Littelfuse, Inc. · NASDAQ:LFUS
Littelfuse — Q1 2024 Earnings Presentation
24 slides from Littelfuse's earnings presentation, May 1, 2024
Slide 1: Q1 2024 Earnings Release
Q1 2024 EARNINGS RELEASE April 30, 2024 1
Slide 2: Disclaimers
DISCLAIMERS Important Information About Littelfuse, Inc. This presentation does not constitute or form part of, and should not be construed as, an offer or solicitation to purchase or sell securities of Littelfuse, Inc. and no investment decision should be made based upon the information provided he
Slide 3: Business Update
BUSINESS UPDATE Dave Heinzmann, President & CEO
Slide 4: Executive Summary
EXECUTIVE SUMMARY § Executing in a continued dynamic environment § Q1 Sales exceed the high end of guidance § Adjusted EPS in-line with guidance § Strong cash generation, well-positioned balance sheet § Ongoing momentum from portfolio diversification and optimization initiatives § Resilient Electron
Slide 5: 2021 – 2025 Growth Strategy
2021 – 2025 GROWTH STRATEGY EMPOWERING A SUSTAINABLE, CONNECTED, AND SAFER WORLD Our capabilities, investments & diversification deliver significant value Littelfuse, Inc. © 2024 5
Slide 6: Electronics End Markets
ELECTRONICS END MARKETS EXECUTING WHILE DRIVING INNOVATIONS Q1 2024 Highlights § Leading technology enabler for a broad & growing base of customers § Solid design win momentum supporting new customer product launches § Ongoing soft consumer demand; stable medical exposure § Delivering on a diverse s
Slide 7: Industrial End Markets
INDUSTRIAL END MARKETS POSITIONED FOR LONG TERM GROWTH Q1 2024 Highlights § Softening broad based industrial demand § Seeing areas of excess OEM inventory § Long term growth drivers intact § Supported by infrastructure spend, increasing electrical efficiency requirements & decarbonization § Design m
Slide 8: Transportation End Markets
TRANSPORTATION END MARKETS BALANCED CAPABILITIES ACROSS APPLICATIONS Q1 2024 Highlights § Continued auto content momentum supported by product breadth and global customer reach § Content per vehicle expansion in China § High voltage traction supported by innovative product pipeline § Technology lead
Slide 9: Financial Update
FINANCIAL UPDATE Meenal Sethna, EVP & CFO
Slide 10: Q1 2024 Total Company Financial Performance
Q1 2024 TOTAL COMPANY FINANCIAL PERFORMANCE (in millions) Revenue Highlights § Revenue (-12%) vs PY / organic § ~2% portfolio pruning headwind $610 § GAAP op margin 10.3%; Adj op margin 11% $535 § Effective tax rate: GAAP 13%; Adj. 19.3% § Includes one-time discrete benefits Q1-23 Q1-24 § Operating
Slide 11: Cash Generation & Capital Deployment
CASH GENERATION & CAPITAL DEPLOYMENT § Well-positioned business model & execution drive robust long- term cash generation § Disciplined approach to working capital § Strong cash generation & balance sheet support capital deployment strategy § Consolidated net leverage ratio ~1.4x § Prioritizing grow
Slide 12: Q1 2024 Electronics Segment Financial Performance
Q1 2024 ELECTRONICS SEGMENT FINANCIAL PERFORMANCE (in millions) Revenue Highlights § Revenue (-19%) vs PY / organic § Passive Products (-10%); Semiconductor (-25%) $359 § Continued channel inventory destocking, $291 nearing inflection point § Maintaining resilient profitability through inventory reb
Slide 13: Q1 2024 Transportation Segment Financial Performance
Q1 2024 TRANSPORTATION SEGMENT FINANCIAL PERFORMANCE (in millions) Revenue Highlights § Revenue growth +2% / organic +3% § ~6% portfolio pruning headwind § Passenger vehicle +10% / organic +12% § Content & product launches; led by China $167 $170 § Commercial vehicle (-5%) / organic (-6%) § Headwind
Slide 14: Q1 2024 Industrial Segment Financial Performance
Q1 2024 INDUSTRIAL SEGMENT FINANCIAL PERFORMANCE (in millions) Revenue Highlights § Revenue (-13%) / organic (-14%) § Softer industrial markets...Construction / MRO, renewables (solar, EV infrastructure) $85 § OEM inventory levels remain elevated $74 § Footprint optimization initiatives to expand ca
Slide 15: Q2 2024 Guidance
Q2 2024 GUIDANCE (in millions) Highlights Revenue § Macro view…expect continued dynamic environment § Ongoing channel inventory destock, nearing inflection § Expanded weakness in industrial end markets § Inflationary trends continue $612 $555 - § Sales $525 - $555m $535 $525 § +1% sequentially § By
Slide 16: Full Year 2024 Considerations / Expectations
FULL YEAR 2024 CONSIDERATIONS / EXPECTATIONS § F/X: (-1%) headwind to sales; ($0.50) EPS, (-70bps) margin headwind at current rates § Expect return to sales growth during 2024, including portfolio initiatives headwind § Pruning impact…(-2%) Company, (-5%) Transportation Segment (heavier Comm. Vehicl
Slide 17: Diversification Delivers Double-Digit Revenue & Earnings CAGR
DIVERSIFICATION OF TECHNOLOGIES, END MARKETS & GEOGRAPHIES DELIVERS DOUBLE-DIGIT REVENUE & EARNINGS CAGR § Expanding leadership in 15-year* CAGR: core markets while Sales +10% prioritizing strategic EPS +18% investments to bolster diversified portfolio § Flexible cost structure drives improved profi
Slide 18: Appendix
APPENDIX Littelfuse, Inc. © 2024 18
Slide 19: Supplemental Financial Information
SUPPLEMENTAL FINANCIAL INFORMATION Littelfuse, Inc. © 2024 19
Slide 20: Supplemental Financial Information Cont'd
SUPPLEMENTAL FINANCIAL INFORMATION CONT’D Littelfuse, Inc. © 2024 20
Slide 21: Supplemental Financial Information Cont'd
SUPPLEMENTAL FINANCIAL INFORMATION CONT’D Littelfuse, Inc. © 2024 21
Slide 22: Supplemental Financial Information Cont'd
SUPPLEMENTAL FINANCIAL INFORMATION CONT’D Littelfuse, Inc. © 2024 22
Slide 23: Supplemental Financial Information Cont'd
SUPPLEMENTAL FINANCIAL INFORMATION CONT’D Littelfuse, Inc. © 2024 23
Slide 24: Supplemental Financial Information Cont'd
SUPPLEMENTAL FINANCIAL INFORMATION CONT’D Littelfuse, Inc. © 2024 24