CHICAGO--(BUSINESS WIRE)--Littelfuse, Inc. (NASDAQ: LFUS), a leader in developing smart solutions that enable safe and efficient electrical energy transfer, today reported financial results for its third quarter ended September 26, 2026:
“We delivered strong third quarter results reflecting broad-based demand strength, disciplined execution, and continued momentum across the portfolio,” said Greg Henderson, Littelfuse President and Chief Executive Officer. “Our teams drove significant growth across our segments, while delivering meaningful margin expansion and robust cash generation as we continued to advance our strategic priorities.”
“Looking ahead to the fourth quarter, we continue to see strong demand across our diverse market exposures, and we expect approximately +28% yr/yr revenue growth. We remain focused on scaling our high growth opportunities, partnering with our market leading customers, enhancing operational excellence, and deploying capital with discipline as we execute our long-term strategy.”
Fourth Quarter of 2026*
Based on current market conditions, for the fourth quarter the Company expects:
- Net sales in the range of $750 - $770 million, adjusted diluted EPS in the range of $5.05 - $5.25 and an adjusted effective tax rate of approximately ~24%
*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. Accordingly, Littelfuse is not able to forecast the excluded items in order to provide the most directly comparable GAAP financial measure without unreasonable efforts.
Third Quarter 2026 Segment Performance Highlights
Electronics Segment
- Net sales for the third quarter 2026 increased to $426 million, including the previously disclosed $28.5 million (€24.6 million) one-time Dortmund contract amendment fee recorded as a reduction of semiconductor net sales. Organic sales increased +27% driven by improved passive products (+30% organic). Semiconductor products (+24% organic) also contributed to growth driven by increased protection and power semiconductor volumes.
- Adjusted EBITDA margin for the third quarter 2026 increased to 33.1% (+910 bps) due to volume leverage, operational execution, and favorable price and product mix.
Transportation Segment
- Net sales for the third quarter 2026 increased +7%, both reported and organic, to $183 million. Organic sales growth benefited from improved commercial vehicle sales (+20% organic), which offset lower passenger vehicle organic sales (-5%). Commercial vehicle sales growth benefited from improved truck, data center, material handling, construction and agricultural equipment demand. Lower passenger vehicle sales were impacted by lower global passenger car builds and auto sensor product declines.
- Adjusted EBITDA margin for the third quarter 2026 increased to 19.6% (+280 bps) driven by commercial vehicle volume leverage and operational execution.
Industrial Segment
- Net sales for the third quarter 2026 increased +65% to $158 million. Organic sales increased +27% driven by improved data center, grid & utility infrastructure, HVAC, industrial automation, and construction demand. The Basler Electric Company (“Basler”) acquisition contributed +38% to growth.
- Adjusted EBITDA margin for the third quarter 2026 increased to 25.2% (+450 bps) driven by improved volume leverage, operational efficiencies, and favorable price and product mix.
Dividend
- The Company announced a quarterly cash dividend of $0.80 per share on its common stock. The dividend will be paid on December 3, 2026, to shareholders of record as of November 19, 2026.
Conference Call and Webcast Information
Littelfuse will host a conference call on Wednesday, October 28, 2026, at 8:00 a.m. Central Time to discuss the results. The call will be broadcast and available for replay at Littelfuse.com. A slide presentation will be 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, uncertainties and other factors include, but are not limited to, risks and uncertainties relating to general economic conditions; 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; changes in import and export duty and tariff rates; exchange rate fluctuations; commodity price fluctuations; the effect of the Company's accounting policies; labor disputes and shortages; restructuring costs in excess of expectations; pension plan asset returns less than assumed; uncertainties related to political or regulatory changes; integration of acquisitions may not be achieved in a timely manner, or at all; limited realization of the expected benefits from investment and strategic plans; the risk that expected benefits, synergies and growth prospects of our acquisitions may not be achieved in a timely manner, or at all; and other risks which may be detailed in the Company’s SEC 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 presentation 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 fiscal year ended December 27, 2025. 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 fiscal year ended December 27, 2025, and in other filings and submissions with the SEC, each of which is 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 and other materials filed with the SEC may include non-GAAP financial measures including organic net sales (decline) growth, adjusted net sales, 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 (decline) growth, adjusted net sales, 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 the Company’s core financial performance and facilitate comparisons to historical results of operations, by excluding items that are not related directly to the underlying performance of its fundamental business operations or were not part of the Company’s 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 the Company’s 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, except share and per share data) |
September 26,
|
December 27,
|
||||
ASSETS |
||||||
Current assets: |
||||||
Cash and cash equivalents |
$ |
824,840 |
$ |
563,391 |
||
Short-term investments |
359 |
287 |
||||
Trade receivables, less allowances of $95,619 and $77,073 at September 26, 2026 and December 27, 2025, respectively |
438,145 |
363,215 |
||||
Inventories |
443,990 |
416,472 |
||||
Prepaid income taxes and income taxes receivable |
3,238 |
6,137 |
||||
Prepaid expenses and other current assets |
102,077 |
85,832 |
||||
Total current assets |
1,812,649 |
1,435,334 |
||||
Net property, plant, and equipment |
507,749 |
540,640 |
||||
Intangible assets, net of amortization |
538,141 |
594,907 |
||||
Goodwill |
1,204,660 |
1,211,411 |
||||
Investments |
11,815 |
20,010 |
||||
Deferred income taxes |
3,800 |
5,255 |
||||
Right of use lease assets |
85,276 |
86,263 |
||||
Other long-term assets |
61,492 |
62,976 |
||||
Total assets |
$ |
4,225,582 |
$ |
3,956,796 |
||
LIABILITIES AND EQUITY |
||||||
Current liabilities: |
||||||
Accounts payable |
$ |
260,080 |
$ |
211,079 |
||
Accrued liabilities |
271,608 |
199,271 |
||||
Accrued income taxes |
48,108 |
26,186 |
||||
Current portion of long-term debt |
100,000 |
96,233 |
||||
Total current liabilities |
679,796 |
532,769 |
||||
Long-term debt, less current portion |
529,934 |
706,394 |
||||
Deferred income taxes |
103,106 |
102,335 |
||||
Accrued post-retirement benefits |
40,713 |
38,733 |
||||
Non-current lease liabilities |
72,068 |
71,765 |
||||
Other long-term liabilities |
75,782 |
78,766 |
||||
Total equity |
2,724,183 |
2,426,034 |
||||
Total liabilities and equity |
$ |
4,225,582 |
$ |
3,956,796 |
||
LITTELFUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended |
Nine Months Ended |
|||||||||||||||
(in thousands, except per share data) |
September 26,
|
September 27,
|
September 26,
|
September 27,
|
||||||||||||
Net sales |
$ |
766,729 |
$ |
624,640 |
$ |
2,162,479 |
$ |
1,792,360 |
||||||||
Cost of sales |
448,173 |
383,652 |
1,283,710 |
1,112,062 |
||||||||||||
Gross profit |
318,556 |
240,988 |
878,769 |
680,298 |
||||||||||||
Selling, general, and administrative expenses |
114,608 |
99,570 |
334,511 |
282,795 |
||||||||||||
Research and development expenses |
29,722 |
27,332 |
90,496 |
79,781 |
||||||||||||
Amortization of intangibles |
14,648 |
15,037 |
45,852 |
44,220 |
||||||||||||
Restructuring, impairment, and other charges |
6,222 |
1,633 |
33,665 |
13,158 |
||||||||||||
Total operating expenses |
165,200 |
143,572 |
504,524 |
419,954 |
||||||||||||
Operating income |
153,356 |
97,416 |
374,245 |
260,344 |
||||||||||||
Interest expense |
5,689 |
8,578 |
18,405 |
26,021 |
||||||||||||
Foreign exchange loss (gain) |
1,697 |
175 |
(876 |
) |
15,466 |
|||||||||||
Other income, net |
(4,244 |
) |
(6,053 |
) |
(7,293 |
) |
(14,020 |
) |
||||||||
Income before income taxes |
150,214 |
94,716 |
364,009 |
232,877 |
||||||||||||
Income taxes |
34,837 |
25,194 |
84,080 |
62,442 |
||||||||||||
Net income |
$ |
115,377 |
$ |
69,522 |
$ |
279,929 |
$ |
170,435 |
||||||||
Earnings per share: |
||||||||||||||||
Basic |
$ |
4.54 |
$ |
2.80 |
$ |
11.08 |
$ |
6.88 |
||||||||
Diluted |
$ |
4.49 |
$ |
2.77 |
$ |
10.94 |
$ |
6.82 |
||||||||
Weighted-average shares and equivalent shares outstanding: |
||||||||||||||||
Basic |
25,401 |
24,837 |
25,260 |
24,786 |
||||||||||||
Diluted |
25,674 |
25,102 |
25,583 |
24,989 |
||||||||||||
Comprehensive income |
$ |
117,736 |
$ |
65,985 |
$ |
257,408 |
$ |
302,408 |
||||||||
LITTELFUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended |
||||||||
(in thousands) |
September 26, 2026 |
September 27, 2025 |
||||||
OPERATING ACTIVITIES |
||||||||
Net income |
$ |
279,929 |
$ |
170,435 |
||||
Adjustments to reconcile net income to net cash provided by operating activities: |
144,825 |
131,627 |
||||||
Changes in operating assets and liabilities: |
||||||||
Trade receivables |
(77,483 |
) |
(64,552 |
) |
||||
Inventories |
(30,711 |
) |
33,567 |
|||||
Accounts payable |
46,876 |
12,757 |
||||||
Accrued liabilities and income taxes |
98,090 |
611 |
||||||
Prepaid expenses and other assets |
(4,893 |
) |
10,654 |
|||||
Net cash provided by operating activities |
456,633 |
295,099 |
||||||
INVESTING ACTIVITIES |
||||||||
Acquisitions of businesses, net of cash acquired |
(1,663 |
) |
(57,417 |
) |
||||
Purchases of property, plant, and equipment |
(47,474 |
) |
(48,697 |
) |
||||
Net proceeds from sale of property, plant and equipment, and other |
9,224 |
6,413 |
||||||
Net cash used in investing activities |
(39,913 |
) |
(99,701 |
) |
||||
FINANCING ACTIVITIES |
||||||||
Net payments of credit facility |
(166,250 |
) |
(61,250 |
) |
||||
Repurchases of common stock |
— |
(27,553 |
) |
|||||
Cash dividends paid |
(58,193 |
) |
(53,311 |
) |
||||
All other cash provided by financing activities |
72,071 |
15,840 |
||||||
Net cash used in financing activities |
(152,372 |
) |
(126,274 |
) |
||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |
(2,959 |
) |
20,868 |
|||||
Increase in cash, cash equivalents, and restricted cash |
261,389 |
89,992 |
||||||
Cash, cash equivalents, and restricted cash at beginning of period |
565,104 |
726,437 |
||||||
Cash, cash equivalents, and restricted cash at end of period |
$ |
826,493 |
$ |
816,429 |
||||
LITTELFUSE, INC.
NET SALES AND OPERATING INCOME BY SEGMENT
(Unaudited)
Third Quarter |
Year-to-Date |
|||||||||||||||||||||
(in thousands) |
2026 |
2025 |
%
|
2026 |
2025 |
%
|
||||||||||||||||
Net sales |
||||||||||||||||||||||
Electronics |
$ |
426,239 |
$ |
357,457 |
19.2 |
% |
$ |
1,195,434 |
$ |
1,000,372 |
19.5 |
% |
||||||||||
Transportation |
182,643 |
171,311 |
6.6 |
% |
535,435 |
512,573 |
4.5 |
% |
||||||||||||||
Industrial |
157,847 |
95,872 |
64.6 |
% |
431,610 |
279,415 |
54.5 |
% |
||||||||||||||
Total net sales |
$ |
766,729 |
$ |
624,640 |
22.7 |
% |
$ |
2,162,479 |
$ |
1,792,360 |
20.6 |
% |
||||||||||
Operating income |
||||||||||||||||||||||
Electronics |
$ |
102,350 |
$ |
63,640 |
60.8 |
% |
$ |
259,545 |
$ |
160,267 |
61.9 |
% |
||||||||||
Transportation |
27,330 |
20,187 |
35.4 |
% |
77,124 |
67,178 |
14.8 |
% |
||||||||||||||
Industrial |
33,345 |
16,918 |
97.1 |
% |
81,580 |
48,855 |
67.0 |
% |
||||||||||||||
Other (a) |
(9,669 |
) |
(3,329 |
) |
N.M. |
(44,004 |
) |
(15,956 |
) |
N.M. |
||||||||||||
Total operating income |
$ |
153,356 |
$ |
97,416 |
57.4 |
% |
$ |
374,245 |
$ |
260,344 |
43.8 |
% |
||||||||||
Operating Margin |
20.0 |
% |
15.6 |
% |
17.3 |
% |
14.5 |
% |
||||||||||||||
Interest expense |
5,689 |
8,578 |
18,405 |
26,021 |
||||||||||||||||||
Foreign exchange loss (gain) |
1,697 |
175 |
(876 |
) |
15,466 |
|||||||||||||||||
Other income, net |
(4,244 |
) |
(6,053 |
) |
(7,293 |
) |
(14,020 |
) |
||||||||||||||
Income before income taxes |
$ |
150,214 |
$ |
94,716 |
58.6 |
% |
$ |
364,009 |
$ |
232,877 |
56.3 |
% |
||||||||||
(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) |
2026 |
2025 |
%
|
2026 |
2025 |
%
|
||||||||||||
Operating Margin |
||||||||||||||||||
Electronics |
24.0 |
% |
17.8 |
% |
6.2 |
% |
21.7 |
% |
16.0 |
% |
5.7 |
% |
||||||
Transportation |
15.0 |
% |
11.8 |
% |
3.2 |
% |
14.4 |
% |
13.1 |
% |
1.3 |
% |
||||||
Industrial |
21.1 |
% |
17.6 |
% |
3.5 |
% |
18.9 |
% |
17.5 |
% |
1.4 |
% |
||||||
LITTELFUSE, INC.
SUPPLEMENTAL FINANCIAL INFORMATION
(In millions of USD except per share amounts - unaudited)
Non-GAAP EPS reconciliation |
||||||||||||
Q3-26 |
Q3-25 |
YTD-26 |
YTD-25 |
|||||||||
GAAP diluted EPS |
$ |
4.49 |
$ |
2.77 |
$ |
10.94 |
$ |
6.82 |
||||
EPS impact of Non-GAAP adjustments (below) |
1.30 |
0.18 |
2.35 |
1.17 |
||||||||
Adjusted diluted EPS |
$ |
5.79 |
$ |
2.95 |
$ |
13.29 |
$ |
7.99 |
||||
Non-GAAP adjustments - expense / (income) |
|||||||||||||||
Q3-26 |
Q3-25 |
YTD-26 |
YTD-25 |
||||||||||||
One-time customer contract amendment fee (a) ("One-time amendment fee") |
$ |
28.5 |
$ |
— |
$ |
28.5 |
$ |
— |
|||||||
Acquisition-related and integration costs (b) |
3.5 |
1.4 |
5.0 |
3.0 |
|||||||||||
Purchase accounting inventory adjustments (c) |
— |
— |
5.4 |
(0.5 |
) |
||||||||||
Restructuring, impairment and other charges (d) |
6.2 |
1.6 |
33.6 |
13.2 |
|||||||||||
Loss on sale of the Marine business (e) |
— |
0.3 |
— |
0.3 |
|||||||||||
Non-GAAP adjustments to operating income |
38.2 |
3.3 |
72.5 |
16.0 |
|||||||||||
Other income, net (f) |
— |
— |
2.7 |
— |
|||||||||||
Non-operating foreign exchange loss (gain) |
1.7 |
0.2 |
(0.9 |
) |
15.5 |
||||||||||
Non-GAAP adjustments to income before income taxes |
39.9 |
3.5 |
74.3 |
31.5 |
|||||||||||
Income taxes (g) |
6.6 |
(1.0 |
) |
14.2 |
2.2 |
||||||||||
Non-GAAP adjustments to net income |
$ |
33.3 |
$ |
4.5 |
$ |
60.1 |
$ |
29.3 |
|||||||
Total EPS impact |
$ |
1.30 |
$ |
0.18 |
$ |
2.35 |
$ |
1.17 |
|||||||
Adjusted operating margin / Adjusted EBITDA reconciliation |
||||||||||||||||
Q3-26 |
Q3-25 |
YTD-26 |
YTD-25 |
|||||||||||||
Net income |
$ |
115.4 |
$ |
69.5 |
$ |
279.9 |
$ |
170.4 |
||||||||
Add: |
||||||||||||||||
Income taxes |
34.8 |
25.2 |
84.1 |
62.4 |
||||||||||||
Interest expense |
5.7 |
8.6 |
18.4 |
26.0 |
||||||||||||
Foreign exchange loss (gain) |
1.7 |
0.2 |
(0.9 |
) |
15.5 |
|||||||||||
Other income, net |
(4.2 |
) |
(6.1 |
) |
(7.3 |
) |
(14.0 |
) |
||||||||
GAAP operating income |
$ |
153.4 |
$ |
97.4 |
$ |
374.2 |
$ |
260.3 |
||||||||
Non-GAAP adjustments to operating income |
38.2 |
3.3 |
72.5 |
16.0 |
||||||||||||
Adjusted operating income |
$ |
191.5 |
$ |
100.7 |
$ |
446.7 |
$ |
276.3 |
||||||||
Amortization of intangibles |
14.6 |
15.0 |
45.9 |
44.2 |
||||||||||||
Depreciation expense |
19.8 |
18.6 |
58.6 |
56.4 |
||||||||||||
Adjusted EBITDA |
$ |
225.9 |
$ |
134.3 |
$ |
551.2 |
$ |
376.9 |
||||||||
Net sales |
$ |
766.7 |
$ |
624.6 |
$ |
2,162.5 |
$ |
1,792.4 |
||||||||
One-time amendment fee |
28.5 |
— |
28.5 |
— |
||||||||||||
Adjusted net sales |
$ |
795.2 |
$ |
624.6 |
$ |
2,191.0 |
$ |
1,792.4 |
||||||||
Net income as a percentage of net sales |
15.1 |
% |
11.1 |
% |
12.9 |
% |
9.5 |
% |
||||||||
Operating margin |
20.0 |
% |
15.6 |
% |
17.3 |
% |
14.5 |
% |
||||||||
Adjusted operating margin (1) |
24.1 |
% |
16.1 |
% |
20.4 |
% |
15.4 |
% |
||||||||
Adjusted EBITDA margin (1) |
28.4 |
% |
21.5 |
% |
25.2 |
% |
21.0 |
% |
||||||||
(1) Adjusted operating margin and adjusted EBITDA margin are calculated based on the adjusted net sales amount that removes the one-time customer contract amendment fee of $28.5 million to improve comparability in these margins with prior period financial results. |
Electronics segment adjusted net sales reconciliation |
Q3-26 |
||||||||
Electronics - Passive Products and Sensors |
Electronics - Semiconductor |
Total Electronics |
|||||||
Net sales |
$ |
238.8 |
$ |
187.4 |
$ |
426.2 |
|||
Add: |
|||||||||
One-time amendment fee |
— |
28.5 |
28.5 |
||||||
Adjusted net sales |
$ |
238.8 |
$ |
215.9 |
$ |
454.7 |
|||
YTD-26 |
|||||||||
Electronics - Passive Products and Sensors |
Electronics - Semiconductor |
Total Electronics |
|||||||
Net sales |
$ |
639.3 |
$ |
556.1 |
$ |
1,195.4 |
|||
Add: |
|||||||||
One-time amendment fee |
— |
28.5 |
28.5 |
||||||
Adjusted net sales |
$ |
639.3 |
$ |
584.6 |
$ |
1,223.9 |
|||
Electronics segment adjusted operating income reconciliation |
Q3-26 |
YTD-26 |
||||
GAAP operating income |
$ |
102.4 |
$ |
259.5 |
||
Add: |
||||||
One-time amendment fee |
28.5 |
28.5 |
||||
Adjusted operating income |
$ |
130.9 |
$ |
288.0 |
||
Adjusted EBITDA by Segment |
Q3-26 |
Q3-25 |
||||||||||||||||||||||
Electronics |
Transportation |
Industrial |
Electronics |
Transportation |
Industrial |
|||||||||||||||||||
GAAP operating income |
$ |
102.4 |
$ |
27.3 |
$ |
33.3 |
$ |
63.6 |
$ |
20.2 |
$ |
16.9 |
||||||||||||
Add: |
||||||||||||||||||||||||
One-time amendment fee |
28.5 |
— |
— |
— |
— |
— |
||||||||||||||||||
Add back amortization |
7.6 |
2.7 |
4.3 |
10.2 |
3.4 |
1.4 |
||||||||||||||||||
Add back depreciation |
12.0 |
5.6 |
2.2 |
12.0 |
5.1 |
1.5 |
||||||||||||||||||
Adjusted EBITDA |
$ |
150.5 |
$ |
35.6 |
$ |
39.8 |
$ |
85.8 |
$ |
28.7 |
$ |
19.8 |
||||||||||||
Adjusted EBITDA Margin (1) |
33.1 |
% |
19.6 |
% |
25.2 |
% |
24.0 |
% |
16.8 |
% |
20.7 |
% |
||||||||||||
Adjusted Operating Margin (1) |
28.8 |
% |
||||||||||||||||||||||
Adjusted EBITDA by Segment |
YTD-26 |
YTD-25 |
||||||||||||||||||||||
Electronics |
Transportation |
Industrial |
Electronics |
Transportation |
Industrial |
|||||||||||||||||||
GAAP operating income |
$ |
259.5 |
$ |
77.1 |
$ |
81.6 |
$ |
160.3 |
$ |
67.2 |
$ |
48.9 |
||||||||||||
Add: |
||||||||||||||||||||||||
One-time amendment fee |
28.5 |
— |
— |
— |
— |
— |
||||||||||||||||||
Add back amortization |
24.3 |
8.9 |
12.7 |
30.1 |
10.2 |
3.9 |
||||||||||||||||||
Add back depreciation |
35.9 |
16.2 |
6.5 |
35.9 |
15.9 |
4.6 |
||||||||||||||||||
Adjusted EBITDA |
$ |
348.2 |
$ |
102.2 |
$ |
100.8 |
$ |
226.3 |
$ |
93.3 |
$ |
57.3 |
||||||||||||
Adjusted EBITDA Margin (1) |
28.5 |
% |
19.1 |
% |
23.4 |
% |
22.6 |
% |
18.2 |
% |
20.5 |
% |
||||||||||||
Adjusted Operating Margin (1) |
23.5 |
% |
||||||||||||||||||||||
Net sales reconciliation |
Q3-26 vs. Q3-25 |
|||||||||||
Electronics |
Transportation |
Industrial |
Total |
|||||||||
Net sales growth |
19 |
% |
7 |
% |
65 |
% |
23 |
% |
||||
Less: |
||||||||||||
One-time amendment fee |
(8 |
)% |
— |
% |
— |
% |
(5 |
)% |
||||
Acquisitions |
— |
% |
— |
% |
38 |
% |
6 |
% |
||||
FX impact |
— |
% |
— |
% |
— |
% |
— |
% |
||||
Organic net sales growth |
27 |
% |
7 |
% |
27 |
% |
22 |
% |
||||
Electronics segment net sales reconciliation |
Q3-26 vs. Q3-25 |
||||||||
Electronics - Passive Products and Sensors |
Electronics - Semiconductor |
Total Electronics |
|||||||
Net sales growth |
30 |
% |
8 |
% |
19 |
% |
|||
Less: |
|||||||||
One-time amendment fee |
— |
% |
(16 |
)% |
(8 |
)% |
|||
FX impact |
— |
% |
— |
% |
— |
% |
|||
Organic net sales growth |
30 |
% |
24 |
% |
27 |
% |
|||
Transportation segment net sales reconciliation |
Q3-26 vs. Q3-25 |
|||||||||||
Commercial
|
Passenger Car
|
Auto Sensor
|
Total
|
|||||||||
Net sales growth (decline) |
20 |
% |
(3 |
)% |
(14 |
)% |
7 |
% |
||||
Less: |
||||||||||||
FX impact |
— |
% |
— |
% |
(1 |
)% |
— |
% |
||||
Organic net sales growth (decline) |
20 |
% |
(3 |
)% |
(13 |
)% |
7 |
% |
||||
Net sales reconciliation |
YTD-26 vs. YTD-25 |
|||||||||||
Electronics |
Transportation |
Industrial |
Total |
|||||||||
Net sales growth |
19 |
% |
4 |
% |
54 |
% |
21 |
% |
||||
Less: |
||||||||||||
One-time amendment fee |
(3 |
)% |
— |
% |
— |
% |
(1 |
)% |
||||
Acquisitions |
— |
% |
— |
% |
37 |
% |
6 |
% |
||||
FX impact |
1 |
% |
1 |
% |
— |
% |
1 |
% |
||||
Organic net sales growth |
21 |
% |
3 |
% |
17 |
% |
15 |
% |
||||
Electronics segment net sales reconciliation |
YTD-26 vs. YTD-25 |
||||||||
Electronics - Passive Products and Sensors |
Electronics - Semiconductor |
Total Electronics |
|||||||
Net sales growth |
28 |
% |
11 |
% |
19 |
% |
|||
Less: |
|||||||||
One-time amendment fee |
— |
% |
(6 |
)% |
(3 |
)% |
|||
FX impact |
2 |
% |
1 |
% |
1 |
% |
|||
Organic net sales growth |
26 |
% |
16 |
% |
21 |
% |
|||
Transportation segment net sales reconciliation |
YTD-26 vs. YTD-25 |
|||||||||||
Commercial
|
Passenger Car Products (2) |
Auto Sensor Products (2) |
Total Transportation |
|||||||||
Net sales growth (decline) |
9 |
% |
2 |
% |
(8 |
)% |
4 |
% |
||||
Less: |
||||||||||||
FX impact |
1 |
% |
1 |
% |
3 |
% |
1 |
% |
||||
Organic net sales growth (decline) |
8 |
% |
1 |
% |
(11 |
)% |
3 |
% |
||||
(2) Passenger vehicle business (PVB) includes passenger car and auto sensor products. |
||||||||||||
Income tax reconciliation |
||||||||||||||||
Q3-26 |
Q3-25 |
YTD-26 |
YTD-25 |
|||||||||||||
Income taxes |
$ |
34.8 |
$ |
25.2 |
$ |
84.1 |
$ |
62.4 |
||||||||
Effective rate |
23.2 |
% |
26.6 |
% |
23.1 |
% |
26.8 |
% |
||||||||
Non-GAAP adjustments - income taxes |
6.6 |
(1.0 |
) |
14.2 |
2.2 |
|||||||||||
Adjusted income taxes |
$ |
41.4 |
$ |
24.2 |
$ |
98.3 |
$ |
64.6 |
||||||||
Adjusted effective rate |
21.8 |
% |
24.6 |
% |
22.4 |
% |
24.5 |
% |
||||||||
Free cash flow reconciliation |
||||||||||||||||
Q3-26 |
Q3-25 |
YTD-26 |
YTD-25 |
|||||||||||||
Net cash provided by operating activities |
$ |
230.1 |
$ |
146.9 |
$ |
456.6 |
$ |
295.1 |
||||||||
Less: Purchases of property, plant, and equipment |
(14.5 |
) |
(15.7 |
) |
(47.5 |
) |
(48.7 |
) |
||||||||
Free cash flow |
$ |
215.7 |
$ |
131.2 |
$ |
409.2 |
$ |
246.4 |
||||||||
Consolidated Total Debt |
As of September 26, 2026 |
||
Consolidated total debt |
$ |
629.9 |
|
Unamortized debt issuance costs |
3.1 |
||
Finance lease liability |
0.1 |
||
Consolidated funded indebtedness |
633.1 |
||
Cash held in U.S. (up to $400 million) |
195.8 |
||
Net debt |
$ |
437.3 |
|
Consolidated EBITDA |
Twelve Months Ended September 26, 2026 |
||
Net Income |
$ |
37.7 |
|
Interest expense |
26.7 |
||
Income taxes |
96.9 |
||
Depreciation expense |
77.1 |
||
Amortization expense |
61.4 |
||
Non-cash additions: |
|||
Stock-based compensation expense |
29.0 |
||
Purchase accounting inventory step-up charge |
6.4 |
||
Unrealized loss on investments |
1.7 |
||
Impairment charges |
316.6 |
||
Other |
18.0 |
||
Consolidated EBITDA (1) |
$ |
671.5 |
|
Consolidated Net Leverage Ratio (as defined in the Credit Agreement) * |
0.7x |
||
* Our Credit Agreement and Private Placement Senior Notes with maturities ranging from 2027 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 was amended in Q1 2026 and now allows to add restructuring charges and business optimization expenses in addition to the prior credit agreement. |
(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 as a reduction in net sales of $28.5 million for a one-time customer contract amendment fee in the Electronics-Semiconductor business. The Amendment is intended to further support the Company’s semiconductor strategy by enhancing strategic flexibility, accelerating and simplifying certain legacy contractual arrangements and increasing the Company’s ability to optimize the Dortmund Semiconductor GmbH asset over time. |
(b) Reflected in selling, general and administrative expenses. |
(c) Reflected in cost of sales. |
(d) Reflected in restructuring, impairment and other charges. |
(e) 2025 amount reflected $0.3 million loss related to the sale of the Marine business within the Transportation segment. |
(f) 2026 included the reversal of an indemnification receivable of $2.7 million related to lapses in the statute of limitations for previously unrecognized tax benefits recognized in the first quarter of 2026. |
(g) Reflected the tax impact associated with the non-GAAP adjustments including a one-time tax benefit of $3.3 million associated with the dissolution of one of the Company's affiliates in the third quarter of 2026 and $2.7 million of tax benefits due to lapses in the statute of limitations for previously unrecognized tax benefits recognized in the first quarter of 2026. |