Littelfuse Reports Second Quarter Results for 2022

CHICAGO — Littelfuse, Inc. reported financial results for the second quarter ended July 2, 2022:

• Net sales of $618.4 million were up 18% versus the prior year period, and up 10% organically
• GAAP diluted EPS was $3.48; adjusted diluted EPS was $4.26, up 25% versus the prior year period
• Cash flow from operations was $113.6 million and free cash flow was $87.2 million
• On July 19, the company completed its acquisition of C&K Switches
• The company’s Board of Directors approved a 13% increase in the quarterly cash dividend from $0.53 to $0.60; this equates to an annualized dividend of $2.40 per share

“We delivered very strong second quarter results above our expectations while continuing to advance our strategic initiatives,” said Dave Heinzmann, Littelfuse President and Chief Executive Officer. “Our record performance to date in 2022 is a testament to our global teams’ execution across the breadth of our end markets. I am also excited to welcome C&K to our organization which significantly expands our ability to serve customers with market leading technologies, capabilities and talent. Looking ahead, we remain focused on effectively managing our business through market volatility while securing growth opportunities driven by sustainability, connectivity, and safety, which will deliver long-term value to our stakeholders.”

Third Quarter of 2022*

Based on current market conditions, for the third quarter the company expects,

• Net sales in the range of $630 to $644 million; adjusted diluted EPS in the range of $3.71 to $3.87

Dividend

• The company will pay a cash dividend on its common stock of $0.60 per share on September 8, 2022, to shareholders of record as of August 25, 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.