Littelfuse Reports Third Quarter Results for 2025

View all news October, 29, 2025 Third Quarter 2025 Highlights: (Year-over-year comparisons unless otherwise noted) Net sales of $625 million, +10%; organic growth contributed +6.5% GAAP diluted earnings per share of $2.77, +19% Adjusted diluted earnings per share of $2.95, +9% GAAP Operating margin of 15.6%, +10 bps; Adjusted EBITDA margin of 21.5%, (-20 bps) YTD Cash flow from operations of $295 million and free cash flow of $246 million; YTD cash conversion of 145% 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, Net sales in the range of $570 - $590 million, adjusted diluted EPS in the range of $2.40 – $2.60 and an adjusted effective tax rate of 22% *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 Net sales for the third quarter 2025 increased +18%. Organic sales increased +12% driven by improved passive products (+19% organic) demand from OEM customers and distributors. Semiconductor product (+5% organic) sales also contributed to growth driven by improved protection semiconductor demand in-part offset by lower power semiconductor volumes. The Dortmund Fab acquisition also contributed +4% to growth.Adjusted EBITDA margin for the third quarter 2025 increased to 24.0% (+140 bps) primarily due to strong passive products and protection volume leverage, which more than offset continued soft power semiconductor volumes and higher stock and variable compensation. Transportation Segment Net sales for the third quarter 2025 were flat as favorable FX impact of +2% was offset by lower organic sales. Organic sales decreased -2% driven by lower commercial vehicle sales (-3% organic), reflecting softer on-highway, off-road and agriculture end market demand. Passenger car organic sales were flat reflecting stable passenger car product demand offset by sensor declines.Adjusted EBITDA margin for the third quarter 2025 decreased to 16.8% (-220 bps) driven by lower volume, the impact of higher stock and variable compensation, and unfavorable tariff timing. Industrial Segment Net sales for the third quarter 2025 increased +4%. Organic sales increased +4% driven by improved energy storage, renewables and data center demand in-part offset by lower HVAC and continued soft construction demand.Adjusted EBITDA margin for the third quarter 2025 decreased to 20.7% (-310 bps) driven by unfavorable mix and higher stock and variable compensation. Dividend The company will pay a cash dividend on its common stock of $0.75 per share on December 4, 2025, to shareholders of record as of November 20, 2025. 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 18 % — % 4 % 10 % Less: Acquisitions 4 % — % — % 2 % FX impact 2 % 2 % — % 1 % Organic net sales growth (decline) 12 % (2 )% 4 % 7 % Electronics segment net sales reconciliation Q3-25 vs. Q3-24 Electronics - Semiconductor Electronics - Passive Products and Sensors Total Electronics Net sales growth 15 % 20 % 18 % Less: Acquisitions 9 % — % 4 % FX impact 1 % 1 % 2 % Organic net sales growth 5 % 19 % 12 % 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 (2 )% 6 % (14 )% — % Less: FX impact 1 % 2 % 4 % 2 % Organic net sales (decline) growth (3 )% 4 % (18 )% (2 )% (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 11 % — % 12 % 8 % Less: Acquisitions 4 % — % — % 2 % FX impact — % — % — % 1 % Organic net sales growth 7 % — % 12 % 5 % 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. Source: Littelfuse, Inc. Multimedia Files: Categories: Press Releases View all news