Littelfuse(US:LFUS)2024-10-29 21:03Financial Performance - Net sales for Q3 2024 were $567 million, a decrease of 7% compared to the same period last year[1]. - Net income for Q3 2024 was $58.1 million, compared to $57.8 million in Q3 2023[14]. - Operating income for Q3 2024 was $87.8 million, down from $93.6 million in the prior year[14]. - Total net sales for Q3 2024 were $567.390 million, a decrease of 6.5% compared to $607.071 million in Q3 2023[17]. - The Electronics segment reported net sales of $304.188 million in Q3 2024, down 11.6% from $343.933 million in Q3 2023[17]. - Operating income for Q3 2024 was $87.821 million, a decline of 6.2% from $93.645 million in Q3 2023[17]. - Adjusted diluted EPS for Q3 2024 was $2.71, compared to $2.97 in Q3 2023, reflecting a decrease of 8.7%[19]. - Net income for the nine months ended September 28, 2024, was $151.976 million, down from $216.604 million for the same period in 2023, representing a decline of 30%[15]. Cash Flow and Dividends - Cash flow from operations was $80 million, and free cash flow was $65 million[1]. - The company incurred $49.687 million in cash dividends paid during the nine months ended September 28, 2024, compared to $45.973 million in the same period in 2023[15]. - Free cash flow for Q3-24 was $65.0 million, down from $139.8 million in Q3-23, and YTD-24 free cash flow was $156.9 million compared to $250.0 million in YTD-23[25]. - The company will pay a cash dividend of $0.70 per share on December 5, 2024[3]. Assets and Equity - Total assets increased to $4.062 billion as of September 28, 2024, compared to $3.995 billion at the end of 2023[12]. - The company reported a total equity of $2.573 billion as of September 28, 2024, up from $2.480 billion at the end of 2023[12]. - Consolidated total debt as of September 28, 2024, was $867.7 million, with net debt at $735.6 million[26]. Segment Performance - The Transportation segment saw a significant increase in operating income of 142.3% in Q3 2024, reaching $23.485 million compared to $9.694 million in Q3 2023[17]. - The Industrial segment experienced a 6.6% growth in net sales for Q3 2024, totaling $91.821 million, compared to $86.119 million in Q3 2023[17]. - Year-to-date (YTD) organic net sales declined by 12% in Electronics, 3% in Transportation, and grew by 7% in Industrial, resulting in an overall decline of 9%[23]. - Net sales in Electronics declined by 12% in Q3-24 compared to Q3-23, while Transportation saw a decline of 3%[24]. Operating Metrics - The operating margin for Q3 2024 was 15.5%, slightly up from 15.4% in Q3 2023[18]. - Adjusted EBITDA for Q3-24 was $68.9 million, with a margin of 22.6%, compared to $96.6 million and 28.1% in Q3-23[21]. - Adjusted EBITDA for YTD-24 was $192.5 million in Electronics, $81.8 million in Transportation, and $44.0 million in Industrial, with respective margins of 21.4%, 16.0%, and 17.6%[23]. - The effective tax rate for Q3-24 was 25.3%, up from 23.3% in Q3-23, with adjusted income taxes at $21.8 million[25]. - Net cash provided by operating activities for Q3-24 was $80.4 million, down from $161.5 million in Q3-23[25]. Future Outlook - For Q4 2024, the company expects net sales in the range of $510 - $540 million and adjusted diluted EPS between $1.90 - $2.10[2]. - The company has amended its Credit Agreement to allow for the addition of acquisition and integration costs up to 15% of Consolidated EBITDA[27].