Littelfuse Reports 4Q and Full Year Results for 2021

CHICAGO — Littelfuse, Inc. reported financial results for the fourth quarter and full year ended January 1, 2022:

Fourth Quarter 2021 Results

• Net sales of $553.1 million were up 38% in total and 23% organically versus the prior year, driven by stronger than expected demand across all segments
• GAAP operating margin was 16.8%; adjusted operating margin was 17.0%
• GAAP diluted EPS was $2.08 and adjusted diluted EPS was $3.16, benefiting from a lower effective tax rate driven by the receipt of a tax holiday, versus the forecasted rate, equating to approximately $0.21 in EPS
• Cash flow from operations was $133 million and free cash flow was $100 million
• On November 30, the company completed its acquisition of Carling Technologies, Inc., a leader in switching, circuit protection, and power distribution technologies with a strong global presence in commercial transportation, communications infrastructure and marine markets

Full Year 2021 Results

• Net sales of $2.1 billion were up 44% in total and 33% organically versus the prior year
• GAAP operating margin was 18.5%; adjusted operating margin was 19.1%
• GAAP diluted EPS was $11.38, up 115% versus the prior year; adjusted diluted EPS of $13.19 increased 106% versus the prior year
• Cash flow from operations was $373 million and free cash flow was $283 million, representing approximately 100% conversion from net income

“We finished the year with remarkable revenue and earnings growth, with more than 30% sales growth across all of our segments,” said Dave Heinzmann , Littelfuse President and Chief Executive Officer. “I want to thank our global teams for their tremendous efforts. Their commitment to execution during these challenging times has been outstanding. We achieved these record results while advancing our strategic initiatives, driving content and share gains in high-growth markets, both organically and through acquisition. I am confident our ongoing execution, coupled with our investments in product development, digital presence and eMobility, position us to achieve our long-term growth strategy.”

First Quarter of 2022*

For the first quarter, the company expects net sales in the range of $563 to $577 million, adjusted diluted EPS in the range of $3.14 to $3.30 and an adjusted effective tax rate of approximately 17%.

Dividend

The company will pay a cash dividend on its common stock of $0.53 per share on March 10, 2022 to shareholders of record as of February 24, 2022

*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.