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     109  0 Kommentare Littelfuse Reports First Quarter Results for 2024

    Littelfuse, Inc. (NASDAQ: LFUS), a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world, today reported financial results for the first quarter ended March 30, 2024:

    • Net sales of $535 million were down 12% versus the prior year period, and down 12% organically
    • GAAP diluted EPS was $1.93 and adjusted diluted EPS was $1.76
    • Cash flow from operations was $57 million and free cash flow was $42 million

    “Our global team delivered solid first quarter results, with sales above and earnings in-line with our expectations, as our increasingly diversified end market exposures, robust technology offering, and portfolio optimization initiatives helped to offset ongoing inventory destocking,” said Dave Heinzmann, Littelfuse President and Chief Executive Officer. “Further, our strong cash generation reflects disciplined execution, while our well-positioned balance sheet will continue to allow us to capitalize on growth opportunities. Looking forward, we remain confident in an expected return to growth during 2024, and believe our experienced team, agile operations and unwavering long-term strategic focus will drive top-tier value for our stakeholders.”

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    Second Quarter of 2024*

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

    • Net sales in the range of $525 - $555 million, adjusted diluted EPS in the range of $1.65 - $1.85 and an adjusted effective tax rate of approximately 23%

    *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’s Board of Directors approved a new stock repurchase authorization to replace its expiring previous 3-year program. The company may repurchase up to $300 million in the aggregate of shares of the company’s common stock for the period May 1, 2024, to April 30, 2027.
    • The company will pay a cash dividend on its common stock of $0.65 per share on June 6, 2024, to shareholders of record as of May 23, 2024

    Conference Call and Webcast Information

    Littelfuse will host a conference call on Wednesday, May 1, 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 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)

     

    March 30,
    2024

     

    December 30,
    2023

    ASSETS

     

     

     

     

    Current assets:

     

     

     

     

    Cash and cash equivalents

     

    $

    562,153

     

    $

    555,513

    Short-term investments

     

     

    231

     

     

    235

    Trade receivables, less allowances of $76,496 and $84,696 at March 30, 2024 and December 30, 2023, respectively

     

     

    295,876

     

     

    287,018

    Inventories

     

     

    456,135

     

     

    474,607

    Prepaid income taxes and income taxes receivable

     

     

    8,574

     

     

    8,701

    Prepaid expenses and other current assets

     

     

    121,142

     

     

    82,526

    Total current assets

     

     

    1,444,111

     

     

    1,408,600

    Net property, plant, and equipment

     

     

    479,435

     

     

    493,153

    Intangible assets, net of amortization

     

     

    584,631

     

     

    606,136

    Goodwill

     

     

    1,294,737

     

     

    1,309,998

    Investments

     

     

    24,204

     

     

    24,821

    Deferred income taxes

     

     

    10,798

     

     

    10,486

    Right of use lease assets

     

     

    63,718

     

     

    62,370

    Other long-term assets

     

     

    41,827

     

     

    79,711

    Total assets

     

    $

    3,943,461

     

    $

    3,995,275

    LIABILITIES AND EQUITY

     

     

     

     

    Current liabilities:

     

     

     

     

    Accounts payable

     

    $

    172,809

     

    $

    173,535

    Accrued liabilities

     

     

    124,288

     

     

    149,214

    Accrued income taxes

     

     

    42,051

     

     

    38,725

    Current portion of long-term debt

     

     

    65,824

     

     

    14,020

    Total current liabilities

     

     

    404,972

     

     

    375,494

    Long-term debt, less current portion

     

     

    800,849

     

     

    857,915

    Deferred income taxes

     

     

    100,755

     

     

    110,820

    Accrued post-retirement benefits

     

     

    34,049

     

     

    34,422

    Non-current lease liabilities

     

     

    50,791

     

     

    49,472

    Other long-term liabilities

     

     

    80,752

     

     

    86,671

    Total equity

     

     

    2,471,293

     

     

    2,480,481

    Total liabilities and equity

     

    $

    3,943,461

     

    $

    3,995,275

    LITTELFUSE, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME

    (Unaudited)

     

     

     

    Three Months Ended

    (in thousands, except per share data)

     

    March 30,
    2024

     

    April 1,
    2023

    Net sales

     

    $

    535,385

     

     

    $

    609,782

     

    Cost of sales

     

     

    347,577

     

     

     

    364,825

     

    Gross profit

     

     

    187,808

     

     

     

    244,957

     

     

     

     

     

     

    Selling, general, and administrative expenses

     

     

    86,127

     

     

     

    88,310

     

    Research and development expenses

     

     

    27,667

     

     

     

    27,290

     

    Amortization of intangibles

     

     

    15,825

     

     

     

    16,866

     

    Restructuring, impairment, and other charges

     

     

    3,237

     

     

     

    1,850

     

    Total operating expenses

     

     

    132,856

     

     

     

    134,316

     

    Operating income

     

     

    54,952

     

     

     

    110,641

     

     

     

     

     

     

    Interest expense

     

     

    9,611

     

     

     

    9,646

     

    Foreign exchange gain

     

     

    (5,042

    )

     

     

    (1,675

    )

    Other income, net

     

     

    (5,321

    )

     

     

    (6,233

    )

    Income before income taxes

     

     

    55,704

     

     

     

    108,903

     

    Income taxes

     

     

    7,252

     

     

     

    20,158

     

    Net income

     

    $

    48,452

     

     

    $

    88,745

     

     

     

     

     

     

    Earnings per share:

     

     

     

     

    Basic

     

    $

    1.95

     

     

    $

    3.58

     

    Diluted

     

    $

    1.93

     

     

    $

    3.54

     

     

     

     

     

     

    Weighted-average shares and equivalent shares outstanding:

     

     

     

     

    Basic

     

     

    24,911

     

     

     

    24,782

     

    Diluted

     

     

    25,124

     

     

     

    25,062

     

     

     

     

     

     

    Comprehensive income

     

    $

    18,161

     

     

    $

    102,028

     

    LITTELFUSE, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (Unaudited)

     

     

     

    Three Months Ended

    (in thousands)

     

    March 30, 2024

     

    April 1, 2023

    OPERATING ACTIVITIES

     

     

     

     

    Net income

     

    $

    48,452

     

     

    $

    88,745

     

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

     

     

    28,729

     

     

     

    32,558

     

    Changes in operating assets and liabilities:

     

     

     

     

    Trade receivables

     

     

    (12,723

    )

     

     

    (13,176

    )

    Inventories

     

     

    16,179

     

     

     

    (1,535

    )

    Accounts payable

     

     

    345

     

     

     

    (16,246

    )

    Accrued liabilities and income taxes

     

     

    (28,042

    )

     

     

    (43,578

    )

    Prepaid expenses and other assets

     

     

    4,210

     

     

     

    6,639

     

    Net cash provided by operating activities

     

     

    57,150

     

     

     

    53,407

     

     

     

     

     

     

    INVESTING ACTIVITIES

     

     

     

     

    Acquisitions of businesses, net of cash acquired

     

     

     

     

     

    (158,260

    )

    Purchases of property, plant, and equipment

     

     

    (15,547

    )

     

     

    (25,665

    )

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

     

     

    7,064

     

     

     

    737

     

    Net cash used in investing activities

     

     

    (8,483

    )

     

     

    (183,188

    )

     

     

     

     

     

    FINANCING ACTIVITIES

     

     

     

     

    Net payments of credit facility

     

     

    (1,875

    )

     

     

    (1,875

    )

    Repurchases of common stock

     

     

    (16,131

    )

     

     

     

    Cash dividends paid

     

     

    (16,200

    )

     

     

    (14,880

    )

    All other cash provided by financing activities

     

     

    686

     

     

     

    4,551

     

    Net cash used in financing activities

     

     

    (33,520

    )

     

     

    (12,204

    )

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

     

     

    (8,550

    )

     

     

    4,571

     

    Increase (decrease) in cash, cash equivalents, and restricted cash

     

     

    6,597

     

     

     

    (137,414

    )

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

     

     

    557,123

     

     

     

    564,939

     

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

     

    $

    563,720

     

     

    $

    427,525

     

    LITTELFUSE, INC.

    NET SALES AND OPERATING INCOME BY SEGMENT

    (Unaudited)

     

     

     

    First Quarter

    (in thousands)

     

     

    2024

     

     

     

    2023

     

     

    %
    (Decline) /
    Growth

    Net sales

     

     

     

     

     

     

    Electronics

     

    $

    291,105

     

     

    $

    358,593

     

     

    (18.8

    )%

    Transportation

     

     

    170,367

     

     

     

    166,641

     

     

    2.2

    %

    Industrial

     

     

    73,913

     

     

     

    84,548

     

     

    (12.6

    )%

    Total net sales

     

    $

    535,385

     

     

    $

    609,782

     

     

    (12.2

    )%

     

     

     

     

     

     

     

    Operating income

     

     

     

     

     

     

    Electronics

     

    $

    37,803

     

     

    $

    90,162

     

     

    (58.1

    )%

    Transportation

     

     

    16,206

     

     

     

    8,532

     

     

    89.9

    %

    Industrial

     

     

    4,796

     

     

     

    17,141

     

     

    (72.0

    )%

    Other(a)

     

     

    (3,853

    )

     

     

    (5,194

    )

     

    N.M.

    Total operating income

     

    $

    54,952

     

     

    $

    110,641

     

     

    (50.3

    )%

    Operating Margin

     

     

    10.3

    %

     

     

    18.1

    %

     

     

     

     

     

     

     

     

     

    Interest expense

     

     

    9,611

     

     

     

    9,646

     

     

     

    Foreign exchange gain

     

     

    (5,042

    )

     

     

    (1,675

    )

     

     

    Other income, net

     

     

    (5,321

    )

     

     

    (6,233

    )

     

     

    Income before income taxes

     

    $

    55,704

     

     

    $

    108,903

     

     

    (48.8

    )%

     

    (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

     

     

    First Quarter

    (in thousands)

     

    2024

     

    2023

     

    %
    (Decline)/
    Growth

    Operating Margin

     

     

     

     

     

     

    Electronics

     

    13.0

    %

     

    25.1

    %

     

    (12.1

    )%

    Transportation

     

    9.5

    %

     

    5.1

    %

     

    4.4

    %

    Industrial

     

    6.5

    %

     

    20.3

    %

     

    (13.8

    )%

    LITTELFUSE, INC.

    SUPPLEMENTAL FINANCIAL INFORMATION

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

     

    Non-GAAP EPS reconciliation

     

     

     

     

     

     

    Q1-24

     

    Q1-23

    GAAP diluted EPS

     

    $

    1.93

     

     

    $

    3.54

    EPS impact of Non-GAAP adjustments (below)

     

     

    (0.17

    )

     

     

    0.10

    Adjusted diluted EPS

     

    $

    1.76

     

     

    $

    3.64

    Non-GAAP adjustments - (income) / expense

     

     

     

     

     

     

    Q1-24

     

    Q1-23

    Acquisition-related and integration costs (a)

     

    $

    0.9

     

     

    $

    3.3

     

    Restructuring, impairment and other charges (b)

     

     

    3.2

     

     

     

    1.9

     

    Gain on sale of fixed assets (c)

     

     

    (0.3

    )

     

     

     

    Non-GAAP adjustments to operating income

     

     

    3.8

     

     

     

    5.2

     

    Other loss (income), net (d)

     

     

    0.2

     

     

     

    (0.2

    )

    Non-operating foreign exchange gain

     

     

    (5.0

    )

     

     

    (1.7

    )

    Non-GAAP adjustments to income before income taxes

     

     

    (1.0

    )

     

     

    3.3

     

    Income taxes (e)

     

     

    3.3

     

     

     

    0.9

     

    Non-GAAP adjustments to net income

     

    $

    (4.3

    )

     

    $

    2.4

     

     

     

     

     

     

    Total EPS impact

     

    $

    (0.17

    )

     

    $

    0.10

     

    Adjusted operating margin / Adjusted EBITDA reconciliation

     

     

     

     

     

     

    Q1-24

     

    Q1-23

    Net income

     

    $

    48.5

     

     

    $

    88.7

     

    Add:

     

     

     

     

    Income taxes

     

     

    7.3

     

     

     

    20.2

     

    Interest expense

     

     

    9.6

     

     

     

    9.6

     

    Foreign exchange gain

     

     

    (5.0

    )

     

     

    (1.7

    )

    Other income, net

     

     

    (5.3

    )

     

     

    (6.2

    )

    GAAP operating income

     

    $

    55.0

     

     

    $

    110.6

     

    Non-GAAP adjustments to operating income

     

     

    3.8

     

     

     

    5.2

     

    Adjusted operating income

     

    $

    58.8

     

     

    $

    115.8

     

    Amortization of intangibles

     

     

    15.8

     

     

     

    16.9

     

    Depreciation expenses

     

     

    16.7

     

     

     

    17.6

     

    Adjusted EBITDA

     

    $

    91.3

     

     

    $

    150.3

     

     

     

     

     

     

    Net sales

     

    $

    535.4

     

     

    $

    609.8

     

    Net income as a percentage of net sales

     

     

    9.1

    %

     

     

    14.5

    %

    Operating margin

     

     

    10.3

    %

     

     

    18.1

    %

    Adjusted operating margin

     

     

    11.0

    %

     

     

    19.0

    %

    Adjusted EBITDA margin

     

     

    17.1

    %

     

     

    24.6

    %

    Adjusted EBITDA by Segment

     

    Q1-24

     

    Q1-23

     

     

    Electronics

     

    Transportation

     

    Industrial

     

    Electronics

     

    Transportation

     

    Industrial

    GAAP operating income

     

    $

    37.8

     

     

    $

    16.2

     

     

    $

    4.8

     

     

    $

    90.2

     

     

    $

    8.5

     

     

    $

    17.1

     

    Add:

     

     

     

     

     

     

     

     

     

     

     

     

    Add back amortization

     

     

    9.8

     

     

     

    3.4

     

     

     

    2.6

     

     

     

    10.2

     

     

     

    4.5

     

     

     

    2.2

     

    Add back depreciation

     

     

    10.0

     

     

     

    5.3

     

     

     

    1.4

     

     

     

    9.6

     

     

     

    6.8

     

     

     

    1.2

     

    Adjusted EBITDA

     

    $

    57.6

     

     

    $

    24.9

     

     

    $

    8.8

     

     

    $

    110.0

     

     

    $

    19.8

     

     

    $

    20.5

     

    Adjusted EBITDA Margin

     

     

    19.8

    %

     

     

    14.6

    %

     

     

    11.9

    %

     

     

    30.7

    %

     

     

    11.9

    %

     

     

    24.3

    %

    Net sales reconciliation

     

    Q1-24 vs. Q1-23

     

     

    Electronics

     

    Transportation

     

    Industrial

     

    Total

    Net sales (decline) growth

     

    (19

    )%

     

    2

    %

     

    (13

    )%

     

    (12

    )%

    Less:

     

     

     

     

     

     

     

     

    Acquisitions

     

    %

     

    %

     

    1

    %

     

    %

    FX impact

     

    %

     

    (1

    )%

     

    %

     

    %

    Organic net sales (decline) growth

     

    (19

    )%

     

    3

    %

     

    (14

    )%

     

    (12

    )%

    Income tax reconciliation

     

     

     

     

     

     

    Q1-24

     

    Q1-23

    Income taxes

     

    $

    7.3

     

     

    $

    20.2

     

    Effective rate

     

     

    13.0

    %

     

     

    18.5

    %

    Non-GAAP adjustments - income taxes

     

     

    3.3

     

     

     

    0.9

     

    Adjusted income taxes

     

    $

    10.6

     

     

    $

    21.1

     

    Adjusted effective rate

     

     

    19.3

    %

     

     

    18.8

    %

    Free cash flow reconciliation

     

     

     

     

     

     

    Q1-24

     

    Q1-23

    Net cash provided by operating activities

     

    $

    57.1

     

     

    $

    53.4

     

    Less: Purchases of property, plant and equipment

     

     

    (15.5

    )

     

     

    (25.7

    )

    Free cash flow

     

    $

    41.6

     

     

    $

    27.7

     

    Consolidated Total Debt

     

    As of March 30, 2024

    Consolidated Total Debt

     

    $

    866.7

    Unamortized debt issuance costs

     

     

    3.5

    Finance lease liability

     

     

    0.6

    Consolidated funded indebtedness

     

     

    870.8

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

     

     

    157.9

    Net debt

     

    $

    712.9

     

     

     

    Consolidated EBITDA

     

    Twelve Months Ended
    March 30, 2024

    Net Income

     

    $

    219.1

    Interest expense

     

     

    39.8

    Income taxes

     

     

    56.2

    Depreciation

     

     

    70.7

    Amortization

     

     

    64.8

    Non-cash additions:

     

     

    Stock-based compensation expense

     

     

    23.8

    Purchase accounting inventory step-up charge

     

     

    Unrealized loss on investments

     

     

    2.5

    Impairment charges

     

     

    5.8

    Other

     

     

    18.3

    Consolidated EBITDA (1)

     

    $

    501.0

     

     

     

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

     

    1.4x

    * 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 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 restructuring, impairment and other charges.

    (c) 2024 amount included $0.3 million gain from the sale of a building within the Transportation segment.

    (d) 2024 amount reflected $0.2 million increase in coal mining reserves, while 2023 amount included $0.2 million gain from the sale of a building within the Electronics segment.

    (e) reflected the tax impact associated with the non-GAAP adjustments.

     


    The Littelfuse Stock at the time of publication of the news with a fall of -0,92 % to 233,7EUR on Nasdaq stock exchange (30. April 2024, 17:49 Uhr).


    Business Wire (engl.)
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    Littelfuse Reports First Quarter Results for 2024 Littelfuse, Inc. (NASDAQ: LFUS), a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world, today reported financial results for the first quarter ended March 30, 2024: Net sales of $535 million …