Littelfuse (LFUS) News
Market Cap: $5.23B
Avg Volume: 164.12K
Industry: Hardware, Equipment & Parts
Sector: Technology
Sparks Fly, But Not Enough To Ignite A Buy On Littelfuse
Littelfuse, Inc. is a well-established electronics manufacturer with a diversified portfolio across Electronics, Transportation, and Industrial segments, showing steady revenue despite recent declines. The company maintains a strong financial position with solid cash flow, expanding margins, and strategic acquisitions, but faces headwinds in key markets. Valuation concerns arise due to earnings multiple compression and market uncertainties, suggesting a “Hold” rating until clearer signs of demand recovery or a better entry point.
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Littelfuse, Inc. (LFUS) Q4 2024 Earnings Call Transcript
Littelfuse, Inc. (NASDAQ:LFUS ) Q4 2024 Earnings Conference Call January 29, 2025 10:00 AM ET Company Participants David Kelley - Head of Investor Relations Dave Heinzmann - President, Chief Executive Officer & Director Meenal Sethna - Executive Vice President & Chief Financial Officer Greg Henderson - Board of Director & Incoming Chief Executive Officer Conference Call Participants Luke Junk - Baird Saree Boroditsky - Jefferies Christopher Glynn - Oppenheimer David Williams - The Benchmark Company William Kerwin - Morningstar David Silver - CL King Operator Good day everyone and welcome to the Littelfuse Fourth Quarter 2024 Earnings Conference Call. Today's call is being recorded.
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Littelfuse (LFUS) Q4 Earnings: Taking a Look at Key Metrics Versus Estimates
The headline numbers for Littelfuse (LFUS) give insight into how the company performed in the quarter ended December 2024, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.
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Littelfuse (LFUS) Q4 Earnings Match Estimates
Littelfuse (LFUS) came out with quarterly earnings of $2.04 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $2.02 per share a year ago.
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Littelfuse Reports Fourth Quarter and Full Year Results for 2024
CHICAGO--(BUSINESS WIRE)--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 28, 2024: Fourth Quarter 2024 Results Net sales of $530 million were down 1% versus the prior year period and flat organically GAAP diluted loss per share was $1.57, which includes $93m in non-cash goodwill and intangible impairment charges A.
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Wall Street's Insights Into Key Metrics Ahead of Littelfuse (LFUS) Q4 Earnings
Looking beyond Wall Street's top -and-bottom-line estimate forecasts for Littelfuse (LFUS), delve into some of its key metrics to gain a deeper insight into the company's potential performance for the quarter ended December 2024.
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Littelfuse to Release Fourth Quarter Financial Results After Market Close on January 28
CHICAGO--(BUSINESS WIRE)--Littelfuse, Inc. (NASDAQ: LFUS), a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world, announced today that it will release financial results for its fourth quarter of fiscal 2024 after market close on Tuesday, January 28, 2025. The press release and slide presentation will be available in the Investor Relations section of the company's website, Littelfuse.com. The company will host a conference call on Wednesd.
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Littelfuse to Postpone Investor Day
CHICAGO--(BUSINESS WIRE)--Littelfuse, Inc. (NASDAQ: LFUS), a diversified industrial technology manufacturing company empowering a sustainable, connected, and safer world, today announced that, with the CEO transition taking effect on February 10, 2025, the Company is postponing the previously planned February 26, 2025, Investor Day to a later date. About Littelfuse Littelfuse, Inc. (NASDAQ: LFUS) is a diversified, industrial technology manufacturing company empowering a sustainable, connected,.
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Littelfuse Earns Spot on Newsweek's 2025 America's Most Responsible Companies List
ROSEMONT, Ill.--(BUSINESS WIRE)---- $LFUS #Littelfuse--Littelfuse, Inc. (NASDAQ: LFUS), a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world, is proud to announce its recognition as one of America's Most Responsible Companies on Newsweek's 2025 list. This marks the third consecutive year the company has been honored with this prestigious award, presented by Newsweek in collaboration with Statista Inc., a global leader in data and industry analysis. The list.
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LFUS vs. BWXT: Which Stock Should Value Investors Buy Now?
Investors with an interest in Electronics - Miscellaneous Components stocks have likely encountered both Littelfuse (LFUS) and BWX Technologies (BWXT). But which of these two stocks offers value investors a better bang for their buck right now?
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Can Littelfuse's 200mm Wafer Fab Acquisition Push the Stock Higher?
LFUS acquires a 200mm wafer fab, enhancing its power semiconductor capabilities for industrial markets like energy storage, automation, and renewables.
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Littelfuse to Host 2025 Investor Day
CHICAGO--(BUSINESS WIRE)--Littelfuse, Inc. (NASDAQ: LFUS), a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world, today announced it will host an Investor Day in New York City on Wednesday, February 26, 2025. Dave Heinzmann, chief executive officer, Meenal Sethna, chief financial officer, and other senior leaders of the company will present an in-depth review of business strategy, growth drivers, and financial objectives. The event will.
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Littelfuse, Inc. (LFUS) Q3 2024 Earnings Conference Call Transcript
Littelfuse, Inc. (NASDAQ:LFUS ) Q3 2024 Earnings Conference Call October 30, 2024 10:00 AM ET Company Participants David Kelley - Head of IR Dave Heinzmann - President, CEO & Director Meenal Sethna - EVP & CFO Conference Call Participants David Williams - Benchmark Grant Smith - Jefferies Christopher Glynn - Oppenheimer Matt Sheerin - Stifel Luke Junk - Baird Operator Good day, everyone, and welcome to the Littelfuse Third Quarter 2024 Earnings Conference Call. Today's call is being recorded.
seekingalpha.com
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Here's What Key Metrics Tell Us About Littelfuse (LFUS) Q3 Earnings
The headline numbers for Littelfuse (LFUS) give insight into how the company performed in the quarter ended September 2024, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.
zacks.com
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Littelfuse (LFUS) Beats Q3 Earnings and Revenue Estimates
Littelfuse (LFUS) came out with quarterly earnings of $2.71 per share, beating the Zacks Consensus Estimate of $2.08 per share. This compares to earnings of $2.97 per share a year ago.
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Littelfuse Reports Third Quarter Results for 2024
CHICAGO--(BUSINESS WIRE)--Littelfuse, Inc. (NASDAQ: LFUS), a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world, today reported financial results for the third quarter ended September 28, 2024: Net sales of $567 million were down 7% versus the prior year period and organically GAAP diluted EPS was $2.32 and adjusted diluted EPS was $2.71 Cash flow from operations was $80 million and free cash flow was $65 million “In the third quarter,.
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Littelfuse (LFUS) Expected to Beat Earnings Estimates: What to Know Ahead of Q3 Release
Littelfuse (LFUS) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
zacks.com
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Littelfuse Launches RCMP20 Residual Current Monitor Series for Mode 2 and Mode 3 Charging Stations
CHICAGO--(BUSINESS WIRE)---- $LFUS #Littelfuse--Littelfuse, Inc. (NASDAQ: LFUS), an industrial technology manufacturing company empowering a sustainable, connected, and safer world, today announced the RCMP20 Residual Current Monitor Series for Mode 2 and Mode 3 EV charging stations. The RCMP20 Series sets a new standard in electric vehicle (EV) charging safety, offering superior performance and flexibility in a compact design while supporting higher charging currents than other solutions on the market. Featuring th.
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Why Littelfuse (LFUS) Could Beat Earnings Estimates Again
Littelfuse (LFUS) has an impressive earnings surprise history and currently possesses the right combination of the two key ingredients for a likely beat in its next quarterly report.
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Littelfuse to release third quarter financial results after market close on October 29
CHICAGO--(BUSINESS WIRE)--Littelfuse, Inc. (NASDAQ: LFUS), a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world, announced today that it will release financial results for its third quarter of fiscal 2024 after market close on Tuesday, October 29, 2024. The press release and slide presentation will be available in the Investor Relations section of the company's website, Littelfuse.com. The company will host a conference call on Wednesda.
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Littelfuse: Substantial FY25 Alpha Potential, But It's Not Cheap
Despite being richly valued, I believe Littelfuse could see a 23% price increase over the next 12 months, driven by a strong expected upcycle in FY25 and robust EPS growth. The company faces potential challenges in AI and edge computing compatibility, geopolitical risks, and supply chain vulnerabilities that could impact its competitiveness and profitability. Littelfuse's strategic acquisitions and focus on innovation position it well to navigate market complexities, though it's slightly overvalued compared to similar-sized peers like Vishay.
seekingalpha.com
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The 3 Stocks Most Bought by Hedge Funds This Month
It's hard for retail investors to get picks right. Most investors are limited to limited information that's already priced in.
investorplace.com
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Littelfuse (LFUS) Reports Q2 Earnings: What Key Metrics Have to Say
While the top- and bottom-line numbers for Littelfuse (LFUS) give a sense of how the business performed in the quarter ended June 2024, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
zacks.com
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Littelfuse (LFUS) Beats Q2 Earnings and Revenue Estimates
Littelfuse (LFUS) came out with quarterly earnings of $1.97 per share, beating the Zacks Consensus Estimate of $1.75 per share. This compares to earnings of $3.12 per share a year ago.
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Littelfuse (LFUS) Expected to Beat Earnings Estimates: What to Know Ahead of Q2 Release
Littelfuse (LFUS) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
zacks.com
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DigiKey Awarded Global High Service Distributor of the Year for 2023 by Littelfuse
THIEF RIVER FALLS, Minn., July 10, 2024 (GLOBE NEWSWIRE) -- DigiKey, a leading global commerce distributor offering the largest selection of technical components and automation products in stock for immediate shipment, announced today that it was awarded the 2023 Global High Service Distributor of the Year award from Littelfuse, an industrial technology manufacturing company empowering a sustainable, connected and safer world.
globenewswire.com
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Littelfuse to Release Second Quarter Financial Results After Market Close on July 30
CHICAGO--(BUSINESS WIRE)--Littelfuse, Inc. (NASDAQ: LFUS), a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world, announced today that it will release financial results for its second quarter of fiscal 2024 after market close on Tuesday, July 30, 2024. The press release and slide presentation will be available in the Investor Relations section of the company's website, Littelfuse.com. The company will host a conference call on Wednesday,.
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Grandmaster Tan Zhongyi Wins 2024 Cairns Cup and $50,000 Prize in Saint Louis
ST. LOUIS--(BUSINESS WIRE)--Tournament favorite Grandmaster (GM) Tan Zhongyi was crowned the winner of the 2024 Cairns Cup on Saturday, June 22, taking home a prize of $50,000. Created and hosted by the Saint Louis Chess Club, the Cairns Cup is one of the world's premier women's tournaments. “Even though it looked smooth for me - the actual process was harder than it looked, but I knew I had a higher chance of winning. From here, I would like to continue playing and improving. I know it will ta.
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Littelfuse Releases 2023 Sustainability Report
CHICAGO--(BUSINESS WIRE)---- $LFUS #Littelfuse--Littelfuse, Inc. (NASDAQ: LFUS), a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world, is proud to announce the release of our fourth annual Sustainability Report. At Littelfuse, we believe that every employee, customer, and partner has the potential to drive positive change – environmentally, socially, and ethically. Together, we're shaping a future defined by sustainable choices and conscientious actions. “Su.
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Littelfuse Announces Grand Opening of Manufacturing Plant in Piedras Negras, Coahuila, Mexico
CHICAGO--(BUSINESS WIRE)---- $LFUS #Littelfuse--Yesterday, Littelfuse held a ribbon-cutting ceremony to celebrate the opening of a new manufacturing plant in Piedras Negras, Coahuila, Mexico.
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Hedge funds cut stakes in Magnificent Seven to invest in broader AI boom
Hedge funds started cutting their stakes in the Magnificent Seven in the first quarter of 2024 and investing in broader artificial intelligence stocks instead, a new Goldman Sachs analysis shows.
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Littelfuse, Inc. (LFUS) To Go Ex-Dividend on May 22nd
Littelfuse, Inc. (NASDAQ:LFUS – Get Free Report) declared a quarterly dividend on Thursday, April 25th, Zacks reports. Stockholders of record on Thursday, May 23rd will be given a dividend of 0.65 per share by the technology company on Thursday, June 6th. This represents a $2.60 annualized dividend and a dividend yield of 1.00%. The ex-dividend date is Wednesday, May 22nd. Littelfuse has raised its dividend by an average of 9.2% annually over the last three years and has raised its dividend annually for the last 14 consecutive years. Littelfuse has a payout ratio of 23.2% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Littelfuse to earn $11.51 per share next year, which means the company should continue to be able to cover its $2.60 annual dividend with an expected future payout ratio of 22.6%. Littelfuse Stock Performance NASDAQ:LFUS opened at $259.76 on Monday. The company has a market cap of $6.44 billion, a price-to-earnings ratio of 29.75, a price-to-earnings-growth ratio of 2.52 and a beta of 1.32. The company has a quick ratio of 2.44, a current ratio of 3.57 and a debt-to-equity ratio of 0.32. Littelfuse has a 52 week low of $212.80 and a 52 week high of $309.94. The company has a fifty day simple moving average of $238.22 and a two-hundred day simple moving average of $241.79. Littelfuse (NASDAQ:LFUS – Get Free Report) last announced its quarterly earnings data on Tuesday, April 30th. The technology company reported $1.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.75 by $0.01. The business had revenue of $535.39 million during the quarter, compared to analysts’ expectations of $519.08 million. Littelfuse had a return on equity of 10.21% and a net margin of 9.58%. The business’s quarterly revenue was down 12.2% compared to the same quarter last year. During the same quarter last year, the business posted $3.64 EPS. As a group, equities analysts anticipate that Littelfuse will post 8.59 earnings per share for the current fiscal year. Analyst Ratings Changes Several equities research analysts have recently issued reports on the stock. Benchmark reaffirmed a “hold” rating on shares of Littelfuse in a research report on Thursday, May 2nd. Robert W. Baird upgraded Littelfuse from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $270.00 to $300.00 in a report on Friday. Baird R W upgraded shares of Littelfuse from a “hold” rating to a “strong-buy” rating in a research note on Friday. StockNews.com downgraded shares of Littelfuse from a “buy” rating to a “hold” rating in a research report on Saturday, March 30th. Finally, Jefferies Financial Group started coverage on shares of Littelfuse in a research report on Tuesday, April 9th. They issued a “hold” rating and a $260.00 target price on the stock. Three analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Littelfuse currently has a consensus rating of “Moderate Buy” and an average target price of $280.00. Check Out Our Latest Stock Analysis on LFUS Insider Transactions at Littelfuse In other news, SVP Maggie Chu sold 1,522 shares of the company’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $240.74, for a total value of $366,406.28. Following the completion of the sale, the senior vice president now directly owns 3,086 shares of the company’s stock, valued at $742,923.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Littelfuse news, EVP Ryan K. Stafford sold 2,219 shares of Littelfuse stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $256.33, for a total value of $568,796.27. Following the sale, the executive vice president now owns 24,437 shares of the company’s stock, valued at approximately $6,263,936.21. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Maggie Chu sold 1,522 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $240.74, for a total value of $366,406.28. Following the transaction, the senior vice president now owns 3,086 shares in the company, valued at approximately $742,923.64. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 11,160 shares of company stock worth $2,829,959. Insiders own 2.30% of the company’s stock. Littelfuse Company Profile (Get Free Report) Littelfuse, Inc designs, manufactures, and sells electronic components, modules, and subassemblies in the Americas, Asia-Pacific, and Europe. The company operates through Electronic, Transportation, and Industrial segments. The Electronics segment offers fuses and fuse accessories, positive temperature coefficient resettable fuses, electromechanical switches and interconnect solutions, polymer electrostatic discharge suppressors, varistors, reed switch based magnetic sensing products, and gas discharge tubes; and discrete transient voltage suppressor (TVS) diodes, TVS diode arrays, protection and switching thyristors, metal-oxide-semiconductor field-effect transistors and diodes, and insulated gate bipolar transistors.
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Littelfuse (LFUS) Q1 Earnings: Taking a Look at Key Metrics Versus Estimates
The headline numbers for Littelfuse (LFUS) give insight into how the company performed in the quarter ended March 2024, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.
zacks.com
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Littelfuse Reports First Quarter Results for 2024
CHICAGO--(BUSINESS WIRE)--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.
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What's in Store for These 4 Technology Stocks in Q1 Earnings?
Here we take a sneak peek at four stocks, AMD, IPGP, LFUS and SWKS, in the Zacks Computer and Technology sector due to report their first-quarter earnings on Apr 30.
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Littelfuse to Present at Upcoming Investor Conferences
CHICAGO--(BUSINESS WIRE)--Littelfuse, Inc. (NASDAQ: LFUS), a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world, announced today that it will participate in the following investor conferences: May 6 – Oppenheimer Virtual Industrial Growth Conference June 4 – Stifel Cross Sector Insight Conference in Boston June 5 – Baird Global Consumer, Technology & Services Conference in New York Contact your Oppenheimer, Stifel or Baird represent.
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Littelfuse (LFUS) Expected to Beat Earnings Estimates: Should You Buy?
Littelfuse (LFUS) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
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Littelfuse to Release First Quarter Financial Results After Market Close on April 30
CHICAGO--(BUSINESS WIRE)---- $LFUS #conference--Littelfuse, Inc. (NASDAQ: LFUS), a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world, announced today that it will release financial results for its first quarter of fiscal 2024 after market close on Tuesday, April 30, 2024. The press release and slide presentation will be available in the Investor Relations section of the company's website, Littelfuse.com. The company will host a conference call on Wednesday,.
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Littelfuse, Inc. (LFUS) Q4 2023 Earnings Call Transcript
Littelfuse, Inc. (LFUS) Q4 2023 Earnings Call Transcript
seekingalpha.com
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Littelfuse (LFUS) Q4 Earnings: How Key Metrics Compare to Wall Street Estimates
While the top- and bottom-line numbers for Littelfuse (LFUS) give a sense of how the business performed in the quarter ended December 2023, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
zacks.com
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Littelfuse Reports Fourth Quarter and Full Year Results for 2023
CHICAGO--(BUSINESS WIRE)--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 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.
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Littelfuse (LFUS) Q4 Earnings on the Horizon: Analysts' Insights on Key Performance Measures
Beyond analysts' top -and-bottom-line estimates for Littelfuse (LFUS), evaluate projections for some of its key metrics to gain a better insight into how the business might have performed for the quarter ended December 2023.
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Littelfuse to release fourth quarter financial results after market close on January 30
CHICAGO--(BUSINESS WIRE)--Littelfuse, Inc. (NASDAQ: LFUS), a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world, announced today that it will release financial results for its fourth quarter of fiscal 2023 after market close on Tuesday, January 30, 2024. The press release and slide presentation will be available in the Investor Relations section of the company's website, Littelfuse.com. The company will host a conference call on Wednesd.
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Littelfuse Named on the Newsweek America's Most Responsible Companies 2024 List
CHICAGO--(BUSINESS WIRE)---- $LFUS #Littelfuse--Littelfuse, Inc. (NASDAQ: LFUS), an industrial technology manufacturing company empowering a sustainable, connected, and safer world, was recently named one of America's Most Responsible Companies on Newsweek's 2024 list. This marks the second consecutive year the Company has been recognized. This prestigious award is presented by Newsweek and Statista Inc., the world-leading statistics portal and industry ranking provider. The final list recognizes the top 600 most re.
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Littelfuse, Inc. (LFUS) Q3 2023 Earnings Call Transcript
Littelfuse, Inc. (NASDAQ:LFUS ) Q3 2023 Earnings Conference Call November 1, 2023 10:00 AM ET Company Participants David Kelley - Head, IR David Heinzmann - President and CEO Meenal Sethna - EVP and CFO Conference Call Participants Luke Junk - Robert W. Baird Matthew Sheerin - Stifel David Williams - The Benchmark Company David Silver - CL King & Associates Joshua Buchalter - TD Cowen Operator Good morning, ladies and gentlemen.
seekingalpha.com
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Littelfuse (LFUS) Q3 Earnings: Taking a Look at Key Metrics Versus Estimates
While the top- and bottom-line numbers for Littelfuse (LFUS) give a sense of how the business performed in the quarter ended September 2023, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
zacks.com
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Littelfuse Reports Third Quarter Results for 2023
CHICAGO--(BUSINESS WIRE)--Littelfuse, Inc. (NASDAQ: LFUS), a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world, today reported financial results for the third quarter ended September 30, 2023: Net sales of $607.1 million were down 8% versus the prior year period, and down 11% organically GAAP diluted EPS was $2.30; adjusted diluted EPS was $2.97 Cash flow from operations was $161.5 million and free cash flow was $139.8 million “In the.
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Littelfuse to Participate in Investor Conferences
CHICAGO--(BUSINESS WIRE)--Littelfuse, Inc. (NASDAQ: LFUS), a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world, announced today that it will participate in the following investor conferences: Nov 8 – Baird Global Industrial Conference Nov 9 – Stifel Midwest One-on-One Growth Conference Dec 14 – Oppenheimer Virtual Midwest Summit Contact your Baird, Stifel and Oppenheimer representatives to schedule a meeting with management. Interested.
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Littelfuse to Release Third Quarter Financial Results After Market Close on October 31
CHICAGO--(BUSINESS WIRE)--Littelfuse, Inc. (NASDAQ: LFUS), a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world, announced today that it will release financial results for its third quarter of fiscal 2023 after market close on Tuesday, October 31, 2023. The press release and slide presentation will be available in the Investor Relations section of the company's website, Littelfuse.com. The company will host a conference call on Wednesda.
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Littelfuse Appoints Gayla Delly to Board of Directors
CHICAGO--(BUSINESS WIRE)--Littelfuse, Inc. (NASDAQ: LFUS), a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world, announced today the appointment of Gayla Delly to the company's board of directors, effective September 28, 2023. Delly was also appointed to the Audit Committee. “Gayla brings a wealth of experience as both a public company executive and seasoned board member,” said Gordon Hunter, Littelfuse Chairman of the Board of Director.
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Littelfuse: E-Mobility And M&A Could Bring Substantial Market Attention
Littelfuse is a global industrial technology company that may benefit from investment trends in sustainability, connectivity, and security. The company's business model focuses on three segments: Electronics, Transportation, and Industrials, offering solutions for sustainability and connectivity. Littelfuse has a strong balance sheet with a significant amount of cash, making it well-positioned for further inorganic growth and acquisitions.
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The 7 Best Robotics Stocks to Buy Now: September 2023
While artificial intelligence stocks have seen a meteoric rise in recent months, there are still some underappreciated opportunities in the broader technology sector. Specifically, robotics stocks remain overlooked by many investors, even as the need for automation and robotics solutions continues to accelerate.
investorplace.com
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Littelfuse to Participate in Investor Conference
CHICAGO--(BUSINESS WIRE)--Littelfuse, Inc. (NASDAQ: LFUS), a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world, announced today that it will participate in the CL King Best Ideas Conference on September 18, 2023. Contact your CL King representative to schedule a meeting with management. Interested parties can access a live webcast of the presentation on the investor relations page of the company's website, Littelfuse.com. Presentation.
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6 Upcoming Dividend Increases, Including A Dividend King
Dividend investors prefer companies with a track record of increasing dividends, indicating strong business performance and shareholder rewards. The article provides lists of stocks expected to increase dividends in the coming week, based on companies with at least five years of consistent dividend growth. The article also includes tables and metrics for investors to prioritize current yield, historical dividend growth rates, and historical returns compared to a benchmark.
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Top 5 Tech Stocks Which Could Rescue Your Portfolio This Month - Cognex (NASDAQ:CGNX), Apple (NASDAQ:AAPL)
The most oversold stocks in the information technology sector presents an opportunity to buy into undervalued companies.
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Littelfuse Releases 2022 Sustainability Report
CHICAGO--(BUSINESS WIRE)---- $LFUS #Littelfuse--Littelfuse is honored to share our 2022 Sustainability Report, which showcases our commitment to our values and driving positive change in the world.
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Littelfuse, Inc. (LFUS) Q2 2023 Earnings Call Transcript
Littelfuse, Inc. (NASDAQ:LFUS ) Q2 2023 Earnings Conference Call August 2, 2023 10:00 AM ET Company Participants Trisha Tuntland - Head, IR David Heinzmann - President and CEO Meenal Sethna - EVP and CFO Conference Call Participants Luke Junk - Baird David Williams - Benchmark David Silver - CL King Joshua Buchalter - TD Cowen William Kerwin - Morningstar Christopher Glynn - Oppenheimer Matt Sheerin - Stifel Operator Good day, everyone, and welcome to the Littelfuse Second Quarter 2023 Earnings Conference Call. Today's call is being recorded.
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Why Littelfuse Stock Was Down on Wednesday
Sales trends didn't improve from Q1 to Q2. Littelfuse remains cash flow positive and is generating ample profits.
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Littelfuse (LFUS) Q2 Earnings and Revenues Lag Estimates
Littelfuse (LFUS) came out with quarterly earnings of $3.12 per share, missing the Zacks Consensus Estimate of $3.32 per share. This compares to earnings of $4.26 per share a year ago.
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Littelfuse Reports Second Quarter Results for 2023
CHICAGO--(BUSINESS WIRE)--Littelfuse, Inc. (NASDAQ: LFUS), a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world, today reported financial results for the second quarter ended July 1, 2023: Net sales of $612.0 million were down 1% versus the prior year period, and down 8% organically GAAP diluted EPS was $2.79; adjusted diluted EPS was $3.12 Cash flow from operations was $98.2 million and free cash flow was $82.4 million On June 28, the.
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Littelfuse to Release Second Quarter Financial Results After Market Close on August 1
CHICAGO--(BUSINESS WIRE)--Littelfuse, Inc. (NASDAQ: LFUS), a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world, announced today that it will release financial results for its second quarter of fiscal 2023 after market close on Tuesday, August 1, 2023. The press release and slide presentation will be available in the Investor Relations section of the company's website, Littelfuse.com. The company will host a conference call on Wednesday.
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Littelfuse (LFUS) Boosts Portfolio With Wafer Fab Acquisition
Littelfuse (LFUS) announces an agreement to acquire a 200mm wafer fab to expand its business in industrial markets and portfolio of technologies. This marks a strong product portfolio.
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Littelfuse: Fairly Valued After The Run-Up So Far
Littelfuse is viewed as a good investment due to its consistent performance, diversified segments, and recent acquisition of Western Automation, which is expected to increase revenues and market presence. The company's exposure to major trends like renewable energy and energy storage units also presents high growth opportunities. Despite a 21% increase in share price this year, LFUS stock is considered fairly valued at a forward P/E of 19, with room for upside potential.
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Mouser Electronics Named Global Distributor of the Year by Littelfuse for Sixth Consecutive Year
DALLAS & FORT WORTH, Texas--(BUSINESS WIRE)--Mouser Electronics, Inc., the New Product Introduction (NPI) leader™ empowering innovation, is pleased to announce that it has won the 2022 Global High Service Distributor of the Year award from Littelfuse, an industrial technology manufacturing company empowering a sustainable, connected, and safer world. This is the sixth consecutive year and 12th time that Mouser has won this top award overall. Littelfuse presented the award to Mouser at the recen.
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LFUS or TEL: Which Is the Better Value Stock Right Now?
Investors looking for stocks in the Electronics - Miscellaneous Components sector might want to consider either Littelfuse (LFUS) or TE Connectivity (TEL). But which of these two stocks presents investors with the better value opportunity right now?
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Can Littelfuse (LFUS) Run Higher on Rising Earnings Estimates?
Littelfuse (LFUS) shares have started gaining and might continue moving higher in the near term, as indicated by solid earnings estimate revisions.
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Acuity and Littelfuse Join the Do-Nothing Club
Some people love stocks that are surging. Others love stocks that have been knocked down.
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Littelfuse Appoints Dr. Greg Henderson to Board of Directors
CHICAGO--(BUSINESS WIRE)--Littelfuse, Inc. (NASDAQ: LFUS), a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world, announced today the appointment of Dr. Greg Henderson, Senior Vice President of the Automotive & Energy, Communications, and Aerospace Group for Analog Devices, Inc. (NASDAQ: ADI), to the company's board of directors, effective May 15, 2023. “Greg is a seasoned global public company leader with extensive semiconductor exp.
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Littelfuse, Inc. (LFUS) Q1 2023 Earnings Call Transcript
Littelfuse, Inc. (NASDAQ:LFUS ) Q1 2023 Earnings Conference Call May 3, 2023 10:00 AM ET Company Participants Trisha Tuntland - Head of Investor Relations David Heinzmann - President and Chief Executive Officer Meenal Sethna - Executive Vice President and Chief Financial Officer Conference Call Participants Joshua Buchalter - Cowen David Williams - Benchmark Luke Junk - Baird William Kerwin - Morningstar David Silver - CL King Patrick Schackart - Oppenheimer Operator Good day, everyone, and welcome to the Littelfuse First Quarter 2023 Earnings Conference Call. Today's call is being recorded.
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Littelfuse (LFUS) Q1 Earnings and Revenues Surpass Estimates
Littelfuse (LFUS) came out with quarterly earnings of $3.64 per share, beating the Zacks Consensus Estimate of $2.85 per share. This compares to earnings of $4.99 per share a year ago.
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Littelfuse Reports First Quarter Results For 2023
CHICAGO--(BUSINESS WIRE)--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 April 1, 2023: Net sales of $609.8 million were down 2% versus the prior year period, and down 8% organically GAAP diluted EPS was $3.54; adjusted diluted EPS was $3.64 Cash flow from operations was $53.4 million, up 3% from the prior year period, and free cash flow.
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Littelfuse to Release First Quarter Financial Results After Market Close on May 2
CHICAGO--(BUSINESS WIRE)--Littelfuse, Inc. (NASDAQ: LFUS), a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world, announced today that it will release financial results for its first quarter of fiscal 2023 after market close on Tuesday, May 2, 2023. The press release and slide presentation will be available in the Investor Relations section of the company's website, Littelfuse.com.
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New Strong Sell Stocks for February 8th
BAC, LEVI and LFUS have been added to the Zacks Rank #5 (Strong Sell) List on February 8, 2023.
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Should Value Investors Select Littelfuse (LFUS) Stock Now?
Is Littelfuse (LFUS) a great pick from the value investor's perspective right now? Read on to know more.
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Littelfuse Acquires Western Automation Research and Development
CHICAGO--( BUSINESS WIRE )--Littelfuse, Inc. (NASDAQ: LFUS), a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world, today announced it has acquired Western Automation Research and Development Limited (“Western Automation”). Headquartered in Galway, Ireland, Western Automation is a designer and manufacturer of electrical shock protection devices used across a broad range of high-growth end markets, including e-Mobility off-board charging infrastructure, industrial safety and renewables.
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Littelfuse, Inc. (LFUS) Q4 2022 Earnings Call Transcript
Littelfuse, Inc. (NASDAQ:LFUS ) Q4 2022 Earnings Conference Call February 2, 2023 10:00 AM ET Company Participants Trisha Tuntland - Head of IR David Heinzmann - President and CEO Meenal Sethna - EVP and CFO Conference Call Participants Matthew Sheerin - Stifel Luke Junk - Baird Joshua Buchalter - Cowen David Kelley - Jefferies David Williams - Benchmark David Silver - CL King Operator Good day, everyone, and welcome to the Littelfuse Fourth Quarter 2022 Earnings Conference Call. Today's call is being recorded.
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Littelfuse (LFUS) Q4 Earnings Beat Estimates
Littelfuse (LFUS) delivered earnings and revenue surprises of 2.77% and 0.33%, respectively, for the quarter ended December 2022. Do the numbers hold clues to what lies ahead for the stock?
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Littelfuse Reports Fourth Quarter and Full Year Results For 2022
CHICAGO--(BUSINESS WIRE)--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 31, 2022: Fourth Quarter 2022 Results Net sales of $613.3 million were up 11% versus the prior year period, and up 4% organically GAAP diluted EPS was $3.74, an increase of 80% from the prior year period; adjusted diluted EPS was $3.34, up 6% versus the prior year period Full Year 2022 Results Net sales of $2.5 billion were up 21% in total versus the prior year, and up 11% organically GAAP diluted EPS was $14.94, up 31% versus the prior year; adjusted diluted EPS of $16.87 increased 28% versus the prior year Cash flow from operations was $419.7 million and free cash flow was $315.4 million, both 12% higher than the prior year “In 2022 we achieved record levels of sales, earnings and cash generation, including double-digit sales growth in each of our business segments,” said Dave Heinzmann, Littelfuse President and Chief Executive Officer. “We achieved these outstanding results by continuing to expand our leadership in high-growth markets with significant new business wins and adding over $200 million in sales from two acquisitions. I want to thank our global teams for their hard work and persistent commitment to serve our customers. Our demonstrated ability to drive double-digit growth over the past five-, ten-, and fifteen-year periods speaks to the resiliency of our business model and the strength of our growth strategy. Though we may see some near-term market challenges, I am confident our ongoing execution, investments and diversification position us to deliver continued, substantial value to all of our stakeholders.” First Quarter of 2023* Based on current market conditions, for the first quarter the company expects, Net sales in the range of $575 to $605 million, adjusted diluted EPS in the range of $2.73 to $2.97 and an adjusted effective tax rate of approximately 19% *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 $0.60 per share on March 9, 2023, to shareholders of record as of February 23, 2023 Conference Call and Webcast Information Littelfuse will host a conference call on Thursday, February 2, 2023, at 9:00 a.m. Central Time to discuss the results. The call will be broadcast and available for replay at Littelfuse.com. A slide presentation is available in the Investor Relations section of the company’s website at Littelfuse.com. About Littelfuse Littelfuse, Inc. (NASDAQ: LFUS) is a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world. Across more than 20 countries, and with approximately 18,000 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; the severity and duration of the COVID-19 pandemic and the measures taken in response thereto and the effects of those items on the company’s business; 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 January 1, 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 January 1, 2022, its Quarterly Report on Form 10-Q for the quarter ended October 1, 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 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 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 31, 2022 January 1, 2022 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 562,588 $ 478,473 Short-term investments 84 28 Trade receivables, less allowances of $83,562 and $59,232, respectively 306,578 275,192 Inventories 547,690 445,671 Prepaid income taxes and income taxes receivable 7,215 2,035 Prepaid expenses and other current assets 87,641 68,812 Total current assets 1,511,796 1,270,211 Net property, plant, and equipment 481,110 437,889 Intangible assets, net of amortization 593,970 407,126 Goodwill 1,186,922 929,790 Investments 24,121 39,211 Deferred income taxes 14,367 13,127 Right of use lease assets, net 57,382 29,616 Other assets 34,066 24,734 Total assets $ 3,903,734 $ 3,151,704 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 208,571 $ 222,039 Accrued liabilities 187,057 159,689 Accrued income taxes 41,793 27,905 Current portion of long-term debt 134,874 25,000 Total current liabilities 572,295 434,633 Long-term debt, less current portion 866,623 611,897 Deferred income taxes 100,230 81,289 Accrued post-retirement benefits 28,037 37,037 Non-current lease liabilities 45,661 22,305 Other long-term liabilities 79,510 71,023 Total equity 2,211,378 1,893,520 Total liabilities and equity $ 3,903,734 $ 3,151,704 LITTELFUSE, INC. CONSOLIDATED STATEMENTS OF NET INCOME (Unaudited) Three Months Ended Fiscal Year Ended (in thousands, except per share data) December 31, 2022 January 1, 2022 December 31, 2022 January 1, 2022 Net sales $ 613,251 $ 553,065 $ 2,513,897 $ 2,079,928 Cost of sales 384,726 353,573 1,506,984 1,308,002 Gross profit 228,525 199,492 1,006,913 771,926 Selling, general, and administrative expenses 85,993 75,667 344,813 275,457 Research and development expenses 26,806 19,747 95,602 65,940 Amortization of intangibles 15,812 11,121 55,695 42,729 Restructuring, impairment, and other charges 5,712 160 9,977 2,158 Total operating expenses 134,323 106,695 506,087 386,284 Operating income 94,202 92,797 500,826 385,642 Interest expense 9,147 4,626 26,216 18,527 Foreign exchange (gain) loss (15,692 ) 8,843 24,359 17,158 Other (income) expense, net (2,582 ) 19,799 7,207 8,932 Income before income taxes 103,329 59,529 443,044 341,025 Income taxes 10,025 7,585 69,738 57,219 Net income $ 93,304 $ 51,944 $ 373,306 $ 283,806 Income per share: Basic $ 3.77 $ 2.11 $ 15.09 $ 11.54 Diluted $ 3.74 $ 2.08 $ 14.94 $ 11.38 Weighted-average shares and equivalent shares outstanding: Basic 24,758 24,660 24,734 24,603 Diluted 24,978 25,001 24,986 24,932 Comprehensive income 139,811 74,009 351,005 301,500 LITTELFUSE, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Year Ended (in thousands) December 31, 2022 January 1, 2022 OPERATING ACTIVITIES Net income $ 373,306 $ 283,806 Adjustments to reconcile net income to net cash provided by operating activities 188,871 147,276 Changes in operating assets and liabilities: Trade receivables (19,334 ) (10,234 ) Inventories (89,235 ) (104,555 ) Accounts payable (22,403 ) 40,481 Accrued liabilities and income taxes (9,756 ) 30,793 Prepaid expenses and other assets (1,731 ) (14,223 ) Net cash provided by operating activities 419,718 373,344 INVESTING ACTIVITIES Acquisitions of businesses, net of cash acquired (532,670 ) (423,633 ) Purchases of property, plant, and equipment (104,341 ) (90,562 ) Net proceeds from sale of property, plant, and equipment, and other 676 15,425 Other (62 ) (390 ) Net cash used in investing activities (636,397 ) (499,160 ) FINANCING ACTIVITIES Net proceeds (payments) of credit facility and senior notes 371,250 (32,619 ) Cash dividends paid (55,911 ) (49,730 ) All other cash (used in) provided by financing activities (5,137 ) 13,365 Net cash provided by (used in) financing activities 310,202 (68,984 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash (11,420 ) (9,889 ) Increase (decrease) in cash, cash equivalents, and restricted cash 82,103 (204,689 ) Cash, cash equivalents, and restricted cash at beginning of period 482,836 687,525 Cash, cash equivalents, and restricted cash at end of period $ 564,939 $ 482,836 LITTELFUSE, INC. NET SALES AND OPERATING INCOME BY SEGMENT (Unaudited) Fourth Quarter Year-to-Date (in thousands) 2022 2021 % Growth /(Decline) 2022 2021 % Growth /(Decline) Net sales Electronics $ 371,193 $ 341,622 8.7 % $ 1,492,819 $ 1,300,744 14.8 % Transportation 167,874 141,796 18.4 % 716,140 528,058 35.6 % Industrial 74,184 69,647 6.5 % 304,938 251,126 21.4 % Total net sales $ 613,251 $ 553,065 10.9 % $ 2,513,897 $ 2,079,928 20.9 % Operating income Electronics $ 91,941 $ 79,350 15.9 % $ 431,616 $ 309,633 39.4 % Transportation 5,935 10,599 (44.0 ) % 63,539 65,979 (3.7 ) % Industrial 8,885 4,169 113.1 % 48,853 22,621 116.0 % Other (a) (12,559 ) (1,321 ) N.M. (43,182 ) (12,591 ) N.M. Total operating income $ 94,202 $ 92,797 1.5 % $ 500,826 $ 385,642 29.9 % Operating Margin 15.4 % 16.8 % 19.9 % 18.5 % Interest expense 9,147 4,626 26,216 18,527 Foreign exchange (gain) loss (15,692 ) 8,843 24,359 17,158 Other (income) expense, net (2,582 ) 19,799 7,207 8,932 Income before income taxes $ 103,329 $ 59,529 73.6 % $ 443,044 $ 341,025 29.9 % (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.) Fourth Quarter Year-to-Date (in thousands) 2022 2021 % Growth /(Decline) 2022 2021 % Growth /(Decline) Operating Margin Electronics 24.8 % 23.2 % 1.6 % 28.9 % 23.8 % 5.1 % Transportation 3.5 % 7.5 % (4.0 ) % 8.9 % 12.5 % (3.6 ) % Industrial 12.0 % 6.0 % 6.0 % 16.0 % 9.0 % 7.0 % LITTELFUSE, INC. SUPPLEMENTAL FINANCIAL INFORMATION (In millions of USD except per share amounts - unaudited) Non-GAAP EPS reconciliation Q4-22 Q4-21 YTD-22 YTD-21 GAAP diluted EPS $ 3.74 $ 2.08 $ 14.94 $ 11.38 EPS impact of Non-GAAP adjustments (below) (0.40 ) 1.08 1.93 1.81 Adjusted diluted EPS $ 3.34 $ 3.16 $ 16.87 $ 13.19 Non-GAAP adjustments - (income) / expense Q4-22 Q4-21 YTD-22 YTD-21 Acquisition-related and integration costs (a) $ 2.8 $ 3.6 $ 17.6 $ 7.0 Purchase accounting inventory adjustments (b) 4.0 1.6 15.6 8.4 Restructuring, impairment and other charges (c) 5.7 0.2 10.0 2.2 Gain on sale of fixed assets (d) — (4.1 ) — (5.0 ) Non-GAAP adjustments to operating income 12.5 1.3 43.2 12.6 Other expense (income), net (e) — 20.8 (0.5 ) 21.4 Non-operating foreign exchange (gain) loss (15.7 ) 8.9 24.4 17.2 Non-GAAP adjustments to income before income taxes (3.2 ) 31.0 67.1 51.2 Income taxes (f) 6.8 3.9 19.0 6.0 Non-GAAP adjustments to net income $ (10.0 ) $ 27.1 $ 48.1 $ 45.2 Total EPS impact $ (0.40 ) $ 1.08 $ 1.93 $ 1.81 Adjusted operating margin / Adjusted EBITDA reconciliation Q4-22 Q4-21 YTD-22 YTD-21 Net sales $ 613.3 $ 553.1 $ 2,513.9 $ 2,079.9 GAAP operating income $ 94.2 $ 92.8 $ 500.8 $ 385.6 Add back non-GAAP adjustments 12.5 1.3 43.2 12.6 Adjusted operating income $ 106.7 $ 94.1 $ 544.0 $ 398.2 Adjusted operating margin 17.4 % 17.0 % 21.6 % 19.1 % Add back amortization 15.8 11.1 55.7 42.7 Add back depreciation 16.7 14.5 65.0 55.9 Adjusted EBITDA $ 139.2 $ 119.7 $ 664.7 $ 496.8 Adjusted EBITDA margin 22.7 % 21.6 % 26.4 % 23.9 % Adjusted EBITDA by Segment Q4-22 Q4-21 Electronics Transportation Industrial Electronics Transportation Industrial GAAP operating income $ 91.9 $ 5.9 $ 8.9 $ 79.4 $ 10.6 $ 4.2 Add: Add back amortization 10.2 4.4 1.2 6.9 3.0 1.2 Add back depreciation 9.0 6.7 1.0 8.6 4.9 1.0 Adjusted EBITDA $ 111.1 $ 17.0 $ 11.1 $ 94.9 $ 18.5 $ 6.4 Adjusted EBITDA Margin 29.9 % 10.1 % 14.9 % 27.8 % 13.0 % 9.1 % Adjusted EBITDA by Segment YTD-22 YTD-21 Electronics Transportation Industrial Electronics Transportation Industrial GAAP operating income $ 431.6 $ 63.5 $ 48.9 $ 309.6 $ 66.0 $ 22.6 Add: Add back amortization 32.7 18.1 4.9 $ 27.9 $ 10.1 $ 4.7 Add back depreciation 35.5 25.6 3.9 $ 33.6 $ 18.9 $ 3.4 Adjusted EBITDA $ 499.8 $ 107.2 $ 57.7 $ 371.1 $ 95.0 $ 30.7 Adjusted EBITDA Margin 33.5 % 15.0 % 18.9 % 28.5 % 18.0 % 12.2 % Net sales reconciliation Q4-22 vs. Q4-21 Electronics Transportation Industrial Total Net sales growth 9 % 18 % 7 % 11 % Less: Acquisitions 13 % 22 % — % 14 % 53rd week of extra sales in fiscal year 2021 (3 ) % (4 ) % (5 ) % (3 ) % FX impact (3 ) % (6 ) % (1 ) % (4 ) % Organic net sales growth 2 % 6 % 13 % 4 % Net sales reconciliation YTD-22 vs. YTD-21 Electronics Transportation Industrial Total Net sales growth 15 % 36 % 21 % 21 % Less: Acquisitions 7 % 40 % 4 % 14 % 53rd week of extra sales in fiscal year 2021 (1 ) % (1 ) % (2 ) % (1 ) % FX impact (3 ) % (5 ) % (1 ) % (3 ) % Organic net sales growth 12 % 2 % 20 % 11 % Income tax reconciliation Q4-22 Q4-21 YTD-22 YTD-21 Income taxes $ 10.0 $ 7.6 $ 69.7 $ 57.2 Effective rate 9.7 % 12.7 % 15.7 % 16.8 % Non-GAAP adjustments - income taxes 6.8 3.9 19.0 6.0 Adjusted income taxes $ 16.8 $ 11.5 $ 88.7 $ 63.2 Adjusted effective rate 16.8 % 12.7 % 17.4 % 16.1 % Free cash flow reconciliation Q4-22 Q4-21 YTD-22 YTD-21 Net cash provided by operating activities $ 106.3 $ 132.6 $ 419.7 $ 373.3 Less: Purchases of property, plant and equipment (26.5 ) (33.0 ) (104.3 ) (90.6 ) Free cash flow $ 79.8 $ 99.6 $ 315.4 $ 282.7 Consolidated Total Debt As of December 31, 2022 Consolidated Total Debt $ 1,001.5 Unamortized debt issuance costs 4.8 Finance lease liability $ 1.8 Consolidated funded indebtedness $ 1,008.1 Cash held in U.S. (up to $400 million) $ 110.6 Net debt $ 897.5 Consolidated EBITDA Twelve Months Ended December 31, 2022 Net Income $ 373.3 Interest expense 26.2 Income taxes 69.7 Depreciation 65.0 Amortization 55.7 Non-cash additions: Stock-based compensation expense 23.6 Purchase accounting inventory step-up charge 15.6 Unrealized loss on investments 14.0 Impairment charges 4.5 Other 81.9 Consolidated EBITDA (1) $ 729.5 Consolidated Net Leverage Ratio (as defined in the Credit Agreement) * 1.2x * Our Credit Agreement and Private Placement Note with maturities ranging from 2023 to 2032, contain financial ratio covenants providing that if, as of the last day of each fiscal quarter, the Consolidated Net Leverage ratio at such time for the then most recently concluded period of four consecutive fiscal quarters of the Company exceeds 3.50:1.00, an Event of Default (as defined in the Credit Agreement and Private Placement Senior Notes) is triggered. The Credit Agreement and Private Placement Senior Notes were amended in Q2 2022 and now allow for the addition of acquisition and integration costs up to 15% of Consolidated EBITDA and the netting of up to $400M of Available Cash (Cash held by US Subsidiaries). (1) Represents Consolidated EBITDA as defined in our Credit Agreement and Private Placement Senior Notes and is calculated using the most recently concluded period of four consecutive quarters. Note: Total will not always foot due to rounding. (a) reflected in selling, general and administrative expenses ("SG&A"). (b) reflected in cost of sales. (c) reflected in restructuring, impairment and other charges. (d) reflected a gain of $4.1 million recorded in SG&A during the fourth quarter of 2021 for a total year-to-date gain of $5.0 million from the sale of two buildings within the Electronics segment during 2021. (e) 2022 year-to-date amount included $0.5 million gain from the sale of a building within the Transportation segment. Q4 2021 included a $19.9 million non-cash pension settlement charge, a $0.7 million charge for an asset retirement obligation related to the disposal of a business in 2019 and a $0.2 million increase in coal mining reserves. 2021 year-to-date amount also included $0.5 million of impairment charges on certain other investments. (f) reflected the tax impact associated with the non-GAAP adjustments.
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LFUS vs. OLED: Which Stock Is the Better Value Option?
LFUS vs. OLED: Which Stock Is the Better Value Option?
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Littelfuse to Release Fourth Quarter Financial Results After Market Close on February 1
CHICAGO--( BUSINESS WIRE )--Littelfuse, Inc. (NASDAQ: LFUS), an industrial technology manufacturing company empowering a sustainable, connected, and safer world, announced today that it will release financial results for its fourth quarter of fiscal 2022 after market close on Wednesday, February 1, 2023.
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Littelfuse Named on the Newsweek America's Most Responsible Companies 2023 List
CHICAGO--( BUSINESS WIRE )--Littelfuse, Inc. (NASDAQ: LFUS), an industrial technology manufacturing company empowering a sustainable, connected, and safer world, was recently named on Newsweek's list of America's Most Responsible Companies 2023. This prestigious award is presented by Newsweek and Statista Inc., the world-leading statistics portal and industry ranking provider.
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3 Electronics Stocks to Escape Pandemic-Led Disruptions
The Zacks Electronics - Miscellaneous Components industry players like NVT, LFUS and FN are set to gain from a solid adoption of AI and the democratization of IoT techniques.
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Littelfuse Q3 Results: Impressive Results Considering The Headwinds
Littelfuse once more delivered strong quarterly results. The company continues to innovate, launch new products and technologies, and reported several design wins.
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Littelfuse, Inc. (LFUS) Q3 2022 Earnings Call Transcript
Littelfuse, Inc. (NASDAQ:LFUS ) Q3 2022 Earnings Conference Call November 2, 2022 10:00 AM ET Company Participants Trisha Tuntland - Head of IR David Heinzmann - President and CEO Meenal Sethna - EVP and CFO Conference Call Participants Matthew Sheerin - Stifel David Williams - Benchmark Joshua Buchalter - Cowen David Kelley - Jefferies Luke Junk - Baird David Silver - CL King David Williams - Benchmark Operator Good day everyone ,and welcome to the Littelfuse Third Quarter 2022 Earnings Conference Call. Today's call is being recorded.
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Littelfuse (LFUS) Q3 Earnings and Revenues Surpass Estimates
Littelfuse (LFUS) delivered earnings and revenue surprises of 12.34% and 3.25%, respectively, for the quarter ended September 2022. Do the numbers hold clues to what lies ahead for the stock?
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Littelfuse Reports Third Quarter Results For 2022
CHICAGO--(BUSINESS WIRE)--Littelfuse, Inc. (NASDAQ: LFUS), an industrial technology manufacturing company empowering a sustainable, connected, and safer world, today reported financial results for the third quarter ended October 1, 2022: Net sales of $658.9 million were up 22% versus the prior year period, and up 8% organically GAAP diluted EPS was $3.02; adjusted diluted EPS was $4.28, up 8% versus the prior year period Cash flow from operations was $148.1 million; free cash flow was $126.5 million, 41% higher than the prior year period On September 29, the company released its 2021 Sustainability Report "In the third quarter, we continued the outstanding performance we achieved during the first half of this year, once again exceeding our expectations," said Dave Heinzmann, Littelfuse President and Chief Executive Officer. "Our strong results were driven by growth from global business wins, additions from acquisitions, and progress on our operational excellence initiatives. Our significant achievements to date position us for ongoing long-term profitable growth within the mega themes of sustainability, connectivity, and safety." Fourth Quarter of 2022* Based on current market conditions, for the fourth quarter the company expects, Net sales in the range of $603 to $623 million, the midpoint of which represents 11% growth over the prior year and 4% organic growth; includes an approximately 700 basis point year-over-year sales headwind from foreign exchange and last year’s extra "14th week" Adjusted diluted EPS in the range of $3.14 to $3.34; the midpoint of which represents 11% growth over the prior year when excluding last year’s combined $0.25 benefit from a tax holiday and "14th week" *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 $0.60 per share on December 8, 2022, to shareholders of record as of November 24, 2022 Conference Call and Webcast Information Littelfuse will host a conference call on Wednesday, November 2, 2022, 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 (NASDAQ: LFUS) is an industrial technology manufacturing company empowering a sustainable, connected, and safer world. Across more than 15 countries, and with approximately 19,000 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; the severity and duration of the COVID-19 pandemic and the measures taken in response thereto and the effects of those items on the company’s business; 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 January 1, 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 January 1, 2022, its Quarterly Report on Form 10-Q for the quarter ended July 2, 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 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 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) October 1, 2022 January 1, 2022 ASSETS Current assets: Cash and cash equivalents $ 474,003 $ 478,473 Short-term investments 79 28 Trade receivables, less allowances of $83,872 and $59,232 at October 1, 2022 and January 1, 2022, respectively 339,729 275,192 Inventories 536,026 445,671 Prepaid income taxes and income taxes receivable 5,833 2,035 Prepaid expenses and other current assets 75,643 68,812 Total current assets 1,431,313 1,270,211 Net property, plant, and equipment 458,234 437,889 Intangible assets, net of amortization 605,310 407,126 Goodwill 1,168,458 929,790 Investments 23,770 39,211 Deferred income taxes 10,461 13,127 Right of use lease assets, net 46,175 29,616 Other long-term assets 34,207 24,734 Total assets $ 3,777,928 $ 3,151,704 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 219,447 $ 222,039 Accrued liabilities 177,127 159,689 Accrued income taxes 42,016 27,905 Current portion of long-term debt 10,220 25,000 Total current liabilities 448,810 434,633 Long-term debt, less current portion 975,610 611,897 Deferred income taxes 116,595 81,289 Accrued post-retirement benefits 36,842 37,037 Non-current operating lease liabilities 35,778 22,305 Other long-term liabilities 75,402 71,023 Total equity 2,088,891 1,893,520 Total liabilities and equity $ 3,777,928 $ 3,151,704 LITTELFUSE, INC. CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME (Unaudited) Three Months Ended Nine Months Ended (in thousands, except per share data) October 1, 2022 September 25, 2021 October 1, 2022 September 25, 2021 Net sales $ 658,880 $ 539,581 $ 1,900,646 $ 1,526,863 Cost of sales 402,059 325,009 1,122,258 954,429 Gross profit 256,821 214,572 778,388 572,434 Selling, general, and administrative expenses 90,219 67,468 258,820 199,071 Research and development expenses 25,752 15,779 68,796 46,912 Amortization of intangibles 15,567 10,446 39,883 31,608 Restructuring, impairment, and other charges 3,413 772 4,265 1,998 Total operating expenses 134,951 94,465 371,764 279,589 Operating income 121,870 120,107 406,624 292,845 Interest expense 8,399 4,602 17,069 13,901 Foreign exchange loss 18,191 3,154 40,051 8,315 Other (income) expense, net (698 ) (1,240 ) 9,789 (10,867 ) Income before income taxes 95,978 113,591 339,715 281,496 Income taxes 20,510 21,537 59,713 49,634 Net income $ 75,468 $ 92,054 $ 280,002 $ 231,862 Earnings per share: Basic $ 3.05 $ 3.74 $ 11.32 $ 9.43 Diluted $ 3.02 $ 3.69 $ 11.21 $ 9.31 Weighted-average shares and equivalent shares outstanding: Basic 24,755 24,622 24,726 24,582 Diluted 24,988 24,926 24,986 24,904 Comprehensive income $ 47,280 $ 87,100 $ 218,262 $ 227,491 LITTELFUSE, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Nine Months Ended (in thousands) October 1, 2022 September 25, 2021 OPERATING ACTIVITIES Net income $ 280,002 $ 231,862 Adjustments to reconcile net income to net cash provided by operating activities: 183,942 96,824 Changes in operating assets and liabilities: Trade receivables (56,431 ) (83,793 ) Inventories (83,803 ) (71,232 ) Accounts payable (3,838 ) 53,945 Accrued liabilities and income taxes (4,399 ) 23,294 Prepaid expenses and other assets (2,034 ) (10,236 ) Net cash provided by operating activities 313,439 240,664 INVESTING ACTIVITIES Acquisitions of businesses, net of cash acquired (532,772 ) (110,646 ) Purchases of property, plant, and equipment (77,773 ) (57,526 ) Net proceeds from sale of property, plant and equipment, and other 565 2,561 Net cash used in investing activities (609,980 ) (165,611 ) FINANCING ACTIVITIES Net proceeds (payments) of credit facility 373,125 (30,000 ) Cash dividends paid (41,055 ) (36,648 ) All other cash provided by financing activities (10,147 ) 5,771 Net cash provided by (used in) financing activities 321,923 (60,877 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash (31,963 ) (5,832 ) (Decrease) increase in cash, cash equivalents, and restricted cash (6,581 ) 8,344 Cash, cash equivalents, and restricted cash at beginning of period 482,836 687,525 Cash, cash equivalents, and restricted cash at end of period $ 476,255 $ 695,869 LITTELFUSE, INC. NET SALES AND OPERATING INCOME BY SEGMENT (Unaudited) Third Quarter Year-to-Date (in thousands) 2022 2021 % Growth / (Decline) 2022 2021 % Growth Net sales Electronics $ 397,629 $ 347,240 14.5 % $ 1,121,626 $ 959,122 16.9 % Transportation 181,735 124,415 46.1 % 548,266 386,262 41.9 % Industrial 79,516 67,926 17.1 % 230,754 181,479 27.2 % Total net sales $ 658,880 $ 539,581 22.1 % $ 1,900,646 $ 1,526,863 24.5 % Operating income Electronics $ 113,140 $ 100,524 12.6 % $ 339,675 $ 230,283 47.5 % Transportation 12,987 15,806 (17.8 ) % 57,604 55,380 4.0 % Industrial 12,178 6,571 85.3 % 39,968 18,452 116.6 % Other(a) (16,435 ) (2,794 ) N.M. (30,623 ) (11,270 ) N.M. Total operating income $ 121,870 $ 120,107 1.5 % $ 406,624 $ 292,845 38.9 % Operating Margin 18.5 % 22.3 % 21.4 % 19.2 % Interest expense 8,399 4,602 17,069 13,901 Foreign exchange loss 18,191 3,154 40,051 8,315 Other (income) expense, net (698 ) (1,240 ) 9,789 (10,867 ) Income before income taxes $ 95,978 $ 113,591 (15.5 ) % $ 339,715 $ 281,496 20.7 % (a) "other" typically includes non-GAAP adjustments such as acquisition-related and integration costs, purchase accounting inventory adjustments and restructuring and impairment charges. (See Supplemental Financial Information for details.) N.M. - Not meaningful Third Quarter Year-to-Date (in thousands) 2022 2021 % Growth /(Decline) 2022 2021 % Growth /(Decline) Operating Margin Electronics 28.5 % 28.9 % (0.4 ) % 30.3 % 24.0 % 6.3 % Transportation 7.1 % 12.7 % (5.6 ) % 10.5 % 14.3 % (3.8 ) % Industrial 15.3 % 9.7 % 5.6 % 17.3 % 10.2 % 7.1 % LITTELFUSE, INC. SUPPLEMENTAL FINANCIAL INFORMATION (In millions of USD except per share amounts - unaudited) Non-GAAP EPS reconciliation Q3-22 Q3-21 YTD-22 YTD-21 GAAP diluted EPS $ 3.02 $ 3.69 $ 11.21 $ 9.31 EPS impact of Non-GAAP adjustments (below) 1.26 0.26 2.32 0.73 Adjusted diluted EPS $ 4.28 $ 3.95 $ 13.53 $ 10.04 Non-GAAP adjustments - (income) / expense Q3-22 Q3-21 YTD-22 YTD-21 Acquisition-related and integration costs (a) $ 6.2 $ 2.0 $ 14.8 $ 3.4 Purchase accounting inventory adjustments (b) 6.8 — 11.6 6.8 Restructuring, impairment and other charges (c) 3.4 0.8 4.3 2.0 Gain on sale of fixed assets (d) — — — (0.9 ) Non-GAAP adjustments to operating income 16.4 2.8 30.7 11.3 Other expense (income), net (e) — 0.1 (0.5 ) 0.6 Non-operating foreign exchange loss 18.2 3.2 40.1 8.3 Non-GAAP adjustments to income before income taxes 34.6 6.1 70.3 20.2 Income taxes (f) 3.0 (0.4 ) 12.2 2.1 Non-GAAP adjustments to net income $ 31.6 $ 6.5 $ 58.1 $ 18.1 Total EPS impact $ 1.26 $ 0.26 $ 2.32 $ 0.73 Adjusted operating margin / Adjusted EBITDA reconciliation Q3-22 Q3-21 YTD-22 YTD-21 Net sales $ 658.9 $ 539.6 $ 1,900.6 $ 1,526.9 GAAP operating income $ 121.9 $ 120.1 $ 406.6 $ 292.8 Add back non-GAAP adjustments 16.4 2.8 30.7 11.3 Adjusted operating income $ 138.3 $ 122.9 $ 437.3 $ 304.1 Adjusted operating margin 21.0 % 22.8 % 23.0 % 19.9 % Add back amortization 15.6 10.4 39.9 31.6 Add back depreciation 17.0 14.2 48.3 41.4 Adjusted EBITDA $ 170.9 $ 147.5 $ 525.5 $ 377.1 Adjusted EBITDA margin 25.9 % 27.3 % 27.6 % 24.7 % Adjusted EBITDA by Segment Q3-22 Q3-21 Electronics Transportation Industrial Electronics Transportation Industrial GAAP operating income $ 113.1 $ 13.0 $ 12.2 $ 100.5 $ 15.8 $ 6.6 Add: Add back amortization 9.7 4.7 1.2 6.8 2.4 1.2 Add back depreciation 9.4 6.7 1.0 8.7 4.6 0.8 Adjusted EBITDA $ 132.2 $ 24.4 $ 14.4 $ 116.0 $ 22.9 $ 8.6 Adjusted EBITDA Margin 33.3 % 13.4 % 18.1 % 33.4 % 18.4 % 12.7 % Adjusted EBITDA by Segment YTD-22 YTD-21 Electronics Transportation Industrial Electronics Transportation Industrial GAAP operating income $ 339.7 $ 57.6 $ 40.0 $ 230.3 $ 55.4 $ 18.5 Add: Add back amortization 22.5 13.7 3.7 $ 21.0 $ 7.1 $ 3.5 Add back depreciation 26.5 19.0 2.9 $ 25.0 $ 14.0 $ 2.5 Adjusted EBITDA $ 388.7 $ 90.3 $ 46.5 $ 276.3 $ 76.5 $ 24.5 Adjusted EBITDA Margin 34.7 % 16.5 % 20.1 % 28.8 % 19.8 % 13.5 % Net sales reconciliation Q3-22 vs. Q3-21 Electronics Transportation Industrial Total Net sales growth 15 % 46 % 17 % 22 % Less: Acquisitions 11 % 49 % — % 18 % FX impact (3 ) % (7 ) % (1 ) % (4 ) % Organic net sales growth 7 % 4 % 18 % 8 % Net sales reconciliation YTD-22 vs. YTD-21 Electronics Transportation Industrial Total Net sales growth 17 % 42 % 27 % 24 % Less: Acquisitions 4 % 46 % 5 % 14 % FX impact (3 ) % (5 ) % (1 ) % (3 ) % Organic net sales growth 16 % 1 % 23 % 13 % Income tax reconciliation Q3-22 Q3-21 YTD-22 YTD-21 Income taxes $ 20.5 $ 21.5 $ 59.7 $ 49.6 Effective rate 21.4 % 19.0 % 17.6 % 17.6 % Non-GAAP adjustments - income taxes 3.0 (0.4 ) 12.2 2.1 Adjusted income taxes $ 23.4 $ 21.1 $ 71.9 $ 51.7 Adjusted effective rate 18.0 % 17.6 % 17.5 % 17.1 % Free cash flow reconciliation Q3-22 Q3-21 YTD-22 YTD-21 Net cash provided by operating activities $ 148.1 $ 114.3 $ 313.4 $ 240.7 Less: Purchases of property, plant and equipment (21.7 ) (24.9 ) (77.8 ) (57.5 ) Free cash flow $ 126.5 $ 89.4 $ 235.7 $ 183.2 Consolidated Total Debt As of October 1, 2022 Consolidated Total Debt $ 985.8 Unamortized debt issuance costs 5.0 Consolidated funded indebtedness 990.8 Cash held in U.S. (up to $400 million) 115.9 Net debt $ 874.9 Consolidated EBITDA Twelve Months Ended October 1, 2022 Net Income $ 331.9 Interest expense 21.7 Income taxes 67.3 Depreciation 62.8 Amortization 51.0 Non-cash additions: Stock-based compensation expense 23.3 Non-cash pension settlement charge 19.9 Purchase accounting inventory step-up charge 13.1 Unrealized loss on investments 14.6 Other 126.4 Consolidated EBITDA (1) $ 732.0 Consolidated Net Leverage Ratio (as defined in the Credit Agreement) * 1.2x * Our Credit Agreement and Private Placement Note with maturities ranging from 2023 to 2032, contain financial ratio covenants providing that if, as of the last day of each fiscal quarter, the Consolidated Net Leverage ratio at such time for the then most recently concluded period of four consecutive fiscal quarters of the Company exceeds 3.50:1.00, an Event of Default (as defined in the Credit Agreement and Private Placement Senior Notes) is triggered. The Credit Agreement and Private Placement Senior Notes were amended in Q2 2022 and now allow for the addition of acquisition and integration costs up to 15% of Consolidated EBITDA and the netting of up to $400M of Available Cash (Cash held by US Subsidiaries). (1) Represents Consolidated EBITDA as defined in our Credit Agreement and Private Placement Senior Notes and is calculated using the most recently concluded period of four consecutive quarters. Note: Total will not always foot due to rounding. (a) reflected in selling, general and administrative expenses ("SG&A"). (b) reflected in cost of sales. (c) reflected in restructuring, impairment and other charges. (d) reflected in SG&A, a total year-to-date gain of $0.9 million from the sale of a building within the Electronics segment 2021. (e) 2022 year-to-date amount included $0.5 million gain from the sale of a building within Transportation segment. Q3 2021 included a $0.1 million charge for an asset retirement obligation related to the disposal of a business in 2019. 2021 year-to-date amount included $0.5 million of impairment charges on certain other investments. (f) reflected the tax impact associated with the non-GAAP adjustments, and 2022 year-to-date amount include the one-time net benefit of $7.2 million that resulted from the dissolution of one of the Company’s affiliates.
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Littelfuse Stock: Buy 'Em Cheap And Pile 'Em High
Littelfuse, an under-the-radar quality electronic component manufacturer, has been quietly growing organically and through acquisitions for decades. Unlike the consumer, energy, materials, and industrials sectors, Littelfuse operates with a lesser threat of low-cost producer commoditization in the technology space.
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Littelfuse to Release Third Quarter Financial Results After Market Close on November 1
CHICAGO--(BUSINESS WIRE)---- $LFUS #earningsrelease--Littelfuse, Inc. (NASDAQ: LFUS), an industrial technology manufacturing company empowering a sustainable, connected, and safer world, announced today that it will release financial results for its third quarter of fiscal 2022 after market close on Tuesday, November 1, 2022. The press release and slide presentation will be available in the Investor Relations section of the company's website, Littelfuse.com. The company will host a conference call on Wednesday, November
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Littelfuse Releases 2021 Sustainability Report
CHICAGO--(BUSINESS WIRE)--Littelfuse, Inc. (NASDAQ: LFUS), an industrial technology manufacturing company empowering a sustainable, connected, and safer world, has released its 2021 Sustainability Report on littelfuse.com/about-us/sustainability. The narrative underscores the integration of its strong corporate strategy throughout its business. "We are pleased to highlight our progress on key initiatives that enrich our environment, associates and communities, and governance," said Dave Heinzma
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Littelfuse, Inc. (LFUS) CEO David Heinzmann on Q2 2022 Results - Earnings Call Transcript
Littelfuse, Inc. (NASDAQ:LFUS ) Q2 2022 Earnings Conference Call August 3, 2022 10:00 AM ET Company Participants Trisha Tuntland - Head of IR David Heinzmann - President & CEO Meenal Sethna - EVP & CFO Conference Call Participants Nikolay Todorov - Longbow Research Matthew Sheerin - Stifel Luke Junk - Baird Joshua Buchalter - Cowen David Kelley - Jefferies David Silver - CL King Operator Good day, everyone, and welcome to the Littelfuse, Inc. Second Quarter 2022 Conference Call. Today's call is being recorded.
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Littelfuse (LFUS) Q2 Earnings and Revenues Top Estimates
Littelfuse (LFUS) delivered earnings and revenue surprises of 5.71% and 2.72%, respectively, for the quarter ended June 2022. Do the numbers hold clues to what lies ahead for the stock?
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Littelfuse Reports Second Quarter Results For 2022
CHICAGO--(BUSINESS WIRE)--Littelfuse, Inc. (NASDAQ: LFUS), an industrial technology manufacturing company empowering a sustainable, connected, and safer world, today reported financial results for the second quarter ended July 2, 2022: Net sales of $618.4 million were up 18% versus the prior year period, and up 10% organically GAAP diluted EPS was $3.48; adjusted diluted EPS was $4.26, up 25% versus the prior year period Cash flow from operations was $113.6 million and free cash flow was $87.2 million On July 19, the company completed its acquisition of C&K Switches The company’s Board of Directors approved a 13% increase in the quarterly cash dividend from $0.53 to $0.60; this equates to an annualized dividend of $2.40 per share “We delivered very strong second quarter results above our expectations while continuing to advance our strategic initiatives,” said Dave Heinzmann, Littelfuse President and Chief Executive Officer. “Our record performance to date in 2022 is a testament to our global teams’ execution across the breadth of our end markets. I am also excited to welcome C&K to our organization which significantly expands our ability to serve customers with market leading technologies, capabilities and talent. Looking ahead, we remain focused on effectively managing our business through market volatility while securing growth opportunities driven by sustainability, connectivity, and safety, which will deliver long-term value to our stakeholders.” Third Quarter of 2022* Based on current market conditions, for the third quarter the company expects, Net sales in the range of $630 to $644 million; adjusted diluted EPS in the range of $3.71 to $3.87 *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 $0.60 per share on September 8, 2022, to shareholders of record as of August 25, 2022 Conference Call and Webcast Information Littelfuse will host a conference call on Wednesday, August 3, 2022, 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 (NASDAQ: LFUS) is an industrial technology manufacturing company empowering a sustainable, connected, and safer world. Across more than 15 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; the severity and duration of the COVID-19 pandemic and the measures taken in response thereto and the effects of those items on the company’s business; 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 January 1, 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 January 1, 2022, its Quarterly Report on Form 10-Q for the quarter ended April 2, 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 growth (decline), 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 growth (decline), 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) July 2, 2022 January 1, 2022 ASSETS Current assets: Cash and cash equivalents $ 809,122 $ 478,473 Short-term investments 20 28 Trade receivables, less allowances of $68,933 and $59,232 at July 2, 2022 and January 1, 2022, respectively 343,321 275,192 Inventories 496,207 445,671 Prepaid income taxes and income taxes receivable 4,861 2,035 Prepaid expenses and other current assets 65,294 68,812 Total current assets 1,718,825 1,270,211 Net property, plant, and equipment 435,683 437,889 Intangible assets, net of amortization 374,593 407,126 Goodwill 914,358 929,790 Investments 25,626 39,211 Deferred income taxes 12,476 13,127 Right of use lease assets, net 39,724 29,616 Other long-term assets 23,184 24,734 Total assets $ 3,544,469 $ 3,151,704 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 219,764 $ 222,039 Accrued liabilities 137,377 159,689 Accrued income taxes 34,128 27,905 Current portion of long-term debt 7,500 25,000 Total current liabilities 398,769 434,633 Long-term debt, less current portion 884,569 611,897 Deferred income taxes 74,286 81,289 Accrued post-retirement benefits 35,090 37,037 Non-current operating lease liabilities 32,334 22,305 Other long-term liabilities 67,478 71,023 Total equity 2,051,943 1,893,520 Total liabilities and equity $ 3,544,469 $ 3,151,704 LITTELFUSE, INC. CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME (Unaudited) Three Months Ended Six Months Ended (in thousands, except per share data) July 2, 2022 June 26, 2021 July 2, 2022 June 26, 2021 Net sales $ 618,436 $ 523,488 $ 1,241,766 $ 987,282 Cost of sales 355,465 326,092 720,199 629,420 Gross profit 262,971 197,396 521,567 357,862 Selling, general, and administrative expenses 93,093 73,315 168,601 131,603 Research and development expenses 23,488 16,394 43,044 31,133 Amortization of intangibles 11,592 10,641 24,316 21,162 Restructuring, impairment, and other charges 634 789 852 1,226 Total operating expenses 128,807 101,139 236,813 185,124 Operating income 134,164 96,257 284,754 172,738 Interest expense 4,368 4,626 8,670 9,299 Foreign exchange loss (gain) 14,124 (1,676 ) 21,860 5,161 Other expense (income), net 6,060 (1,890 ) 10,487 (9,627 ) Income before income taxes 109,612 95,197 243,737 167,905 Income taxes 22,596 13,102 39,203 28,097 Net income $ 87,016 $ 82,095 $ 204,534 $ 139,808 Earnings per share: Basic $ 3.52 $ 3.34 $ 8.28 $ 5.69 Diluted $ 3.48 $ 3.30 $ 8.19 $ 5.62 Weighted-average shares and equivalent shares outstanding: Basic 24,734 24,592 24,712 24,562 Diluted 24,985 24,900 24,986 24,894 Comprehensive income $ 55,667 $ 87,549 $ 170,982 $ 140,391 LITTELFUSE, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Six Months Ended (in thousands) July 2, 2022 June 26, 2021 OPERATING ACTIVITIES Net income $ 204,534 $ 139,808 Adjustments to reconcile net income to net cash provided by operating activities: 114,659 63,947 Changes in operating assets and liabilities: Trade receivables (76,807 ) (69,881 ) Inventories (70,285 ) (38,205 ) Accounts payable 9,153 38,955 Accrued liabilities and income taxes (23,107 ) 4,488 Prepaid expenses and other assets 7,175 (12,766 ) Net cash provided by operating activities 165,322 126,346 INVESTING ACTIVITIES Acquisitions of businesses, net of cash acquired (9,758 ) (109,852 ) Purchases of property, plant, and equipment (56,151 ) (32,657 ) Net proceeds from sale of property, plant and equipment, and other 542 2,569 Net cash used in investing activities (65,367 ) (139,940 ) FINANCING ACTIVITIES Net proceeds (payments) from credit facility 275,000 (30,000 ) Cash dividends paid (26,201 ) (23,596 ) All other cash provided by financing activities (3,782 ) 4,413 Net cash provided by (used in) financing activities 245,017 (49,183 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash (15,511 ) (2,894 ) Increase (decrease) in cash, cash equivalents, and restricted cash 329,461 (65,671 ) Cash, cash equivalents, and restricted cash at beginning of period 482,836 687,525 Cash, cash equivalents, and restricted cash at end of period $ 812,297 $ 621,854 LITTELFUSE, INC. NET SALES AND OPERATING INCOME BY SEGMENT (Unaudited) Second Quarter Year-to-Date (in thousands) 2022 2021 % Growth/ (Decline) 2022 2021 % Growth Net sales Electronics $ 358,176 $ 325,347 10.1 % $ 723,997 $ 611,882 18.3 % Transportation 182,027 133,318 36.5 % 366,531 261,847 40.0 % Industrial 78,233 64,823 20.7 % 151,238 113,553 33.2 % Total net sales $ 618,436 $ 523,488 18.1 % $ 1,241,766 $ 987,282 25.8 % Operating income Electronics $ 105,958 $ 74,236 42.7 % $ 226,535 $ 129,759 74.6 % Transportation 18,309 19,258 (4.9 )% 44,617 39,574 12.7 % Industrial 15,285 8,375 82.5 % 27,790 11,881 133.9 % Other(a) (5,388 ) (5,612 ) N.M. (14,188 ) (8,476 ) N.M. Total operating income $ 134,164 $ 96,257 39.4 % $ 284,754 $ 172,738 64.8 % Operating Margin 21.7 % 18.4 % 22.9 % 17.5 % Interest expense 4,368 4,626 8,670 9,299 Foreign exchange loss (gain) 14,124 (1,676 ) 21,860 5,161 Other expense (income), net 6,060 (1,890 ) 10,487 (9,627 ) Income before income taxes $ 109,612 $ 95,197 15.1 % $ 243,737 $ 167,905 45.2 % (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 Second Quarter Year-to-Date (in thousands) 2022 2021 % Growth /(Decline) 2022 2021 % Growth/ (Decline) Operating Margin Electronics 29.6 % 22.8 % 6.8 % 31.3 % 21.2 % 10.1 % Transportation 10.1 % 14.4 % (4.3 )% 12.2 % 15.1 % (2.9 )% Industrial 19.5 % 12.9 % 6.6 % 18.4 % 10.5 % 7.9 % LITTELFUSE, INC. SUPPLEMENTAL FINANCIAL INFORMATION (In millions of USD except per share amounts - unaudited) Non-GAAP EPS reconciliation Q2-22 Q2-21 YTD-22 YTD-21 GAAP diluted EPS $ 3.48 $ 3.30 $ 8.19 $ 5.62 EPS impact of Non-GAAP adjustments (below) 0.78 0.11 1.06 0.46 Adjusted diluted EPS $ 4.26 $ 3.41 $ 9.25 $ 6.08 Non-GAAP adjustments - (income) / expense Q2-22 Q2-21 YTD-22 YTD-21 Acquisition-related and integration costs (a) $ 4.8 $ 0.5 $ 8.6 $ 1.3 Purchase accounting inventory adjustments (b) — 3.3 4.8 6.8 Restructuring, impairment and other charges (c) 0.6 0.8 0.8 1.3 Loss (gain) on sale of fixed assets (d) — 1.0 — (0.9 ) Non-GAAP adjustments to operating income 5.4 5.6 14.2 8.5 Other (income) expense, net (e) (0.5 ) 0.5 (0.5 ) 0.5 Non-operating foreign exchange loss (gain) 14.1 (1.7 ) 21.9 5.2 Non-GAAP adjustments to income before income taxes 19.0 4.4 35.6 14.2 Income taxes (f) (0.4 ) 1.7 9.1 2.5 Non-GAAP adjustments to net income $ 19.4 $ 2.7 $ 26.5 $ 11.7 Total EPS impact $ 0.78 $ 0.11 $ 1.06 $ 0.46 Adjusted operating margin / Adjusted EBITDA reconciliation Q2-22 Q2-21 YTD-22 YTD-21 Net sales $ 618.4 $ 523.5 $ 1,241.8 $ 987.3 GAAP operating income $ 134.2 $ 96.3 $ 284.8 $ 172.7 Add back non-GAAP adjustments 5.4 5.6 14.2 8.5 Adjusted operating income $ 139.6 $ 101.9 $ 299.0 $ 181.2 Adjusted operating margin 22.6 % 19.5 % 24.1 % 18.4 % Add back amortization 11.6 10.6 24.3 21.2 Add back depreciation 15.7 13.6 31.3 27.3 Adjusted EBITDA $ 166.9 $ 126.1 $ 354.6 $ 229.7 Adjusted EBITDA margin 27.0 % 24.1 % 28.6 % 23.3 % Adjusted EBITDA by Segment Q2-22 Q2-21 Electronics Transportation Industrial Electronics Transportation Industrial GAAP operating income $ 106.0 $ 18.3 $ 15.3 $ 74.2 $ 19.3 $ 8.4 Add: Add back amortization 6.1 4.3 1.2 7.0 2.3 1.3 Add back depreciation 8.4 6.3 1.0 8.1 4.6 0.9 Adjusted EBITDA $ 120.5 $ 28.9 $ 17.5 $ 89.3 $ 26.2 $ 10.6 Adjusted EBITDA Margin 33.6 % 15.9 % 22.3 % 27.5 % 19.7 % 16.2 % Adjusted EBITDA by Segment YTD-22 YTD-21 Electronics Transportation Industrial Electronics Transportation Industrial GAAP operating income $ 226.5 $ 44.6 $ 27.8 $ 129.8 $ 39.6 $ 11.9 Add: Add back amortization 12.8 9.0 2.5 $ 14.2 $ 4.7 $ 2.3 Add back depreciation 17.1 12.3 1.9 $ 16.3 $ 9.3 $ 1.6 Adjusted EBITDA $ 256.4 $ 65.9 $ 32.2 $ 160.3 $ 53.6 $ 15.8 Adjusted EBITDA Margin 35.4 % 18.0 % 21.3 % 26.2 % 20.5 % 13.9 % Net sales reconciliation Q2-22 vs. Q2-21 Electronics Transportation Industrial Total Net sales growth 10 % 37 % 21 % 18 % Less: Acquisitions — % 45 % — % 11 % FX impact (3 )% (4 )% (1 )% (3 )% Organic net sales growth (decline) 13 % (4 )% 22 % 10 % Net sales reconciliation YTD-22 vs. YTD-21 Electronics Transportation Industrial Total Net sales growth 18 % 40 % 33 % 26 % Less: Acquisitions — % 44 % 8 % 13 % FX impact (3 )% (4 )% (1 )% (3 )% Organic net sales growth 21 % — % 26 % 16 % Income tax reconciliation Q2-22 Q2-21 YTD-22 YTD-21 Income taxes $ 22.6 $ 13.1 $ 39.2 $ 28.1 Effective rate 20.6 % 13.8 % 16.1 % 16.7 % Non-GAAP adjustments - income taxes (0.4 ) 1.7 9.1 2.5 Adjusted income taxes $ 22.2 $ 14.8 $ 48.3 $ 30.6 Adjusted effective rate 17.3 % 14.8 % 17.3 % 16.8 % Free cash flow reconciliation Q2-22 Q2-21 YTD-22 YTD-21 Net cash provided by operating activities $ 113.6 $ 76.2 $ 165.3 $ 126.3 Less: Purchases of property, plant and equipment (26.4 ) (17.9 ) (56.2 ) (32.6 ) Free cash flow $ 87.2 $ 58.2 $ 109.1 $ 93.7 Consolidated Total Debt As of July 2, 2022 Consolidated Total Debt $ 892.1 Unamortized debt issuance costs 5.0 Consolidated funded indebtedness 897.1 Cash held in U.S. (up to $400 million) 400.0 Net debt $ 497.1 Consolidated EBITDA Twelve Months Ended July 2, 2022 Net Income $ 348.5 Interest expense 17.9 Income taxes 68.3 Depreciation 60.0 Amortization 45.9 Non-cash additions (reductions): Stock-based compensation expense 22.6 Non-cash pension settlement charge 19.9 Purchase accounting inventory step-up charge 6.4 Unrealized loss on investments 12.5 Impairment charges — Other 62.4 Consolidated EBITDA (1) $ 664.4 Consolidated Net Leverage Ratio (as defined in the Credit Agreement) * 0.7x * Our Credit Agreement and Private Placement Note with maturities ranging from 2023 to 2032, contain financial ratio covenants providing that if, as of the last day of each fiscal quarter, the Consolidated Net Leverage ratio at such time for the then most recently concluded period of four consecutive fiscal quarters of the Company exceeds 3.50:1.00, an Event of Default (as defined in the Credit Agreement and Private Placement Senior Notes) is triggered. The Credit Agreement and Private Placement Senior Notes were amended in Q2 2022 and now allow for the addition of acquisition and integration costs up to 15% of Consolidated EBITDA and the Netting of up to $400M of Available Cash (Cash held by US Subsidiaries). (1) Represents Consolidated EBITDA as defined in our Credit Agreement and Private Placement Senior Notes and is calculated using the most recently concluded period of four consecutive quarters. Note: Total will not always foot due to rounding. (a) reflected in selling, general and administrative expenses ("SG&A"). (b) reflected in cost of sales. (c) reflected in restructuring, impairment and other charges. (d) reflected in SG&A, a loss of $1.0 million recorded during the second quarter of 2021 for a total year-to-date gain of $0.9 million from the sale of a building within the Electronics segment 2021. (e) 2022 amount included $0.5 million gain from the sale of a building within Transportation segment. 2021 amount included $0.5 million of impairment charges on certain other investments. (f) reflected the tax impact associated with the non-GAAP adjustments and the one-time net benefit of $7.2 million that resulted from the dissolution of one of the Company’s affiliates.
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