     

     

    16.4

     

     

     

    22.2

     

     

     

    30.7

     

    Other income, net (d)

     

     

     

     

     

     

     

     

    (0.2

    )

     

     

    (0.5

    )

    Non-operating foreign exchange loss

     

     

    11.8

     

     

     

    18.2

     

     

     

    8.7

     

     

     

    40.1

     

    Non-GAAP adjustments to income before income taxes

     

     

    18.1

     

     

     

    34.6

     

     

     

    30.7

     

     

     

    70.3

     

    Income taxes (e)

     

     

    1.2

     

     

     

    3.0

     

     

     

    3.2

     

     

     

    12.2

     

    Non-GAAP adjustments to net income

     

    $

    16.9

     

     

    $

    31.6

     

     

    $

    27.5

     

     

    $

    58.1

     

     

     

     

     

     

     

     

     

     

    Total EPS impact

     

    $

    0.67

     

     

    $

    1.26

     

     

    $

    1.09

     

     

    $

    2.32

     

    Adjusted operating margin / Adjusted EBITDA reconciliation

     

     

     

     

     

     

     

     

     

     

    Q3-23

     

    Q3-22

     

    YTD-23

     

    YTD-22

    Net income

     

    $

    57.8

     

     

    $

    75.5

     

     

    $

    216.6

     

     

    $

    280.0

    Add:

     

     

     

     

     

     

     

     

    Income taxes

     

     

    17.5

     

     

     

    20.5

     

     

     

    53.0

     

     

     

    59.7

     

    Interest expense

     

     

    10.1

     

     

     

    8.4

     

     

     

    29.8

     

     

     

    17.1

     

    Foreign exchange loss

     

     

    11.8

     

     

     

    18.2

     

     

     

    8.7

     

     

     

    40.1

     

    Other (income) expense, net

     

     

    (3.5

    )

     

     

    (0.7

    )

     

     

    (11.8

    )

     

     

    9.8

     

    GAAP operating income

     

    $

    93.6

     

     

    $

    121.9

     

     

    $

    296.3

     

     

    $

    406.6

     

    Non-GAAP adjustments to operating income

     

     

    6.3

     

     

     

    16.4

     

     

     

    22.2

     

     

     

    30.7

     

    Adjusted operating income

     

    $

    99.9

     

     

    $

    138.3

     

     

    $

    318.5

     

     

    $

    437.3

     

    Amortization of intangibles

     

     

    16.0

     

     

     

    15.6

     

     

     

    49.8

     

     

     

    39.9

     

    Depreciation expenses

     

     

    17.9

     

     

     

    17.0

     

     

     

    53.5

     

     

     

    48.3

     

    Adjusted EBITDA

     

    $

    133.8

     

     

    $

    170.9

     

     

    $

    421.8

     

     

    $

    525.5

     

     

     

     

     

     

     

     

     

     

    Net sales

     

    $

    607.1

     

     

    $

    658.9

     

     

    $

    1,828.9

     

     

    $

    1,900.6

     

    Net income as a percentage of net sales

     

     

    9.5

    %

     

     

    11.5

    %

     

     

    11.8

    %

     

     

    14.7

    %

    Operating margin

     

     

    15.4

    %

     

     

    18.5

    %

     

     

    16.2

    %

     

     

    21.4

    %

    Adjusted operating margin

     

     

    16.5

    %

     

     

    21.0

    %

     

     

    17.4

    %

     

     

    23.0

    %

    Adjusted EBITDA margin

     

     

    22.0

    %

     

     

    25.9

    %

     

     

    23.1

    %

     

     

    27.6

    %

    Adjusted EBITDA by Segment

     

    Q3-23

     

    Q3-22

     

     

    Electronics

     

    Transportation

     

    Industrial

     

    Electronics

     

    Transportation

     

    Industrial

    GAAP operating income

     

    $

    77.0

     

     

    $

    9.7

     

     

    $

    13.2

     

     

    $

    113.1

     

     

    $

    13.0

     

     

    $

    12.2

     

    Add:

     

     

     

     

     

     

     

     

     

     

     

     

    Add back amortization

     

     

    9.8

     

     

     

    3.6

     

     

     

    2.6

     

     

     

    9.7

     

     

     

    4.7

     

     

     

    1.2

     

    Add back depreciation

     

     

    9.8

     

     

     

    6.6

     

     

     

    1.5

     

     

     

    9.4

     

     

     

    6.7

     

     

     

    1.0

     

    Adjusted EBITDA

     

    $

    96.6

     

     

    $

    19.9

     

     

    $

    17.3

     

     

    $

    132.2

     

     

    $

    24.4

     

     

    $

    14.4

     

    Adjusted EBITDA Margin

     

     

    28.1

    %

     

     

    11.2

    %

     

     

    20.1

    %

     

     

    33.3

    %

     

     

    13.4

    %

     

     

    18.1

    %

    Adjusted EBITDA by Segment

     

    YTD-23

     

    YTD-22

     

     

    Electronics

     

    Transportation

     

    Industrial

     

    Electronics

     

    Transportation

     

    Industrial

    GAAP operating income

     

    $

    247.0

     

     

    $

    26.0

     

     

    $

    45.5

     

     

    $

    339.7

     

     

    $

    57.6

     

     

    $

    40.0

     

    Add:

     

     

     

     

     

     

     

     

     

     

     

     

    Add back amortization

     

     

    30.1

     

     

     

    12.2

     

     

     

    7.5

     

     

     

    22.5

     

     

     

    13.7

     

     

     

    3.7

     

    Add back depreciation

     

     

    29.1

     

     

     

    20.4

     

     

     

    4.0

     

     

     

    26.5

     

     

     

    19.0

     

     

     

    2.9

     

    Adjusted EBITDA

     

    $

    306.2

     

     

    $

    58.6

     

     

    $

    57.0

     

     

    $

    388.7

     

     

    $

    90.3

     

     

    $

    46.5

     

    Adjusted EBITDA Margin

     

     

    29.1

    %

     

     

    11.4

    %

     

     

    21.9

    %

     

     

    34.7

    %

     

     

    16.5

    %

     

     

    20.1

    %

    Net sales reconciliation

     

    Q3-23 vs. Q3-22

     

     

    Electronics

     

    Transportation

     

    Industrial

     

    Total

    Net sales (decline) growth

     

    (14

    )%

     

    (3

    )%

     

    8

    %

     

    (8

    )%

    Less:

     

     

     

     

     

     

     

     

    Acquisitions

     

    2

    %

     

    %

     

    3

    %

     

    2

    %

    FX impact

     

    1

    %

     

    1

    %

     

    %

     

    1

    %

    Organic net sales (decline) growth

     

    (17

    )%

     

    (4

    )%

     

    5

    %

     

    (11

    )%

    Net sales reconciliation

     

    YTD-23 vs. YTD-22

     

     

    Electronics

     

    Transportation

     

    Industrial

     

    Total

    Net sales (decline) growth

     

    (6

    )%

     

    (6

    )%

     

    13

    %

     

    (4

    )%

    Less:

     

     

     

     

     

     

     

     

    Acquisitions

     

    8

    %

     

    %

     

    4

    %

     

    5

    %

    FX impact

     

    %

     

    %

     

    %

     

    %

    Organic net sales (decline) growth

     

    (14

    )%

     

    (6

    )%

     

    9

    %

     

    (9

    )%

    Income tax reconciliation

     

     

     

     

     

     

     

     

     

     

    Q3-23

     

    Q3-22

     

    YTD-23

     

    YTD-22

    Income taxes

     

    $

    17.5

     

     

    $

    20.5

     

     

    $

    53.0

     

     

    $

    59.7

     

    Effective rate

     

     

    23.3

    %

     

     

    21.4

    %

     

     

    19.7

    %

     

     

    17.6

    %

    Non-GAAP adjustments - income taxes

     

     

    1.2

     

     

     

    3.0

     

     

     

    3.2

     

     

     

    12.2

     

    Adjusted income taxes

     

    $

    18.7

     

     

    $

    23.4

     

     

    $

    56.2

     

     

    $

    71.9

     

    Adjusted effective rate

     

     

    20.0

    %

     

     

    18.0

    %

     

     

    18.7

    %

     

     

    17.5

    %

    Free cash flow reconciliation

     

     

     

     

     

     

     

     

     

     

    Q3-23

     

    Q3-22

     

    YTD-23

     

    YTD-22

    Net cash provided by operating activities

     

    $

    161.5

     

     

    $

    148.1

     

     

    $

    313.1

     

     

    $

    313.4

     

    Less: Purchases of property, plant and equipment

     

     

    (21.7

    )

     

     

    (21.7

    )

     

     

    (63.2

    )

     

     

    (77.8

    )

    Free cash flow

     

    $

    139.8

     

     

    $

    126.5

     

     

    $

    250.0

     

     

    $

    235.7

     

    Consolidated Total Debt

     

    As of
    September 30, 2023

    Consolidated Total Debt

     

    $

    992.6

     

    Unamortized debt issuance costs

     

     

    4.0

     

    Consolidated funded indebtedness

     

     

    996.6

     

    Cash held in U.S. (up to $400 million)

     

     

    155.6

     

    Net debt

     

    $

    841.0

     

     

     

     

    Consolidated EBITDA

     

    Twelve Months Ended
    September 30, 2023

    Net Income

     

    $

    309.7

     

    Interest expense

     

     

    38.9

     

    Income taxes

     

     

    63.1

     

    Depreciation

     

     

    70.2

     

    Amortization

     

     

    65.6

     

    Non-cash additions:

     

     

    Stock-based compensation expense

     

     

    24.0

     

    Purchase accounting inventory step-up charge

     

     

    4.1

     

    Unrealized loss on investments

     

     

    1.2

     

    Impairment charges

     

     

    9.2

     

    Other

     

     

    (3.7

    )

    Consolidated EBITDA (1)

     

    $

    582.3

     

     

     

     

    Consolidated Net Leverage Ratio (as defined in the Credit Agreement) *

     

     

    1.4

    x

     

    * Our Credit Agreement and Private Placement Note with maturities ranging from 2023 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 15% of Consolidated EBITDA and the netting of up to $400M of Available Cash (Cash held by US Subsidiaries).

     

    (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 cost of sales.

    (c) reflected in restructuring, impairment and other charges.

    (d) reflected YTD gain of $0.2 million from the sale of a building within the Electronics segment in the first quarter of 2023. 2022 amount included $0.5 million gain from the sale of a building within Transportation segment.

    (e) reflected the tax impact associated with the non-GAAP adjustments, and 2022 year-to-date amount includes the one-time net benefit of $7.2 million that resulted from the dissolution of one of the Company’s affiliates.

     


    The Littelfuse Stock at the time of publication of the news with a raise of +0,58 % to 216,7EUR on Nasdaq stock exchange (31. Oktober 2023, 21:30 Uhr).


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    Littelfuse Reports Third Quarter Results for 2023 Littelfuse, Inc. (NASDAQ: LFUS), a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world, today reported financial results for the third quarter ended September 30, 2023: Net sales of $607.1 …