CHICAGO, April 30, 2024 -- Littelfuse, Inc. (NASDAQ: LFUS), a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world, today reported financial results for the first quarter ended March 30, 2024:
- Net sales of $535 million were down 12% versus the prior year period, and down 12% organically
- GAAP diluted EPS was $1.93 and adjusted diluted EPS was $1.76
- Cash flow from operations was $57 million and free cash flow was $42 million
"Our global team delivered solid first quarter results, with sales above and earnings in-line with our expectations, as our increasingly diversified end market exposures, robust technology offering, and portfolio optimization initiatives helped to offset ongoing inventory destocking," said Dave Heinzmann, Littelfuse President and Chief Executive Officer. "Further, our strong cash generation reflects disciplined execution, while our well-positioned balance sheet will continue to allow us to capitalize on growth opportunities. Looking forward, we remain confident in an expected return to growth during 2024, and believe our experienced team, agile operations and unwavering long-term strategic focus will drive top-tier value for our stakeholders."
Second Quarter of 2024*
Based on current market conditions, for the second quarter the company expects,
- Net sales in the range of $525 - $555 million, adjusted diluted EPS in the range of $1.65 - $1.85 and an adjusted effective tax rate of approximately 23%
*Littelfuse provides guidance on a non-GAAP (adjusted) basis. GAAP items excluded from guidance may include the after-tax impact of items including acquisition and integration costs, restructuring, impairment and other charges, certain purchase accounting adjustments, non-operating foreign exchange adjustments and significant and unusual items. These items are uncertain, depend on various factors, and could be material to results computed in accordance with GAAP. Littelfuse is not able to forecast the excluded items in order to provide the most directly comparable GAAP financial measure without unreasonable efforts.
Dividend and Share Repurchase Authorization
- The company's Board of Directors approved a new stock repurchase authorization to replace its expiring previous 3-year program. The company may repurchase up to $300 million in the aggregate of shares of the company's common stock for the period May 1, 2024, to April 30, 2027.
- The company will pay a cash dividend on its common stock of $0.65 per share on June 6, 2024, to shareholders of record as of May 23, 2024
電話会議およびウェブキャスト情報
Littelfuse will host a conference call on Wednesday, May 1, 2024, at 9:00 a.m. Central Time to discuss the results. The call will be broadcast and available for replay at Littelfuse.com. A slide presentation is available in the Investor Relations section of the company’s website at Littelfuse.com.
リテルヒューズ会社案内
Littelfuse, Inc.（NASDAQ：LFUS）は、持続可能で接続性の高い、より安全な世界の実現のための工業技術を生み出す企業です。世界 20ヵ国以上に約 17.000名の従業員を擁するリテルヒューズは、お客様と協力しながら、革新的で信頼できるソリューションをデザインおよび提供しています。また、顧客数 100,000 を超える当社の製品は、工業、輸送、エレクトロニクスといった各種市場のあらゆる場所で日々利用されています。 Learn more at Littelfuse.com.
View source version here: Littelfuse Reports First Quarter Results for 2024 | Business Wire