CHICAGO — Littelfuse, Inc. 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 free cash flow was $121 million
Full Year 2023 Results
- Net sales of $2.4 billion were down 6% versus the prior year period, and down 10.3% organically
- GAAP diluted EPS was $10.34; adjusted diluted EPS was $11.74
- Cash flow from operations was $457 million and free cash flow was $371 million, both records for the company
“Our fourth quarter results tracked within our guidance range as we continued to execute on our long-term strategy,” said Dave Heinzmann, Littelfuse President and Chief Executive Officer. “In 2023, our global teams focused on driving sustainable growth and profitability while delivering record free cash flow and resilient margins despite continued inventory destocking and variable end market demand. Looking forward, we expect a return to growth during 2024 and believe our portfolio diversification and optimization efforts, strong technology offering across end markets and well positioned cost structure, will drive continued and long-term top-tier value for our stakeholders.”
First Quarter of 2024*
Based on current market conditions, for the first quarter the company expects,
- Net sales in the range of $505 to $530 million, adjusted diluted EPS in the range of $1.65 to $1.85 and an adjusted effective tax rate of approximately 20.5%
*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 $0.65 per share on March 7, 2024, to shareholders of record as of February 22, 2024.