CHICAGO — Littelfuse, Inc. reported financial results for the second quarter ended July 1, 2023:
- Net sales of $612.0 million were down 1% versus the prior year period, and down 8% organically
- GAAP diluted EPS was $2.79; adjusted diluted EPS was $3.12
- Cash flow from operations was $98.2 million and free cash flow was $82.4 million
- On June 28, the company entered into a purchase agreement to acquire a 200mm wafer fab from Elmos Semiconductor SE, enhancing its power semiconductor capabilities to support long-term business opportunities in high-growth industrial end markets
- The company’s Board of Directors approved an 8% increase in the quarterly cash dividend from $0.60 to $0.65; this equates to an annualized dividend of $2.60 per share
- On July 28, the company released its 2022 Sustainability Report on littelfuse.com/about-us/sustainability
“We delivered solid results in the second quarter driven by our strong operating fundamentals, within an ongoing dynamic environment,” said Dave Heinzmann, Littelfuse President and Chief Executive Officer. “During the quarter, we secured significant new business in sustainability, connectivity, and safety applications, and continued to advance our strategic investments in high-growth end markets. Our strong overall performance to date, in 2023, reflects the resiliency of our business model. Looking ahead, our diverse technologies and capabilities, and the strength of our execution, continue to position us to deliver on our long-term growth strategy.”
Third Quarter of 2023*
Based on current market conditions, for the third quarter the company expects,
- Net sales in the range of $570 to $595 million, adjusted diluted EPS in the range of $2.48 to $2.72 and an adjusted effective tax rate of approximately 19.5%
Dividend
- The company will pay a cash dividend on its common stock of $0.65 per share on September 7, 2023, to shareholders of record as of August 24, 2023