Littelfuse(LFUS)

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Why Littelfuse (LFUS) Could Beat Earnings Estimates Again
ZACKS· 2024-10-21 17:15
Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering Littelfuse (LFUS) , which belongs to the Zacks Electronics - Miscellaneous Components industry.This circuit protection manufacturer has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters of 6.57%.For the last reported quarter, Littelfuse cam ...
Littelfuse: Substantial FY25 Alpha Potential, But It's Not Cheap
Seeking Alpha· 2024-09-03 17:29
adaask/iStock via Getty Images Littelfuse (NASDAQ:LFUS) is currently richly valued, but because it is about to experience a substantial upcycle in FY25, I think this matters little to its near-term alpha potential. Based on my peer analysis and valuation assessment, the stock could increase by around 23% in 12 months. However, there are risks for the coming year, including geopolitical uncertainty, which could create supply chain vulnerability for the company, and new innovation challenges related to AI and ...
Littelfuse (LFUS) Reports Q2 Earnings: What Key Metrics Have to Say
ZACKS· 2024-07-31 00:06
For the quarter ended June 2024, Littelfuse (LFUS) reported revenue of $558.49 million, down 8.7% over the same period last year. EPS came in at $1.97, compared to $3.12 in the year-ago quarter. The reported revenue represents a surprise of +3.29% over the Zacks Consensus Estimate of $540.73 million. With the consensus EPS estimate being $1.75, the EPS surprise was +12.57%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street ...
Littelfuse (LFUS) Beats Q2 Earnings and Revenue Estimates
ZACKS· 2024-07-30 23:16
Over the last four quarters, the company has surpassed consensus EPS estimates three times. Littelfuse shares have lost about 2.8% since the beginning of the year versus the S&P 500's gain of 14.5%. There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. One other stock from ...
Littelfuse(LFUS) - 2024 Q2 - Quarterly Results
2024-07-30 21:05
FOR IMMEDIATE RELEASE David Kelley 224-727-2535 dkelley@littelfuse.com LITTELFUSE REPORTS SECOND QUARTER RESULTS FOR 2024 Diverse and resilient business model drive Q2 sales and adjusted EPS above guidance • Net sales of $558 million were down 9% versus the prior year period, and down 8% organically • Cash flow from operations was $69 million and free cash flow was $50 million • On June 26, the company released its 2023 Sustainability Report on littelfuse.com/about-us/sustainability Third Quarter of 2024* • ...
Littelfuse (LFUS) Expected to Beat Earnings Estimates: What to Know Ahead of Q2 Release
ZACKS· 2024-07-23 15:06
Wall Street expects a year-over-year decline in earnings on lower revenues when Littelfuse (LFUS) reports results for the quarter ended June 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July 30. On the ...
DigiKey Awarded Global High Service Distributor of the Year for 2023 by Littelfuse
Newsfilter· 2024-07-10 15:50
"DigiKey is honored to receive this recognition from Littelfuse for our hard work and growth this year," said Sean Sorteberg, director, multi market semiconductor at DigiKey. "We are proud to partner with Littelfuse to provide our customers with vital components that drive innovation and engineering design." Littelfuse selects the winner of the High Service Distributor of the Year award based on various distributor performance metrics, including overall sales growth, focus product sales, increase in the num ...
Littelfuse (LFUS) Q1 Earnings: Taking a Look at Key Metrics Versus Estimates
Zacks Investment Research· 2024-05-01 00:06
For the quarter ended March 2024, Littelfuse (LFUS) reported revenue of $535.39 million, down 12.2% over the same period last year. EPS came in at $1.76, compared to $3.64 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $519.13 million, representing a surprise of +3.13%. The company delivered an EPS surprise of +0.57%, with the consensus EPS estimate being $1.75.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Stre ...
Littelfuse(LFUS) - 2024 Q1 - Quarterly Results
2024-04-30 21:04
[Executive Summary & Business Outlook](index=1&type=section&id=Executive%20Summary%20%26%20Business%20Outlook) [Q1 2024 Performance Highlights](index=1&type=section&id=Q1%202024%20Performance%20Highlights) Littelfuse reported solid first-quarter results for 2024, with sales exceeding and earnings aligning with guidance. The company's diversified end markets, robust technology, and portfolio optimization helped mitigate ongoing inventory destocking. Despite a 12% decline in net sales, strong cash generation was noted - Global team delivered solid first quarter results, with sales above and earnings in-line with expectations, supported by diversified end market exposures, robust technology offering, and portfolio optimization initiatives.[1](index=1&type=chunk) | Metric | Q1 2024 | Q1 2023 (YoY Change) | | :-------------------------- | :------ | :-------------------- | | Net sales | $535 million | Down 12% (12% organically) | | GAAP diluted EPS | $1.93 | - | | Adjusted diluted EPS | $1.76 | - | | Cash flow from operations | $57 million | - | | Free cash flow | $42 million | - | [Q2 2024 Financial Guidance](index=1&type=section&id=Second%20Quarter%20of%202024%20Guidance) For the second quarter of 2024, Littelfuse anticipates net sales between $525 million and $555 million, adjusted diluted EPS in the range of $1.65 to $1.85, and an adjusted effective tax rate of approximately 23% | Metric | Q2 2024 Guidance | | :------------------------ | :------------------- | | Net sales | $525 - $555 million | | Adjusted diluted EPS | $1.65 - $1.85 | | Adjusted effective tax rate | Approximately 23% | [Dividend and Share Repurchase Authorization](index=2&type=section&id=Dividend%20and%20Share%20Repurchase%20Authorization) The Board of Directors approved a new stock repurchase authorization of up to $300 million, effective from May 1, 2024, to April 30, 2027. Additionally, a cash dividend of $0.65 per share will be paid on June 6, 2024 - Board of Directors approved a new stock repurchase authorization for up to **$300 million** of common stock, valid from May 1, 2024, to April 30, 2027.[8](index=8&type=chunk) - A cash dividend of **$0.65** per share will be paid on June 6, 2024, to shareholders of record as of May 23, 2024.[8](index=8&type=chunk) [Company Overview](index=2&type=section&id=About%20Littelfuse) Littelfuse, Inc. is a diversified, industrial technology manufacturing company with approximately 17,000 global associates across more than 20 countries, serving over 100,000 end customers in industrial, transportation, and electronics markets - Littelfuse, Inc. is a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world.[6](index=6&type=chunk) - The company operates in **over 20 countries** with **approximately 17,000 global associates**, serving **over 100,000 end customers** in industrial, transportation, and electronics end markets.[6](index=6&type=chunk) [Forward-Looking Statements & Non-GAAP Measures](index=2&type=section&id=Safe%20Harbor%20Statement%20under%20the%20Private%20Securities%20Litigation%20Reform%20Act%20of%201995) The press release includes forward-looking statements, which are subject to various risks and uncertainties detailed in SEC filings. It also utilizes non-GAAP financial measures, such as adjusted EPS and free cash flow, which the company believes provide useful information for understanding core operational performance and credit position by excluding items not directly related to fundamental business operations - Statements in the press release that are not historical facts constitute 'forward-looking statements' subject to risks and uncertainties that could cause actual results to differ materially.[7](index=7&type=chunk) - The company uses non-GAAP financial measures (e.g., organic net sales, adjusted operating income, adjusted diluted EPS, free cash flow) to provide useful information to investors regarding operational performance and credit position, enhancing understanding of core financial performance and facilitating historical comparisons.[10](index=10&type=chunk)[12](index=12&type=chunk) [Condensed Consolidated Financial Statements](index=4&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Balance Sheets](index=4&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of March 30, 2024, total assets decreased slightly to $3,943.5 million from $3,995.3 million at December 30, 2023. Current assets saw an increase, while long-term assets like property, plant, and equipment, intangible assets, and goodwill experienced declines. Total liabilities increased, primarily driven by a significant rise in the current portion of long-term debt | (in thousands) | March 30, 2024 | December 30, 2023 | | :------------------------------------------ | :------------- | :---------------- | | **ASSETS** | | | | Cash and cash equivalents | $562,153 | $555,513 | | Total current assets | $1,444,111 | $1,408,600 | | Net property, plant, and equipment | $479,435 | $493,153 | | Intangible assets, net | $584,631 | $606,136 | | Goodwill | $1,294,737 | $1,309,998 | | Total assets | $3,943,461 | $3,995,275 | | **LIABILITIES AND EQUITY** | | | | 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 | | Total equity | $2,471,293 | $2,480,481 | | Total liabilities and equity | $3,943,461 | $3,995,275 | [Condensed Consolidated Statements of Net Income](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20NET%20INCOME) For the three months ended March 30, 2024, net sales decreased by 12.2% year-over-year to $535.4 million. This led to a significant decline in gross profit and operating income, ultimately resulting in a 45.4% reduction in net income to $48.5 million and diluted EPS falling from $3.54 to $1.93 | (in thousands, except per share data) | March 30, 2024 | April 1, 2023 | YoY Change (%) | | :------------------------------------ | :------------- | :------------ | :------------- | | Net sales | $535,385 | $609,782 | (12.2)% | | Cost of sales | $347,577 | $364,825 | (4.8)% | | Gross profit | $187,808 | $244,957 | (23.3)% | | Total operating expenses | $132,856 | $134,316 | (1.1)% | | Operating income | $54,952 | $110,641 | (50.3)% | | Income before income taxes | $55,704 | $108,903 | (48.8)% | | Income taxes | $7,252 | $20,158 | (64.0)% | | Net income | $48,452 | $88,745 | (45.4)% | | Diluted EPS | $1.93 | $3.54 | (45.5)% | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Net cash provided by operating activities increased to $57.2 million in Q1 2024, up from $53.4 million in Q1 2023, primarily due to inventory adjustments. Net cash used in investing activities significantly decreased to $8.5 million, as there were no major acquisitions in Q1 2024 compared to the prior year. Net cash used in financing activities increased to $33.5 million, driven by common stock repurchases | (in thousands) | March 30, 2024 | April 1, 2023 | | :------------------------------------------ | :------------- | :------------ | | Net cash provided by operating activities | $57,150 | $53,407 | | Net cash used in investing activities | $(8,483) | $(183,188) | | Net cash used in financing activities | $(33,520) | $(12,204) | | Increase (decrease) in cash, cash equivalents, and restricted cash | $6,597 | $(137,414) | | Cash, cash equivalents, and restricted cash at end of period | $563,720 | $427,525 | [Segment Performance Analysis](index=7&type=section&id=NET%20SALES%20AND%20OPERATING%20INCOME%20BY%20SEGMENT) [Net Sales and Operating Income by Segment](index=7&type=section&id=Net%20Sales%20and%20Operating%20Income%20by%20Segment) In Q1 2024, total net sales declined by 12.2% year-over-year. The Electronics segment experienced an 18.8% sales decline and a 58.1% drop in operating income. The Industrial segment also saw a 12.6% sales decrease and a 72.0% decline in operating income. In contrast, the Transportation segment demonstrated resilience with a 2.2% increase in sales and an 89.9% surge in operating income | Net sales (in thousands) | 2024 | 2023 | % (Decline) / Growth | | :----------------------- | :--- | :--- | :------------------- | | 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 (in thousands) | 2024 | 2023 | % (Decline) / Growth | | :------------------------------ | :--- | :--- | :------------------- | | Electronics | $37,803 | $90,162 | (58.1)% | | Transportation | $16,206 | $8,532 | 89.9 % | | Industrial | $4,796 | $17,141 | (72.0)% | | Total operating income | $54,952 | $110,641 | (50.3)% | | Operating Margin | 2024 | 2023 | % (Decline)/Growth | | :--------------- | :--- | :--- | :----------------- | | Electronics | 13.0 % | 25.1 % | (12.1)% | | Transportation | 9.5 % | 5.1 % | 4.4 % | | Industrial | 6.5 % | 20.3 % | (13.8)% | [Supplemental Financial Information (Non-GAAP Reconciliations)](index=8&type=section&id=SUPPLEMENTAL%20FINANCIAL%20INFORMATION) [Non-GAAP EPS Reconciliation](index=8&type=section&id=Non-GAAP%20EPS%20reconciliation) For Q1 2024, adjusted diluted EPS was $1.76, which is lower than the GAAP diluted EPS of $1.93. This difference is primarily due to a negative $0.17 impact from non-GAAP adjustments, including a non-operating foreign exchange gain and income tax adjustments | Non-GAAP EPS reconciliation | Q1-24 | Q1-23 | | :-------------------------- | :---- | :---- | | GAAP diluted EPS | $1.93 | $3.54 | | EPS impact of Non-GAAP adjustments | $(0.17) | $0.10 | | Adjusted diluted EPS | $1.76 | $3.64 | [Adjusted Operating Margin and Adjusted EBITDA Reconciliation](index=8&type=section&id=Adjusted%20operating%20margin%20%2F%20Adjusted%20EBITDA%20reconciliation) In Q1 2024, adjusted operating income was $58.8 million, resulting in an adjusted operating margin of 11.0%. Adjusted EBITDA stood at $91.3 million, with an adjusted EBITDA margin of 17.1%. Both adjusted metrics reflect a decline compared to Q1 2023 | Metric | Q1-24 | Q1-23 | | :------------------------ | :---- | :---- | | 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 | | Margin | Q1-24 | Q1-23 | | :------------------ | :---- | :---- | | Operating margin | 10.3 % | 18.1 % | | Adjusted operating margin | 11.0 % | 19.0 % | | Adjusted EBITDA margin | 17.1 % | 24.6 % | [Adjusted EBITDA by Segment](index=9&type=section&id=Adjusted%20EBITDA%20by%20Segment) For Q1 2024, the Electronics segment reported Adjusted EBITDA of $57.6 million (19.8% margin), Transportation $24.9 million (14.6% margin), and Industrial $8.8 million (11.9% margin). All segments experienced a decrease in Adjusted EBITDA compared to Q1 2023 | Adjusted EBITDA (in millions) | Q1-24 | Q1-23 | | :---------------------------- | :---- | :---- | | Electronics | $57.6 | $110.0 | | Transportation | $24.9 | $19.8 | | Industrial | $8.8 | $20.5 | | Adjusted EBITDA Margin | Q1-24 | Q1-23 | | :--------------------- | :---- | :---- | | Electronics | 19.8 % | 30.7 % | | Transportation | 14.6 % | 11.9 % | | Industrial | 11.9 % | 24.3 % | [Net Sales Reconciliation](index=9&type=section&id=Net%20sales%20reconciliation) The overall 12% net sales decline in Q1 2024 compared to Q1 2023 was primarily organic. The Electronics segment saw a 19% organic net sales decline, and Industrial a 14% decline, while the Transportation segment achieved 3% organic net sales growth | Net sales (decline) growth (Q1-24 vs. Q1-23) | Electronics | Transportation | Industrial | Total | | :------------------------------------------ | :---------- | :------------- | :--------- | :---- | | Net sales (decline) growth | (19)% | 2 % | (13)% | (12)% | | Less: Acquisitions | — % | — % | 1 % | — % | | Less: FX impact | — % | (1)% | — % | — % | | Organic net sales (decline) growth | (19)% | 3 % | (14)% | (12)% | [Income Tax Reconciliation](index=9&type=section&id=Income%20tax%20reconciliation) The adjusted effective tax rate for Q1 2024 was 19.3%, a slight increase from 18.8% in Q1 2023. Adjusted income taxes for the quarter amounted to $10.6 million | 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](index=9&type=section&id=Free%20cash%20flow%20reconciliation) Free cash flow significantly increased to $41.6 million in Q1 2024 from $27.7 million in Q1 2023. This improvement was driven by higher net cash provided by operating activities and reduced purchases of property, plant, and equipment | 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 Debt and Leverage Ratio](index=10&type=section&id=Consolidated%20Total%20Debt) As of March 30, 2024, consolidated total debt was $866.7 million, with net debt reported at $712.9 million. The consolidated net leverage ratio stood at 1.4x, which is well below the credit agreement's covenant limit of 3.50:1.00 | Consolidated Total Debt | As of March 30, 2024 | | :---------------------- | :------------------- | | Consolidated Total Debt | $866.7 | | 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 | | Consolidated EBITDA | $501.0 | - Consolidated Net Leverage Ratio was **1.4x**, significantly below the Credit Agreement's covenant limit of **3.50:1.00**.[31](index=31&type=chunk)
Littelfuse(LFUS) - 2023 Q4 - Annual Report
2024-02-15 16:00
Financial Performance - Net sales decreased by $151.2 million (6.0%) to $2,362.7 million in 2023, primarily due to lower volume in the Electronics segment and the commercial vehicle business within the Transportation segment[166] - Net income decreased to $259.5 million ($10.34 per diluted share) in 2023 from $373.3 million ($14.94 per diluted share) in 2022, driven by lower operating income in the Electronics and Transportation segments[166] - Total revenue for fiscal year 2023 was $2,362.7 million, a decrease from $2,513.9 million in 2022[197] - Operating income for 2022 was $500.8 million, an increase of $115.2 million (29.9%) compared to 2021[251] - Operating margins increased from 18.5% in 2021 to 19.9% in 2022, primarily driven by higher operating income in the Electronics segment[251] Cash Flow and Capital Management - Net cash provided by operating activities increased by $37.7 million to $457.4 million in 2023, primarily due to reductions in working capital[167] - The company plans to return 40% of free cash flow to shareholders through dividends and opportunistic share repurchases[178] - The company's ability to access capital markets and bank credit facilities is critical for investments, strategic acquisitions, and refinancing maturing debt obligations[119] Acquisitions and Strategic Growth - The company completed the acquisition of Western Automation for approximately $162 million in cash, which had annualized sales of approximately $25 million[169] - The company entered into a definitive purchase agreement to acquire a 200mm wafer fab in Dortmund, Germany for approximately 93 million Euro, with 37.2 million Euro paid in 2023 and the remaining 56 million Euro to be paid at closing in early 2025[168] - The company targets 5-7% average annual organic sales growth and 5-7% average annual growth from strategic acquisitions as part of its five-year strategic plan[178] - The company's strategy focuses on increasing product content, expanding into high-growth geographies and end markets, and leveraging strategic acquisitions to enhance organic growth[178] Regional Sales Performance - Asia-Pacific net sales decreased by $121.0 million (11.9%) in 2023, primarily due to lower electronics and commercial vehicle sales[240] - European net sales increased by $60.6 million (12.1%) in 2023, driven by acquisitions and increased semiconductor and passenger car product sales[241] Goodwill and Asset Valuation - The company's goodwill impairment test as of October 1, 2023 indicated no impairment charges, with the estimated fair values of all seven reporting units exceeding their carrying values[185] - All seven reporting units passed the goodwill impairment test with fair values exceeding carrying values by 23% to 369% as of October 1, 2023[188] - A 1.0% decrease in estimated annual future cash flows would decrease the estimated fair value of the reporting unit by approximately 1.0%[189] - The estimated discount rate was 12.6% for most reporting units and 16.8% for the Industrial Controls and Sensors unit[189] - The company holds material amounts of goodwill and other long-lived assets, and a decline in expected profitability could lead to asset impairment[117] Revenue Recognition and Sales Incentives - The Company recognizes revenue when control of the product is transferred to the customer, typically at the time of shipment[198] - The Company offers volume-based sales incentives, estimating rebates as a reduction to revenue as products are sold[204] Market and Operational Risks - The company's revenues may vary significantly due to factors such as changes in customer buying decisions, demand for products, distributor inventory stocking, and product mix[116] - The company's fixed costs may reduce operating results if sales fall below expectations, as many expenses, particularly capital equipment and manufacturing overhead, are relatively fixed[120] - The company is exposed to potential security breaches or disruptions to its IT systems, which could result in financial liability, legal sanctions, or reputational damage[123] - The company faces risks related to currency exchange rates, commodity prices, and interest rates, which could have a material adverse effect on its results of operations and financial condition[113] - The company may incur additional expenses due to customer demands and regulations related to conflict-free minerals, particularly in the semiconductor industry[124] - The bankruptcy or insolvency of a major customer, such as an auto manufacturer or supplier, could lead to substantial disruptions and lower demand for the company's products[118] Currency Exposure - The company's most significant net long exposure is to the euro, while its most significant net short exposures are to the Chinese renminbi, Mexican peso, and Philippine peso[114] Stock Performance - The company's stock price ranged between a low of $212.8 and a high of $309.9 from December 31, 2022, to December 30, 2023[121]