Business
Littelfuse Reports Second Quarter Results for 2024
Diverse and resilient business model drive Q2 sales and adjusted EPS above guidance CHICAGO--(BUSINESS WIRE)-- Littelfuse, Inc. (NASDAQ: LFUS), a
About this update from Littelfuse, Inc.
[{"type":"text","content":"\nDiverse and resilient business model drive Q2 sales and adjusted EPS above guidance\n\n\n CHICAGO--(BUSINESS WIRE)--\nLittelfuse, 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 June 29, 2024:\n\n\n\nNet sales of $558 million were down 9% versus the prior year period, and down 8% organically\n\n\n\nGAAP diluted EPS was $1.82 and adjusted diluted EPS was $1.97\n\n\n\nCash flow from operations was $69 million and free cash flow was $50 million\n\n\n\nThe company’s Board of Directors approved an 8% increase in the quarterly cash dividend from $0.65 to $0.70; this equates to an annualized dividend of $2.80 per share\n\n\n\nOn June 26, the company released its 2023 Sustainability Report on littelfuse.com/about-us/sustainability\n\n\n\n“We are pleased to have exceeded the high end of our second quarter sales and adjusted EPS guidance ranges, driven by solid execution from our global teams and supported by our resilient business model and diverse technology positioning.” said Dave Heinzmann, Littelfuse President and Chief Executive Officer. “Looking ahead, we remain confident in an expected return to growth during 2024, likely in the fourth quarter. We see some pockets of normalized channel inventory and improving end demand but also ongoing signs of cautiousness from customers. We remain well positioned to execute our proven long-term growth strategy and deliver top tier stakeholder value.”\n\n\nThird Quarter of 2024*\n\n\nBased on current market conditions, for the third quarter the company expects,\n\n\n\nNet sales in the range of $540 - $570 million, adjusted diluted EPS in the range of $1.95 - $2.15 and an adjusted effective tax rate of approximately 26%\n\n\n\n*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 t...