checkAd

     109  0 Kommentare Littelfuse Reports Fourth Quarter and Full Year 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 fourth quarter and full year ended December 30, 2023:

    Fourth Quarter 2023 Results

    Anzeige 
    Handeln Sie Ihre Einschätzung zu Littelfuse!
    Long
    247,62€
    Basispreis
    2,33
    Ask
    × 10,00
    Hebel
    Short
    300,26€
    Basispreis
    3,22
    Ask
    × 7,77
    Hebel
    Präsentiert von

    Den Basisprospekt sowie die Endgültigen Bedingungen und die Basisinformationsblätter erhalten Sie bei Klick auf das Disclaimer Dokument. Beachten Sie auch die weiteren Hinweise zu dieser Werbung.

    • Net sales of $533.8 million were down 13% versus the prior year period, and down 14.5% organically
    • GAAP diluted EPS was $1.71; adjusted diluted EPS was $2.02
    • Cash flow from operations was $144 million and free cash flow was $121 million

    Full Year 2023 Results

    • Net sales of $2.4 billion were down 6% versus the prior year period, and down 10.3% organically
    • GAAP diluted EPS was $10.34; adjusted diluted EPS was $11.74
    • Cash flow from operations was $457 million and free cash flow was $371 million, both records for the company

    “Our fourth quarter results tracked within our guidance range as we continued to execute on our long-term strategy,” said Dave Heinzmann, Littelfuse President and Chief Executive Officer. “In 2023, our global teams focused on driving sustainable growth and profitability while delivering record free cash flow and resilient margins despite continued inventory destocking and variable end market demand. Looking forward, we expect a return to growth during 2024 and believe our portfolio diversification and optimization efforts, strong technology offering across end markets and well positioned cost structure, will drive continued and long-term top-tier value for our stakeholders.”

    First Quarter of 2024*

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

    • Net sales in the range of $505 to $530 million, adjusted diluted EPS in the range of $1.65 to $1.85 and an adjusted effective tax rate of approximately 20.5%

    *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 March 7, 2024, to shareholders of record as of February 22, 2024

    Conference Call and Webcast Information

    Littelfuse will host a conference call on Wednesday, January 31, 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 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's 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.

    CONSOLIDATED BALANCE SHEETS

     

    (in thousands)

    December 30,
    2023

     

    December 31,
    2022

     

    (Unaudited)

     

     

    ASSETS

     

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    555,513

     

    $

    562,588

    Short-term investments

     

    235

     

     

    84

    Trade receivables, less allowances of $84,696 and $83,562, respectively

     

    287,018

     

     

    306,578

    Inventories

     

    474,607

     

     

    547,690

    Prepaid income taxes and income taxes receivable

     

    8,701

     

     

    7,215

    Prepaid expenses and other current assets

     

    82,526

     

     

    87,641

    Total current assets

     

    1,408,600

     

     

    1,511,796

    Net property, plant, and equipment

     

    493,153

     

     

    481,110

    Intangible assets, net of amortization

     

    606,136

     

     

    593,970

    Goodwill

     

    1,309,998

     

     

    1,186,922

    Investments

     

    24,821

     

     

    24,121

    Deferred income taxes

     

    10,486

     

     

    14,367

    Right of use lease assets, net

     

    62,370

     

     

    57,382

    Other assets

     

    79,711

     

     

    34,066

    Total assets

    $

    3,995,275

     

    $

    3,903,734

     

     

     

     

    LIABILITIES AND EQUITY

     

     

     

    Current liabilities:

     

     

     

    Accounts payable

    $

    173,535

     

    $

    208,571

    Accrued liabilities

     

    149,214

     

     

    187,057

    Accrued income taxes

     

    38,725

     

     

    41,793

    Current portion of long-term debt

     

    14,020

     

     

    134,874

    Total current liabilities

     

    375,494

     

     

    572,295

    Long-term debt, less current portion

     

    857,915

     

     

    866,623

    Deferred income taxes

     

    110,820

     

     

    100,230

    Accrued post-retirement benefits

     

    34,422

     

     

    28,037

    Non-current lease liabilities

     

    49,472

     

     

    45,661

    Other long-term liabilities

     

    86,671

     

     

    79,510

    Total equity

     

    2,480,481

     

     

    2,211,378

    Total liabilities and equity

    $

    3,995,275

     

    $

    3,903,734

     

    LITTELFUSE, INC.

    CONSOLIDATED STATEMENTS OF NET INCOME

    (Unaudited)

     

     

     

    Three Months Ended

     

    Fiscal Year Ended

    (in thousands, except per share data)

     

    December 30,
    2023

     

    December 31,
    2022

     

    December 30,
    2023

     

    December 31,
    2022

    Net sales

     

    $

    533,807

     

     

    $

    613,251

     

     

    $

    2,362,657

     

     

    $

    2,513,897

    Cost of sales

     

     

    340,226

     

     

     

    384,726

     

     

     

    1,462,416

     

     

     

    1,506,984

    Gross profit

     

     

    193,581

     

     

     

    228,525

     

     

     

    900,241

     

     

     

    1,006,913

     

     

     

     

     

     

     

     

     

    Selling, general, and administrative expenses

     

     

    84,598

     

     

     

    85,993

     

     

     

    354,655

     

     

     

    344,813

    Research and development expenses

     

     

    25,159

     

     

     

    26,806

     

     

     

    102,429

     

     

     

    95,602

    Amortization of intangibles

     

     

    16,021

     

     

     

    15,812

     

     

     

    65,794

     

     

     

    55,695

    Restructuring, impairment, and other charges

     

     

    3,280

     

     

     

    5,712

     

     

     

    16,501

     

     

     

    9,977

    Total operating expenses

     

     

    129,058

     

     

     

    134,323

     

     

     

    539,379

     

     

     

    506,087

    Operating income

     

     

    64,523

     

     

     

    94,202

     

     

     

    360,862

     

     

     

    500,826

     

     

     

     

     

     

     

     

     

    Interest expense

     

     

    10,063

     

     

     

    9,147

     

     

     

    39,866

     

     

     

    26,216

    Foreign exchange loss (gain)

     

     

    3,602

     

     

     

    (15,692

    )

     

     

    12,299

     

     

     

    24,359

    Other (income) expense, net

     

     

    (8,091

    )

     

     

    (2,582

    )

     

     

    (19,901

    )

     

     

    7,207

    Income before income taxes

     

     

    58,949

     

     

     

    103,329

     

     

     

    328,598

     

     

     

    443,044

    Income taxes

     

     

    16,068

     

     

     

    10,025

     

     

     

    69,113

     

     

     

    69,738

    Net income

     

    $

    42,881

     

     

    $

    93,304

     

     

    $

    259,485

     

     

    $

    373,306

     

     

     

     

     

     

     

     

     

    Income per share:

     

     

     

     

     

     

     

     

    Basic

     

    $

    1.72

     

     

    $

    3.77

     

     

    $

    10.44

     

     

    $

    15.09

    Diluted

     

    $

    1.71

     

     

    $

    3.74

     

     

    $

    10.34

     

     

    $

    14.94

     

     

     

     

     

     

     

     

     

    Weighted-average shares and equivalent shares outstanding:

     

     

     

     

     

     

     

     

    Basic

     

     

    24,905

     

     

     

    24,758

     

     

     

    24,854

     

     

     

    24,734

    Diluted

     

     

    25,111

     

     

     

    24,978

     

     

     

    25,102

     

     

     

    24,986

     

     

     

     

     

     

     

     

     

    Comprehensive income

     

    $

    86,590

     

     

    $

    139,811

     

     

    $

    299,432

     

     

    $

    351,005

     

    LITTELFUSE, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

     

     

    Year Ended

    (in thousands)

    December 30,
    2023

     

    December 31,
    2022

    OPERATING ACTIVITIES

     

     

     

    Net income

    $

    259,485

     

     

    $

    373,306

     

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

     

    173,776

     

     

     

    188,871

     

    Changes in operating assets and liabilities:

     

     

     

    Trade receivables

     

    24,517

     

     

     

    (19,334

    )

    Inventories

     

    82,471

     

     

     

    (89,235

    )

    Accounts payable

     

    (36,277

    )

     

     

    (22,403

    )

    Accrued liabilities and income taxes

     

    (61,022

    )

     

     

    (9,495

    )

    Prepaid expenses and other assets

     

    14,437

     

     

     

    (1,992

    )

    Net cash provided by operating activities

     

    457,387

     

     

     

    419,718

     

     

     

     

     

    INVESTING ACTIVITIES

     

     

     

    Acquisitions of businesses, net of cash acquired

     

    (198,810

    )

     

     

    (532,670

    )

    Purchases of property, plant, and equipment

     

    (86,188

    )

     

     

    (104,341

    )

    Net proceeds from sale of property, plant, and equipment

     

    832

     

     

     

    676

     

    Other

     

    (151

    )

     

     

    (62

    )

    Net cash used in investing activities

     

    (284,317

    )

     

     

    (636,397

    )

     

     

     

     

    FINANCING ACTIVITIES

     

     

     

    Net (payments) proceeds of credit facility and senior notes

     

    (128,802

    )

     

     

    371,250

     

    Cash dividends paid

     

    (62,161

    )

     

     

    (55,911

    )

    All other cash provided by (used in) financing activities

     

    5,237

     

     

     

    (5,137

    )

    Net cash (used in) provided by financing activities

     

    (185,726

    )

     

     

    310,202

     

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

     

    4,840

     

     

     

    (11,420

    )

    (Decrease) increase in cash, cash equivalents, and restricted cash

     

    (7,816

    )

     

     

    82,103

     

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

     

    564,939

     

     

     

    482,836

     

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

    $

    557,123

     

     

    $

    564,939

     

     

    LITTELFUSE, INC.

    NET SALES AND OPERATING INCOME BY SEGMENT

    (Unaudited)

     

     

     

     

     

     

     

    Fourth Quarter

     

    Year-to-Date

    (in thousands)

     

    2023

     

    2022

     

    %
    (Decline)
    / Growth

     

    2023

     

    2022

     

    %
    (Decline) /
    Growth

    Net sales

     

     

     

     

     

     

     

     

     

     

     

     

    Electronics

     

    $

    297,753

     

     

    $

    371,193

     

     

    (19.8

    )%

     

    $

    1,350,426

     

     

    $

    1,492,819

     

     

    (9.5

    )%

    Transportation

     

     

    162,570

     

     

     

    167,874

     

     

    (3.2

    )%

     

     

    678,278

     

     

     

    716,140

     

     

    (5.3

    )%

    Industrial

     

     

    73,484

     

     

     

    74,184

     

     

    (0.9

    )%

     

     

    333,953

     

     

     

    304,938

     

     

    9.5

    %

    Total net sales

     

    $

    533,807

     

     

    $

    613,251

     

     

    (13.0

    )%

     

    $

    2,362,657

     

     

    $

    2,513,897

     

     

    (6.0

    )%

     

     

     

     

     

     

     

     

     

     

     

     

     

    Operating income

     

     

     

     

     

     

     

     

     

     

     

     

    Electronics

     

    $

    53,553

     

     

    $

    91,941

     

     

    (41.8

    )%

     

    $

    300,581

     

     

    $

    431,616

     

     

    (30.4

    )%

    Transportation

     

     

    7,619

     

     

     

    5,935

     

     

    28.4

    %

     

     

    33,634

     

     

     

    63,539

     

     

    (47.1

    )%

    Industrial

     

     

    9,350

     

     

     

    8,885

     

     

    5.2

    %

     

     

    54,800

     

     

     

    48,853

     

     

    12.2

    %

    Other (a)

     

     

    (5,999

    )

     

     

    (12,559

    )

     

    N.M.

     

     

    (28,153

    )

     

     

    (43,182

    )

     

    N.M.

    Total operating income

     

    $

    64,523

     

     

    $

    94,202

     

     

    (31.5

    )%

     

    $

    360,862

     

     

    $

    500,826

     

     

    (27.9

    )%

    Operating Margin

     

     

    12.1

    %

     

     

    15.4

    %

     

     

     

     

    15.3

    %

     

     

    19.9

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Interest expense

     

     

    10,063

     

     

     

    9,147

     

     

     

     

     

    39,866

     

     

     

    26,216

     

     

     

    Foreign exchange loss (gain)

     

     

    3,602

     

     

     

    (15,692

    )

     

     

     

     

    12,299

     

     

     

    24,359

     

     

     

    Other (income) expense, net

     

     

    (8,091

    )

     

     

    (2,582

    )

     

     

     

     

    (19,901

    )

     

     

    7,207

     

     

     

    Income before income taxes

     

    $

    58,949

     

     

    $

    103,329

     

     

    (43.0

    )%

     

    $

    328,598

     

     

    $

    443,044

     

     

    (25.8

    )%

     

    (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

     

     

     

    Fourth Quarter

     

    Year-to-Date

    (in thousands)

     

    2023

     

    2022

     

    %
    (Decline) /
    Growth

     

    2023

     

    2022

     

    %
    (Decline) /
    Growth

    Operating Margin

     

     

     

     

     

     

     

     

     

     

     

     

    Electronics

     

    18.0

    %

     

    24.8

    %

     

    (6.8

    )%

     

    22.3

    %

     

    28.9

    %

     

    (6.6

    )%

    Transportation

     

    4.7

    %

     

    3.5

    %

     

    1.2

    %

     

    5.0

    %

     

    8.9

    %

     

    (3.9

    )%

    Industrial

     

    12.7

    %

     

    12.0

    %

     

    0.7

    %

     

    16.4

    %

     

    16.0

    %

     

    0.4

    %

     

    LITTELFUSE, INC.

    SUPPLEMENTAL FINANCIAL INFORMATION

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

     

    Non-GAAP EPS reconciliation

     

     

     

     

     

     

     

     

     

     

    Q4-23

     

    Q4-22

     

    YTD-23

     

    YTD-22

    GAAP diluted EPS

     

    $

    1.71

     

    $

    3.74

     

     

    $

    10.34

     

    $

    14.94

    EPS impact of Non-GAAP adjustments (below)

     

     

    0.31

     

     

    (0.40

    )

     

     

    1.40

     

     

    1.93

    Adjusted diluted EPS

     

    $

    2.02

     

    $

    3.34

     

     

    $

    11.74

     

    $

    16.87

    Non-GAAP adjustments - (income) / expense

     

     

     

     

     

     

     

     

     

     

    Q4-23

     

    Q4-22

     

    YTD-23

     

    YTD-22

    Acquisition-related and integration costs (a)

     

    $

    2.7

     

    $

    2.8

     

     

    $

    11.7

     

     

    $

    17.6

     

    Purchase accounting inventory adjustments (b)

     

     

     

     

    4.0

     

     

     

     

     

     

    15.6

     

    Restructuring, impairment and other charges (c)

     

     

    3.3

     

     

    5.7

     

     

     

    16.5

     

     

     

    10.0

     

    Non-GAAP adjustments to operating income

     

     

    6.0

     

     

    12.5

     

     

     

    28.2

     

     

     

    43.2

     

    Other income, net (d)

     

     

     

     

     

     

     

    (0.2

    )

     

     

    (0.5

    )

    Non-operating foreign exchange loss (gain)

     

     

    3.6

     

     

    (15.7

    )

     

     

    12.3

     

     

     

    24.4

     

    Non-GAAP adjustments to income before income taxes

     

     

    9.6

     

     

    (3.2

    )

     

     

    40.3

     

     

     

    67.1

     

    Income taxes (e)

     

     

    1.8

     

     

    6.8

     

     

     

    5.0

     

     

     

    19.0

     

    Non-GAAP adjustments to net income

     

    $

    7.8

     

    $

    (10.0

    )

     

    $

    35.3

     

     

    $

    48.1

     

     

     

     

     

     

     

     

     

     

    Total EPS impact

     

    $

    0.31

     

    $

    (0.40

    )

     

    $

    1.40

     

     

    $

    1.93

     

     

    Adjusted operating margin / Adjusted EBITDA reconciliation

     

     

     

     

     

     

     

     

     

     

    Q4-23

     

    Q4-22

     

    YTD-23

     

    YTD-22

    Net income

     

    $

    42.9

     

     

    $

    93.3

     

     

    $

    259.5

     

     

    $

    373.3

     

    Add:

     

     

     

     

     

     

     

     

    Income taxes

     

     

    16.1

     

     

     

    10.0

     

     

     

    69.1

     

     

     

    69.7

     

    Interest expense

     

     

    10.1

     

     

     

    9.1

     

     

     

    39.9

     

     

     

    26.2

     

    Foreign exchange loss (gain)

     

     

    3.6

     

     

     

    (15.7

    )

     

     

    12.3

     

     

     

    24.4

     

    Other (income) expense, net

     

     

    (8.1

    )

     

     

    (2.6

    )

     

     

    (19.9

    )

     

     

    7.2

     

    GAAP operating income

     

    $

    64.5

     

     

    $

    94.2

     

     

    $

    360.9

     

     

    $

    500.8

     

    Non-GAAP adjustments to operating income

     

     

    6.0

     

     

     

    12.5

     

     

     

    28.2

     

     

     

    43.2

     

    Adjusted operating income

     

    $

    70.5

     

     

    $

    106.7

     

     

    $

    389.0

     

     

    $

    544.0

     

    Amortization of intangibles

     

     

    16.0

     

     

     

    15.8

     

     

     

    65.8

     

     

     

    55.7

     

    Depreciation expenses

     

     

    18.1

     

     

     

    16.7

     

     

     

    71.6

     

     

     

    65.0

     

    Adjusted EBITDA

     

    $

    104.6

     

     

    $

    139.2

     

     

    $

    526.4

     

     

    $

    664.7

     

     

     

     

     

     

     

     

     

     

    Net sales

     

    $

    533.8

     

     

    $

    613.3

     

     

    $

    2,362.7

     

     

    $

    2,513.9

     

    Net income as a percentage of net sales

     

     

    8.0

    %

     

     

    15.2

    %

     

     

    11.0

    %

     

     

    14.8

    %

    Operating margin

     

     

    12.1

    %

     

     

    15.4

    %

     

     

    15.3

    %

     

     

    19.9

    %

    Adjusted operating margin

     

     

    13.2

    %

     

     

    17.4

    %

     

     

    16.5

    %

     

     

    21.6

    %

    Adjusted EBITDA margin

     

     

    19.6

    %

     

     

    22.7

    %

     

     

    22.3

    %

     

     

    26.4

    %

     
     

    Adjusted EBITDA by Segment

     

    Q4-23

     

    Q4-22

     

     

    Electronics

     

    Transportation

     

    Industrial

     

    Electronics

     

    Transportation

     

    Industrial

    GAAP operating income

     

    $

    53.6

     

     

    $

    7.6

     

     

    $

    9.4

     

     

    $

    91.9

     

     

    $

    5.9

     

     

    $

    8.9

     

    Add:

     

     

     

     

     

     

     

     

     

     

     

     

    Add back amortization

     

     

    9.8

     

     

     

    3.6

     

     

     

    2.6

     

     

     

    10.2

     

     

     

    4.4

     

     

     

    1.2

     

    Add back depreciation

     

     

    10.3

     

     

     

    6.4

     

     

     

    1.4

     

     

     

    9.0

     

     

     

    6.7

     

     

     

    1.0

     

    Adjusted EBITDA

     

    $

    73.7

     

     

    $

    17.6

     

     

    $

    13.4

     

     

    $

    111.1

     

     

    $

    17.0

     

     

    $

    11.1

     

    Adjusted EBITDA Margin

     

     

    24.7

    %

     

     

    10.8

    %

     

     

    18.2

    %

     

     

    29.9

    %

     

     

    10.1

    %

     

     

    14.9

    %

    Adjusted EBITDA by Segment

     

    YTD-23

     

    YTD-22

     

     

    Electronics

     

    Transportation

     

    Industrial

     

    Electronics

     

    Transportation

     

    Industrial

    GAAP operating income

     

    $

    300.6

     

     

    $

    33.6

     

     

    $

    54.8

     

     

    $

    431.6

     

     

    $

    63.5

     

     

    $

    48.9

     

    Add:

     

     

     

     

     

     

     

     

     

     

     

     

    Add back amortization

     

     

    39.9

     

     

     

    15.8

     

     

     

    10.1

     

     

    $

    32.7

     

     

    $

    18.1

     

     

    $

    4.9

     

    Add back depreciation

     

     

    39.5

     

     

     

    26.7

     

     

     

    5.4

     

     

    $

    35.5

     

     

    $

    25.6

     

     

    $

    3.9

     

    Adjusted EBITDA

     

    $

    379.9

     

     

    $

    76.1

     

     

    $

    70.4

     

     

    $

    499.8

     

     

    $

    107.2

     

     

    $

    57.7

     

    Adjusted EBITDA Margin

     

     

    28.1

    %

     

     

    11.2

    %

     

     

    21.1

    %

     

     

    33.5

    %

     

     

    15.0

    %

     

     

    18.9

    %

     
     

    Net sales reconciliation

     

    Q4-23 vs. Q4-22

     

     

    Electronics

     

    Transportation

     

    Industrial

     

    Total

    Net sales decline

     

    (20

    )%

     

    (3

    )%

     

    (1

     

     

    (13

    )%

    Less:

     

     

     

     

     

     

     

     

    Acquisitions

     

    %

     

    %

     

    4

    %

     

    %

    FX impact

     

    1

    %

     

    2

    %

     

    %

     

    1

    %

    Organic net sales growth

     

    (21

    )%

     

    (5

    )%

     

    (5

     

     

    (14

    )%

     
     

    Net sales reconciliation

     

    YTD-23 vs. YTD-22

     

     

    Electronics

     

    Transportation

     

    Industrial

     

    Total

    Net sales (decline) growth

     

    (10

    )%

     

    (5

    )%

     

    10

    %

     

    (6

    )%

    Less:

     

     

     

     

     

     

     

     

    Acquisitions

     

    6

    %

     

    %

     

    4

    %

     

    4

    %

    FX impact

     

    %

     

    %

     

    1

    %

     

    %

    Organic net sales (decline) growth

     

    (16

    )%

     

    (5

    )%

     

    5

    %

     

    (10

    )%

     
     

    Income tax reconciliation

     

     

     

     

     

     

     

     

     

     

    Q4-23

     

    Q4-22

     

    YTD-23

     

    YTD-22

    Income taxes

     

    $

    16.1

     

     

    $

    10.0

     

     

    $

    69.1

     

     

    $

    69.7

     

    Effective rate

     

     

    27.3

    %

     

     

    9.7

    %

     

     

    21.0

    %

     

     

    15.7

    %

    Non-GAAP adjustments - income taxes

     

     

    1.8

     

     

     

    6.8

     

     

     

    5.0

     

     

     

    19.0

     

    Adjusted income taxes

     

    $

    17.9

     

     

    $

    16.8

     

     

    $

    74.1

     

     

    $

    88.7

     

    Adjusted effective rate

     

     

    26.1

    %

     

     

    16.8

    %

     

     

    20.1

    %

     

     

    17.4

    %

     
     

    Free cash flow reconciliation

     

     

     

     

     

     

     

     

     

     

    Q4-23

     

    Q4-22

     

    YTD-23

     

    YTD-22

    Net cash provided by operating activities

     

    $

    144.2

     

     

    $

    106.3

     

     

    $

    457.4

     

     

    $

    419.7

     

    Less: Purchases of property, plant and equipment

     

     

    (23.0

    )

     

     

    (26.5

    )

     

     

    (86.2

    )

     

     

    (104.3

    )

    Free cash flow

     

    $

    121.2

     

     

    $

    79.8

     

     

    $

    371.2

     

     

    $

    315.4

     

     
     

    Consolidated Total Debt

     

    As of December 30,
    2023

    Consolidated Total Debt

     

    $

    871.9

    Unamortized debt issuance costs

     

     

    3.8

    Finance lease liability

     

    $

    0.7

    Consolidated funded indebtedness

     

    $

    876.4

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

     

    $

    178.6

    Net debt

     

    $

    697.8

     

     

     

    Consolidated EBITDA

     

    Twelve Months Ended
    December 30, 2023

    Net Income

     

    $

    259.4

    Interest expense

     

     

    39.9

    Income taxes

     

     

    69.1

    Depreciation

     

     

    71.6

    Amortization

     

     

    65.8

    Non-cash additions:

     

     

    Stock-based compensation expense

     

     

    23.9

    Unrealized loss on investments

     

     

    0.3

    Impairment charges

     

     

    4.9

    Other

     

     

    13.4

    Consolidated EBITDA (1)

     

    $

    548.3

     

     

     

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

     

    1.3x

    * 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) 2023 year-to-date amount included $0.2 million gain from the sale of a building within the Electronics segment. 2022 year-to-date amount included $0.5 million gain from the sale of a building within the 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 $11 million that resulted from losses on investments in the stock of two of the Company’s affiliates.


    The Littelfuse Stock at the time of publication of the news with a raise of +1,09 % to 241,8EUR on Nasdaq stock exchange (30. Januar 2024, 22:30 Uhr).


    Business Wire (engl.)
    0 Follower
    Autor folgen

    Littelfuse Reports Fourth Quarter and Full Year 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 fourth quarter and full year ended December 30, 2023: Fourth …