Littelfuse Reports Third Quarter Results for 2025

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 the third quarter ended September 27, 2025:

“We are pleased with our third quarter performance as we delivered strong revenue growth versus the prior year while our adjusted diluted earnings exceeded the high end of our guidance range reflecting solid execution amid mixed end market conditions,” said Greg Henderson, Littelfuse President and Chief Executive Officer. “Across our segments, we are leveraging our leadership position in safe and efficient electrical energy transfer to accelerate our growth opportunities.”

Acquisition of Basler Electric

“We are also excited to announce the upcoming acquisition of Basler Electric, as disclosed yesterday, a leader in electrical control and protection solutions for industrial markets. Basler will expand our high growth market opportunities, enhance our high power technology capabilities, and broaden our industrial customer exposure. We look forward to welcoming the Basler team to Littelfuse and to leveraging our complementary technologies, engineering capabilities and manufacturing footprint to drive long-term growth, profitability enhancements, and shareholder value.”

Fourth Quarter of 2025*

Looking ahead to the fourth quarter, we expect +10% revenue growth versus the prior year given our strong backlog and customer positioning. Although we expect typical fourth quarter seasonality and see continued mixed end market conditions, we remain focused on driving innovations with our customers while delivering operational enhancements. We will continue to execute on our strategic priorities as we aim to scale our company, with the goal of delivering long-term best-in-class performance and shareholder returns.

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

*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.

Third Quarter 2025 Segment Performance Highlights

Electronics Segment

Transportation Segment

Industrial Segment

Dividend

Conference Call and Webcast Information

Littelfuse will host a conference call on Wednesday, October 29, 2025, 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 is 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 16,000 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; economic conditions; 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; and other risks which may be detailed in the company's Securities and Exchange Commission 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 release 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 year ended December 28, 2024.

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 year ended December 28, 2024, and in other filings and submissions with the SEC, each of which are 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 the non-GAAP financial measures including organic net sales (decline) growth, 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 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 our core financial performance and facilitate comparisons to historical results of operations, by excluding items that are not related directly to the underlying performance of our fundamental business operations or were not part of our 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 our 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 27,

2025

December 28,

2024

ASSETS

Current assets:

Cash and cash equivalents

814,733

724,924

Short-term investments

290

976

Trade receivables, less allowances of $78,392 and $69,990 at September 27, 2025 and December 28, 2024, respectively

373,827

294,371

Inventories

396,871

416,273

Prepaid income taxes and income taxes receivable

11,253

11,749

Prepaid expenses and other current assets

77,509

103,716

Total current assets

1,674,483

1,552,009

Net property, plant, and equipment

513,965

477,068

Intangible assets, net of amortization

458,776

482,118

Goodwill

1,356,038

1,228,502

Investments

21,329

23,245

Deferred income taxes

5,712

4,899

Right of use lease assets

87,116

72,211

Other long-term assets

56,940

51,727

Total assets

4,174,359

3,891,779

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable

204,016

188,359

Accrued liabilities

173,786

148,276

Accrued income taxes

24,302

29,658

Current portion of long-term debt

16,955

67,612

Total current liabilities

419,059

433,905

Long-term debt, less current portion

788,821

788,502

Deferred income taxes

103,917

95,532

Accrued post-retirement benefits

33,658

29,836

Non-current lease liabilities

73,415

60,559

Other long-term liabilities

83,374

69,833

Total equity

2,672,115

2,413,612

Total liabilities and equity

4,174,359

3,891,779

LITTELFUSE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME

(Unaudited)

Three Months Ended

Nine Months Ended

(in thousands, except per share data)

September 27,

2025

September 28,

2024

September 27,

2025

September 28,

2024

Net sales

624,640

567,390

1,792,360

1,661,263

Cost of sales

383,652

351,498

1,112,062

1,050,559

Gross profit

240,988

215,892

680,298

610,704

Selling, general, and administrative expenses

99,570

83,897

282,795

263,395

Research and development expenses

27,332

26,470

79,781

81,283

Amortization of intangibles

15,037

15,864

44,220

47,418

Restructuring, impairment, and other charges

1,633

1,840

13,158

10,329

Total operating expenses

143,572

128,071

419,954

402,425

Operating income

97,416

87,821

260,344

208,279

Interest expense

8,578

9,772

26,021

29,358

Foreign exchange loss

175

9,630

15,466

4,273

Other income, net

(6,053

)

(9,297

)

(14,020

)

(19,916

)

Income before income taxes

94,716

77,716

232,877

194,564

Income taxes

25,194

19,658

62,442

42,588

Net income

69,522

58,058

170,435

151,976

Earnings per share:

Basic

2.80

2.34

6.88

6.12

Diluted

2.77

2.32

6.82

6.07

Weighted-average shares and equivalent shares outstanding:

Basic

24,837

24,796

24,786

24,822

Diluted

25,102

25,025

24,989

25,040

Comprehensive income

65,985

114,451

302,408

157,011

LITTELFUSE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Nine Months Ended

(in thousands)

September 27, 2025

September 28, 2024

OPERATING ACTIVITIES

Net income

170,435

151,976

Adjustments to reconcile net income to net cash provided by operating activities:

131,627

101,437

Changes in operating assets and liabilities:

Trade receivables

(64,552

)

(50,672

)

Inventories

33,567

19,865

Accounts payable

12,757

5,460

Accrued liabilities and income taxes

611

(19,434

)

Prepaid expenses and other assets

10,654

(1,633

)

Net cash provided by operating activities

295,099

206,999

INVESTING ACTIVITIES

Acquisitions of businesses, net of cash acquired

(57,417

)

—

Purchases of property, plant, and equipment

(48,697

)

(50,065

)

Net proceeds from sale of property, plant and equipment, and other

6,413

8,931

Net cash used in investing activities

(99,701

)

(41,134

)

FINANCING ACTIVITIES

Net payments of credit facility

(61,250

)

(3,750

)

Repurchases of common stock

(27,553

)

(40,862

)

Cash dividends paid

(53,311

)

(49,687

)

All other cash provided by financing activities

15,840

3,000

Net cash used in financing activities

(126,274

)

(91,299

)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

20,868

(396

)

Increase in cash, cash equivalents, and restricted cash

89,992

74,170

Cash, cash equivalents, and restricted cash at beginning of period

726,437

557,123

Cash, cash equivalents, and restricted cash at end of period

816,429

631,293

LITTELFUSE, INC.

NET SALES AND OPERATING INCOME BY SEGMENT

(Unaudited)

Third Quarter

Year-to-Date

(in thousands)

2025

2024

Growth/(Decline)

2025

2024

Growth

Net sales

Electronics

357,457

304,188

17.5

1,000,372

900,932

11.0

Transportation

171,311

171,381

—

512,573

510,711

0.4

Industrial

95,872

91,821

4.4

279,415

249,620

11.9

Total net sales

624,640

567,390

10.1

1,792,360

1,661,263

7.9

Operating income

Electronics

63,640

48,891

30.2

160,267

132,859

20.6

Transportation

20,187

23,485

(14.0

67,178

54,925

22.3

Industrial

16,918

17,711

(4.5

48,855

32,054

52.4

Other (a)

(3,329

)

(2,266

)

N.M.

(15,956

)

(11,559

)

N.M.

Total operating income

97,416

87,821

10.9

260,344

208,279

25.0

Operating Margin

15.6

15.5

14.5

12.5

Interest expense

8,578

9,772

26,021

29,358

Foreign exchange loss

175

9,630

15,466

4,273

Other income, net

(6,053

)

(9,297

)

(14,020

)

(19,916

)

Income before income taxes

94,716

77,716

21.9

232,877

194,564

19.7

(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)

2025

2024

Growth/(Decline)

2025

2024

Growth

Operating Margin

Electronics

17.8

16.1

1.7

16.0

14.7

1.3

Transportation

11.8

13.7

(1.9

13.1

10.8

2.3

Industrial

17.6

19.3

(1.7

17.5

12.8

4.7

LITTELFUSE, INC.

SUPPLEMENTAL FINANCIAL INFORMATION

(In millions of USD except per share amounts - unaudited)

Non-GAAP EPS reconciliation

Q3-25

Q3-24

YTD-25

YTD-24

GAAP diluted EPS

2.77

2.32

6.82

6.07

EPS impact of Non-GAAP adjustments (below)

0.18

0.39

1.17

0.37

Adjusted diluted EPS

2.95

2.71

7.99

6.44

Non-GAAP adjustments - (income) / expense

Q3-25

Q3-24

YTD-25

YTD-24

Acquisition-related and integration costs (a)

1.4

1.0

3.0

2.8

Purchase accounting inventory adjustments (b)

—

(0.5

)

—

Restructuring, impairment and other charges (c)

1.6

1.8

13.2

10.3

Gain on sale of fixed assets (d)

—

(0.5

)

—

(1.5

)

Loss on sale of the Marine business (e)

0.3

—

0.3

—

Non-GAAP adjustments to operating income

3.3

2.3

16.0

11.6

Other income, net (f)

—

(0.3

)

Non-operating foreign exchange loss

0.2

9.6

15.5

4.3

Non-GAAP adjustments to income before income taxes

3.5

11.9

31.5

15.6

Income taxes (g)

(1.0

)

2.1

2.2

6.2

Non-GAAP adjustments to net income

4.5

9.8

29.3

9.4

Total EPS impact

0.18

0.39

1.17

0.37

Adjusted operating margin / Adjusted EBITDA reconciliation

Q3-25

Q3-24

YTD-25

YTD-24

Net income

69.5

58.1

170.4

152.0

Add:

Income taxes

25.2

19.7

62.4

42.6

Interest expense

8.6

9.8

26.0

29.4

Foreign exchange loss

0.2

9.6

15.5

4.3

Other income, net

(6.1

)

(9.3

)

(14.0

)

(19.9

)

GAAP operating income

97.4

87.8

260.3

208.3

Non-GAAP adjustments to operating income

3.3

2.3

16.0

11.6

Adjusted operating income

100.7

90.1

276.3

219.9

Amortization of intangibles

15.0

15.9

44.2

47.4

Depreciation expense

18.6

17.3

56.4

51.0

Adjusted EBITDA

134.3

123.3

376.9

318.3

Net sales

624.6

567.4

1,792.4

1,661.3

Net income as a percentage of net sales

11.1

10.2

9.5

9.1

Operating margin

15.6

15.5

14.5

12.5

Adjusted operating margin

16.1

15.9

15.4

13.2

Adjusted EBITDA margin

21.5

21.7

21.0

19.2

Adjusted EBITDA by Segment

Q3-25

Q3-24

Electronics

Transportation

Industrial

Electronics

Transportation

Industrial

GAAP operating income

63.6

20.2

16.9

48.9

23.5

17.7

Add:

Add back amortization

10.2

3.4

1.4

9.9

3.4

2.6

Add back depreciation

12.0

5.1

1.5

10.1

5.7

1.5

Adjusted EBITDA

85.8

28.7

19.8

68.9

32.6

21.8

Adjusted EBITDA Margin

24.0

16.8

20.7

22.6

19.0

23.8

Adjusted EBITDA by Segment

YTD-25

YTD-24

Electronics

Transportation

Industrial

Electronics

Transportation

Industrial

GAAP operating income

160.3

67.2

48.9

132.9

54.9

32.1

Add:

Add back amortization

30.1

10.2

3.9

29.6

10.1

7.7

Add back depreciation

35.9

15.9

4.6

30.1

16.7

4.2

Adjusted EBITDA

226.3

93.3

57.3

192.5

81.8

44.0

Adjusted EBITDA Margin

22.6

18.2

20.5

21.4

16.0

17.6

Net sales reconciliation

Q3-25 vs. Q3-24

Electronics

Transportation

Industrial

Total

Net sales growth

—

Less:

Acquisitions

—

FX impact

—

Organic net sales growth (decline)

Electronics segment net sales reconciliation

Q3-25 vs. Q3-24

Electronics - Semiconductor

Electronics - Passive Products and Sensors

Total Electronics

Net sales growth

Less:

Acquisitions

—

FX impact

Organic net sales growth

Transportation segment net sales reconciliation

Q3-25 vs. Q3-24

Commercial Vehicle Products

Passenger Car Products (1)

Auto Sensor Products (1)

Total Transportation

Net sales growth

(14

—

Less:

FX impact

Organic net sales (decline) growth

(18

(1)

Passenger vehicle business (PVB) includes passenger car and auto sensor products.

Net sales reconciliation

YTD-25 vs. YTD-24

Electronics

Transportation

Industrial

Total

Net sales growth

—

Less:

Acquisitions

—

FX impact

—

Organic net sales growth

—

Income tax reconciliation

Q3-25

Q3-24

YTD-25

YTD-24

Income taxes

25.2

19.7

62.4

42.6

Effective rate

26.6

25.3

26.8

21.9

Non-GAAP adjustments - income taxes

(1.0

)

2.1

2.2

6.2

Adjusted income taxes

24.2

21.8

64.6

48.8

Adjusted effective rate

24.6

24.3

24.5

23.2

Free cash flow reconciliation

Q3-25

Q3-24

YTD-25

YTD-24

Net cash provided by operating activities

146.9

80.4

295.1

207.0

Less: Purchases of property, plant, and equipment

(15.7

)

(15.4

)

(48.7

)

(50.1

)

Free cash flow

131.2

65.0

246.4

156.9

Consolidated Total Debt

As of September 27, 2025

Consolidated Total Debt

805.8

Unamortized debt issuance costs

2.1

Finance lease liability

0.3

Consolidated funded indebtedness

808.2

Cash held in U.S. (up to $400 million)

345.0

Net debt

463.2

Consolidated EBITDA

Twelve Months Ended September 27, 2025

Net Income

118.5

Interest expense

35.4

Income taxes

71.5

Depreciation

73.7

Amortization

58.9

Non-cash additions:

Stock-based compensation expense

26.3

Unrealized loss on investments

3.9

Impairment charges

92.7

Other

29.9

Consolidated EBITDA (1)

510.8

Consolidated Net Leverage Ratio (as defined in the Credit Agreement) *

0.9x

Our Credit Agreement and Private Placement Note with maturities ranging from 2025 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 and Private Placement Senior Notes were amended in Q2 2022 and now allow for the addition of acquisition and integration costs up to 15% of Consolidated EBITDA and the netting of up to $400M of Available Cash (Cash held by US Subsidiaries).

(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 in selling, general and administrative expenses ("SG&A").

(b)

reflected in cost of sales.

(c)

reflected in restructuring, impairment and other charges.

(d)

2024 amount reflected a gain of $0.5 million ($1.5 million year-to-date) recorded for the sale of two buildings within the Transportation segment.

(e)

Q3 2025 amount reflected $0.3 million loss related to the sale of the Marine business within the Transportation segment.

(f)

2024 year-to-date included a reversal of $0.5 million for an asset retirement obligation charge related the disposal of a business in 2019 and $0.2 million increase in coal mining reserves.

(g)

reflected the tax impact associated with the non-GAAP adjustments.