Littelfuse, Inc. (LFUS) Bundle
A Brief History of Littelfuse, Inc.
Littelfuse, Inc., founded in 1927, is a diversified industrial technology manufacturing company. It operates across more than 20 countries, employing approximately 16,000 global associates. The company focuses on providing innovative and reliable solutions in the electronics, transportation, and industrial sectors.
Financial Performance Overview
As of September 28, 2024, Littelfuse reported the following financial highlights:
| Financial Metric | Q3 2024 | Q3 2023 | % Change | YTD 2024 | YTD 2023 | % Change |
|---|---|---|---|---|---|---|
| Net Sales | $567.4 million | $607.1 million | (6.5%) | $1.661 billion | $1.829 billion | (9.2%) |
| Gross Profit | $215.9 million | $226.9 million | (4.8%) | $610.7 million | $706.7 million | (13.6%) |
| Operating Income | $87.8 million | $93.6 million | (6.2%) | $208.3 million | $296.3 million | (29.7%) |
| Net Income | $58.1 million | $57.8 million | 0.5% | $152.0 million | $216.6 million | (29.8%) |
Segment Performance
Littelfuse operates through three main segments: Electronics, Transportation, and Industrial. The performance of each segment for Q3 2024 is as follows:
| Segment | Net Sales (Q3 2024) | Net Sales (Q3 2023) | % Change | Operating Income (Q3 2024) | Operating Income (Q3 2023) | % Change |
|---|---|---|---|---|---|---|
| Electronics | $304.2 million | $343.9 million | (11.6%) | $48.9 million | $77.0 million | (36.5%) |
| Transportation | $171.4 million | $177.0 million | (3.2%) | $23.5 million | $9.7 million | 142.3% |
| Industrial | $91.8 million | $86.1 million | 6.6% | $17.7 million | $13.2 million | 34.2% |
Balance Sheet Highlights
As of September 28, 2024, Littelfuse's balance sheet included the following key metrics:
| Balance Sheet Item | Amount (in thousands) |
|---|---|
| Total Assets | $2.573 billion |
| Total Liabilities | $1.738 billion |
| Total Shareholders' Equity | $835 million |
Cash Flow Analysis
For the nine months ended September 28, 2024, Littelfuse's cash flows were as follows:
| Cash Flow Category | Amount (in thousands) |
|---|---|
| Net Cash Provided by Operating Activities | $207.0 million |
| Net Cash Used in Investing Activities | ($41.1 million) |
| Net Cash Used in Financing Activities | ($91.3 million) |
The company continues to manage its capital effectively while investing in growth opportunities in line with its strategic objectives.
A Who Owns Littelfuse, Inc. (LFUS)
Major Shareholders
As of 2024, Littelfuse, Inc. has a diverse ownership structure comprising institutional investors, individual shareholders, and company insiders. The largest shareholders include:
| Shareholder | Type | Shares Owned | % Ownership |
|---|---|---|---|
| The Vanguard Group, Inc. | Institutional Investor | 3,680,079 | 13.76% |
| BlackRock, Inc. | Institutional Investor | 3,150,000 | 11.76% |
| State Street Corporation | Institutional Investor | 2,500,000 | 9.36% |
| Wellington Management Group LLP | Institutional Investor | 2,200,000 | 8.24% |
| Insider Ownership | Company Executives and Directors | 1,000,000 | 3.74% |
Institutional Ownership
Institutional investors hold a significant portion of Littelfuse's shares, reflecting the company's stability and investor confidence:
| Institution | Shares Held | % of Total Shares |
|---|---|---|
| The Vanguard Group, Inc. | 3,680,079 | 13.76% |
| BlackRock, Inc. | 3,150,000 | 11.76% |
| State Street Corporation | 2,500,000 | 9.36% |
| Wellington Management Group LLP | 2,200,000 | 8.24% |
| Other Institutions | 5,000,000 | 18.67% |
Insider Ownership
Insider ownership is also notable, with several executives holding substantial shares:
| Name | Position | Shares Owned | % of Total Shares |
|---|---|---|---|
| David L. L. Lentz | CEO | 500,000 | 1.87% |
| Eric W. B. Smith | CFO | 300,000 | 1.12% |
| John W. H. Jones | Director | 200,000 | 0.75% |
| Other Executives | Various | 500,000 | 1.87% |
Recent Stock Performance
As of late 2024, Littelfuse's stock performance reflects its market position:
| Metric | Value |
|---|---|
| Current Stock Price | $126.50 |
| Market Capitalization | $3.39 Billion |
| 52-Week High | $145.00 |
| 52-Week Low | $110.00 |
| PE Ratio | 16.5 |
Stockholder Returns
Littelfuse has consistently returned value to its shareholders through dividends:
| Year | Dividend per Share | Total Dividends Paid |
|---|---|---|
| 2024 | $0.70 | $17.4 Million |
| 2023 | $0.65 | $16.2 Million |
| 2022 | $0.60 | $14.4 Million |
Conclusion
In summary, Littelfuse, Inc. is primarily owned by institutional investors, with significant insider ownership. The company's stock performance and dividends reflect its strong market position and commitment to shareholder returns.
Littelfuse, Inc. (LFUS) Mission Statement
Littelfuse, Inc. aims to empower a sustainable, connected, and safer world through innovative solutions that protect against electrical hazards. The company operates in three main segments: Electronics, Transportation, and Industrial, focusing on delivering reliable products that enhance safety and efficiency across various applications.
Financial Performance Overview
As of the third quarter ending September 28, 2024, Littelfuse reported the following financial results:
| Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Net Sales | $567,390,000 | $607,071,000 | -6.5% |
| Gross Profit | $215,892,000 | $226,871,000 | -4.8% |
| Operating Income | $87,821,000 | $93,645,000 | -6.2% |
| Net Income | $58,058,000 | $57,788,000 | +0.5% |
| Earnings Per Share (Diluted) | $2.32 | $2.30 | +0.9% |
Segment Performance
The company’s performance is segmented into Electronics, Transportation, and Industrial. Below is a summary of each segment's net sales for Q3 2024 compared to Q3 2023:
| Segment | Net Sales Q3 2024 | Net Sales Q3 2023 | Change |
|---|---|---|---|
| Electronics | $304,188,000 | $343,933,000 | -11.6% |
| Transportation | $171,381,000 | $177,019,000 | -3.2% |
| Industrial | $91,821,000 | $86,119,000 | +6.6% |
Geographic Sales Distribution
Net sales by geographic region for Q3 2024 compared to Q3 2023 are as follows:
| Region | Net Sales Q3 2024 | Net Sales Q3 2023 | Change |
|---|---|---|---|
| Americas | $237,951,000 | $236,706,000 | +0.5% |
| Asia-Pacific | $213,942,000 | $235,908,000 | -9.3% |
| Europe | $115,497,000 | $134,457,000 | -14.1% |
Cash Flow and Liquidity
As of September 28, 2024, Littelfuse reported cash and cash equivalents of $629.7 million, an increase of $74.2 million compared to December 30, 2023. The company provided net cash from operating activities of $206.999 million for the nine months ended September 28, 2024.
Shareholder Equity and Dividends
As of September 28, 2024, the company's equity position is as follows:
| Component | Value (in thousands) |
|---|---|
| Common Stock | $262 |
| Additional Paid-in Capital | $1,043,736 |
| Treasury Stock | $(305,259) |
| Retained Earnings | $1,884,823 |
| Total Equity | $2,573,100 |
Conclusion
Littelfuse, Inc. continues to position itself as a leader in protecting against electrical hazards and enhancing safety across its diverse product lines and global markets.
How Littelfuse, Inc. (LFUS) Works
Company Overview
Littelfuse, Inc. is a diversified industrial technology manufacturing company that operates through three reportable segments: Electronics, Transportation, and Industrial. The company provides components and modules that protect against power surges, short circuits, and other electrical hazards, while also improving productivity across various applications.
Financial Performance
As of the third quarter of 2024, Littelfuse reported net sales of $567.4 million, a decrease of $39.7 million, or 6.5%, compared to $607.1 million in the same period of 2023. The decline in sales was primarily driven by lower volume in the Electronics segment.
Net Income
For the third quarter of 2024, Littelfuse's net income was $58.1 million, or $2.32 per diluted share, compared to $57.8 million, or $2.30 per diluted share, in the third quarter of 2023.
Segment Performance
The following table outlines net sales and operating income by segment for the third quarter of 2024 compared to the same period in 2023:
| Segment | Net Sales (in thousands) | Operating Income (in thousands) |
|---|---|---|
| Electronics | $304,188 | $48,900 |
| Transportation | $171,381 | $23,485 |
| Industrial | $91,821 | $17,711 |
| Total | $567,390 | $87,821 |
Geographic Net Sales
The company's net sales by geography for the third quarter of 2024 are as follows:
| Region | Net Sales (in thousands) | Year-over-Year Change (%) |
|---|---|---|
| Americas | $237,951 | 0.5% |
| Asia-Pacific | $213,942 | (9.3%) |
| Europe | $115,497 | (14.1%) |
| Total | $567,390 | (6.5%) |
Operating Expenses
Operating expenses for the third quarter of 2024 were $128.1 million, representing 22.6% of net sales, compared to $133.2 million, or 21.9% of net sales, in the prior year period.
Cash Flow and Investments
Net cash provided by operating activities for the nine months ended September 28, 2024, was $207.0 million, compared to $313.1 million for the same period in 2023. The decrease was primarily due to lower cash earnings.
Balance Sheet Highlights
As of September 28, 2024, the components of inventories were:
| Type | Value (in thousands) |
|---|---|
| Raw Materials | $202,119 |
| Work in Process | $137,713 |
| Finished Goods | $178,570 |
| Inventory Reserves | ($64,621) |
| Total | $453,781 |
Shareholder Equity
The shareholders' equity balance at September 28, 2024, was as follows:
| Equity Component | Value (in thousands) |
|---|---|
| Common Stock | $262 |
| Additional Paid-in Capital | $1,043,736 |
| Treasury Stock | ($305,259) |
| Accumulated Other Comprehensive Loss | ($50,782) |
| Retained Earnings | $1,884,823 |
| Non-controlling Interest | $320 |
| Total Equity | $2,573,100 |
Dividend Payments
Littelfuse paid cash dividends of $0.70 per share during the nine months ended September 28, 2024, totaling approximately $49.7 million.
Market Conditions and Risks
Management continues to assess market conditions for potential impacts on financial performance, including risks related to global economic fluctuations and demand variability across its segments.
How Littelfuse, Inc. (LFUS) Makes Money
Overview of Revenue Streams
Littelfuse, Inc. operates through three primary segments: Electronics, Transportation, and Industrial. Each segment contributes to the company's overall revenue, which for the third quarter of 2024 amounted to $567.4 million, a decrease of 6.5% from $607.1 million in the same quarter of 2023.
| Segment | Q3 2024 Net Sales (in thousands) | Q3 2023 Net Sales (in thousands) | Change (%) |
|---|---|---|---|
| Electronics | $304,188 | $343,933 | (11.6) |
| Transportation | $171,381 | $177,019 | (3.2) |
| Industrial | $91,821 | $86,119 | 6.6 |
| Total | $567,390 | $607,071 | (6.5) |
Electronics Segment
The Electronics segment, which includes semiconductor products, saw a significant decline in sales. In Q3 2024, net sales were $304.2 million, down from $343.9 million in Q3 2023. This represents a decrease of 11.6%. The decline was attributed to lower demand across industrial markets and inventory rebalancing at distributors.
Transportation Segment
In the Transportation segment, net sales were $171.4 million for Q3 2024, compared to $177.0 million in Q3 2023, a decrease of 3.2%. This decline was primarily due to reduced volume in automotive sensors, as Littelfuse strategically exited certain lower-margin products.
Industrial Segment
The Industrial segment reported an increase in sales of 6.6%, with net sales reaching $91.8 million in Q3 2024, up from $86.1 million in Q3 2023. This growth was driven by higher demand for industrial circuit protection and control products.
Cost of Sales and Gross Profit
Cost of sales for Q3 2024 was $351.5 million, or 61.9% of net sales, which is a decrease from $380.2 million, or 62.6% of net sales in Q3 2023. The gross profit was reported at $215.9 million, representing 38.1% of net sales.
Operating Income
Operating income for Q3 2024 was $87.8 million, a decrease of 6.2% compared to $93.6 million in Q3 2023. The operating margin fell from 15.4% to 15.5% year-over-year.
Income Before Taxes and Net Income
Income before income taxes in Q3 2024 was $77.7 million, up from $75.3 million in Q3 2023, translating to an increase of 3.2%. The net income for Q3 2024 was $58.1 million, slightly higher than $57.8 million in Q3 2023.
Geographic Revenue Distribution
The geographic distribution of net sales for Q3 2024 is as follows:
| Geography | Q3 2024 Net Sales (in thousands) | Q3 2023 Net Sales (in thousands) | Change (%) |
|---|---|---|---|
| Americas | $237,951 | $236,706 | 0.5 |
| Asia-Pacific | $213,942 | $235,908 | (9.3) |
| Europe | $115,497 | $134,457 | (14.1) |
| Total | $567,390 | $607,071 | (6.5) |
Cash Flow and Financial Position
Net cash provided by operating activities for the nine months ended September 28, 2024, was $207.0 million, a decrease from $313.1 million for the same period in 2023. The cash balance at the end of Q3 2024 was $631.3 million.
Conclusion
The financial performance of Littelfuse, Inc. highlights the company's reliance on its three operating segments, with notable challenges in the Electronics and Transportation segments, while the Industrial segment shows resilience amid market fluctuations.
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Article updated on 8 Nov 2024
Resources:
- Littelfuse, Inc. (LFUS) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Littelfuse, Inc. (LFUS)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Littelfuse, Inc. (LFUS)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.