Littelfuse Reports Second Quarter Results For 2019

July 31, 2019 at 6:00 AM EDT

Company increases dividend by 12% - continues double-digit increase

CHICAGO--(BUSINESS WIRE)--Jul. 31, 2019-- Littelfuse, Inc. (NASDAQ: LFUS), a global manufacturer of leading technologies in circuit protection, power control and sensing, today reported financial results for the second quarter ended June 29, 2019:

  • Net sales of $397.9 million were down 13% versus the prior year period, and down 11% organically, primarily due to ongoing global trade uncertainties, continued efforts by distribution partners to reduce excess electronics channel inventories and further declines in global auto production, especially in China
  • Segment performance versus the prior year period:
    • Electronics sales decreased 13% (down 11% organically)
    • Automotive sales decreased 15% (down 12% organically)
    • Industrial sales decreased 9% due to the exit of the Custom business in 2018 (up 1% organically)
  • GAAP diluted EPS was $1.75 and adjusted diluted EPS was $1.91. EPS was significantly impacted by lower volumes and associated leverage versus the prior year
  • GAAP effective tax rate was 18.2% and the adjusted effective tax rate was 17.3%
  • Cash flow from operations was $49.2 million and free cash flow was $38.0 million
  • During the second quarter and through July 26, 2019, the company repurchased 188,214 and 49,816 shares of common stock, respectively, under its share purchase authorization

“We continue to work through the challenging business cycles in the electronics and automotive end markets which we expect to persist through this year,” said Dave Heinzmann, Littelfuse Chief Executive Officer. “We are actively managing costs while remaining focused on long-term growth drivers. During the quarter, we saw solid design activity and won business across a number of high-growth applications. With the strength of our core business and execution by our global teams, we are navigating the current environment as we deliver on our five-year growth strategy.”

For the third quarter of 2019*:

  • Net sales are expected to be in the range of $362 to $374 million
  • Adjusted diluted EPS is expected to be in the range of $1.50 to $1.64
  • Adjusted effective tax rate is expected to be in the range of 20% - 21%

*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.

Dividend

The company’s Board of Directors approved a 12% increase in the quarterly cash dividend from $0.43 to $0.48. This equates to an annualized dividend of $1.92 per share. The dividend will be paid on September 5, 2019 to shareholders of record as of August 22, 2019.

Conference Call and Webcast Information

Littelfuse will host a conference call today, Wednesday, July 31, 2019, at 9:00 a.m. Central Time to discuss the results. The call will be broadcast live and available for replay at Littelfuse.com.

About Littelfuse

Littelfuse (NASDAQ: LFUS) is a global manufacturer of leading technologies in circuit protection, power control and sensing. Serving over 100,000 end customers, our products are found in automotive and commercial vehicles, industrial applications, data and telecommunications, medical devices, consumer electronics and appliances. Our 12,000 worldwide associates partner with customers to design, manufacture and deliver innovative, high-quality solutions, for a safer, greener and increasingly connected world - 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 PSLRA. These statements may involve risks and uncertainties, including, but not limited to, risks relating to 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; failure of an indemnification for environmental liability; exchange rate fluctuations; commodity price fluctuations; the effect of Littelfuse, Inc.'s ("Littelfuse" or the "Company") accounting policies; labor disputes; restructuring costs in excess of expectations; pension plan asset returns less than assumed; integration of acquisitions; uncertainties related to political or regulatory changes 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 29, 2018. For a further discussion of the risk factors of the company, please see Item 1A. "Risk Factors" to the company's Annual Report on Form 10-K for the year ended December 29, 2018.

Non-GAAP Financial Measures

The information included in this press release includes the non-GAAP financial measures of organic revenue growth, adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted diluted earnings per share, adjusted effective tax rate, free cash flow, and adjusted leverage. 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 revenue growth, adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted diluted earnings per share, 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 free cash flow is a useful measure of its ability to generate cash. 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)

 

June 29,
2019

 

December 29,
2018

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

474,781

 

 

$

489,733

 

Short-term investments

 

34

 

 

34

 

Trade receivables, less allowances of $34,468 and $36,038 at June 29, 2019 and December 29, 2018, respectively

 

245,723

 

 

232,892

 

Inventories

 

254,305

 

 

258,228

 

Prepaid income taxes and income taxes receivable

 

1,374

 

 

2,339

 

Prepaid expenses and other current assets

 

63,332

 

 

49,291

 

Total current assets

 

1,039,549

 

 

1,032,517

 

Net property, plant, and equipment

 

338,500

 

 

339,894

 

Intangible assets, net of amortization

 

341,174

 

 

361,474

 

Goodwill

 

826,408

 

 

826,715

 

Investments

 

25,456

 

 

25,405

 

Deferred income taxes

 

9,200

 

 

7,330

 

Right of use lease assets, net

 

23,280

 

 

 

Other assets

 

18,018

 

 

20,971

 

Total assets

 

$

2,621,585

 

 

$

2,614,306

 

LIABILITIES AND EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

123,058

 

 

$

126,323

 

Accrued liabilities

 

111,696

 

 

138,405

 

Accrued income taxes

 

21,657

 

 

20,547

 

Current portion of long-term debt

 

10,000

 

 

10,000

 

Total current liabilities

 

266,411

 

 

295,275

 

Long-term debt, less current portion

 

676,940

 

 

684,730

 

Deferred income taxes

 

53,039

 

 

51,853

 

Accrued post-retirement benefits

 

30,666

 

 

31,874

 

Non-current operating lease liabilities

 

18,643

 

 

 

Other long-term liabilities

 

65,944

 

 

72,232

 

Total equity

 

1,509,942

 

 

1,478,342

 

Total liabilities and equity

 

$

2,621,585

 

 

$

2,614,306

 

LITTELFUSE, INC.

CONDENSEDCONSOLIDATED STATEMENTS OF NET INCOME

(Unaudited)

 

 

 

Three Months Ended

 

Six Months Ended

(in thousands, except per share data)

 

June 29,
2019

 

June 30,
2018

 

June 29,
2019

 

June 30,
2018

Net sales

 

$

397,879

 

 

$

459,183

 

 

$

803,379

 

 

$

876,996

 

Cost of sales

 

256,071

 

 

290,196

 

 

506,343

 

 

558,386

 

Gross profit

 

141,808

 

 

168,987

 

 

297,036

 

 

318,610

 

 

 

 

 

 

 

 

 

 

Selling, general, and administrative expenses

 

57,666

 

 

73,244

 

 

120,621

 

 

150,758

 

Research and development expenses

 

21,458

 

 

22,748

 

 

42,867

 

 

45,288

 

Amortization of intangibles

 

10,050

 

 

13,373

 

 

20,241

 

 

25,371

 

Total operating expenses

 

89,174

 

 

109,365

 

 

183,729

 

 

221,417

 

Operating income

 

52,634

 

 

59,622

 

 

113,307

 

 

97,193

 

 

 

 

 

 

 

 

 

 

Interest expense

 

5,589

 

 

5,782

 

 

11,275

 

 

11,205

 

Foreign exchange (gain) loss

 

(3,575

)

 

3,200

 

 

668

 

 

(7,354

)

Other (income) expense, net

 

(2,947

)

 

(1,678

)

 

1,358

 

 

(3,621

)

Income before income taxes

 

53,567

 

 

52,318

 

 

100,006

 

 

96,963

 

Income taxes

 

9,775

 

 

9,992

 

 

19,225

 

 

18,609

 

Net income

 

$

43,792

 

 

$

42,326

 

 

$

80,781

 

 

$

78,354

 

 

 

 

 

 

 

 

 

 

Income per share:

 

 

 

 

 

 

 

 

Basic

 

$

1.77

 

 

$

1.69

 

 

$

3.27

 

 

$

3.18

 

Diluted

 

$

1.75

 

 

$

1.67

 

 

$

3.23

 

 

$

3.12

 

 

 

 

 

 

 

 

 

 

Weighted-average shares and equivalent shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

24,740

 

 

25,004

 

 

24,729

 

 

24,671

 

Diluted

 

24,983

 

 

25,401

 

 

24,998

 

 

25,086

 

 

 

 

 

 

 

 

 

 

Comprehensive income

 

$

38,061

 

 

$

26,384

 

 

$

83,123

 

 

$

62,133

 

LITTELFUSE, INC.

CONDENSEDCONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

Six Months Ended

(in thousands)

 

June 29, 2019

 

June 30, 2018

OPERATING ACTIVITIES

 

 

 

 

Net income

 

$

80,781

 

 

$

78,354

 

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

 

62,053

 

 

105,559

 

Changes in operating assets and liabilities:

 

 

 

 

Trade receivables

 

(13,242

)

 

(33,481

)

Inventories

 

6,230

 

 

(1,502

)

Accounts payable

 

(17,927

)

 

13,684

 

Accrued liabilities and income taxes

 

(36,713

)

 

(16,383

)

Prepaid expenses and other assets

 

(1,090

)

 

(5,316

)

Net cash provided by operating activities

 

80,092

 

 

140,915

 

 

 

 

 

 

INVESTING ACTIVITIES

 

 

 

 

Acquisitions of businesses, net of cash acquired

 

(775

)

 

(310,487

)

Purchases of property, plant, and equipment

 

(25,249

)

 

(40,315

)

Proceeds from sale of property, plant, and equipment

 

6,212

 

 

68

 

Net cash used in investing activities

 

(19,812

)

 

(350,734

)

 

 

 

 

 

FINANCING ACTIVITIES

 

 

 

 

Net (payments) proceeds from credit facility and senior notes

 

(7,500

)

 

209,975

 

Purchases of common stock

 

(49,861

)

 

 

Cash dividends paid

 

(21,274

)

 

(18,458

)

All other cash provided by financing activities

 

3,011

 

 

4,690

 

Net cash (used in) provided by financing activities

 

(75,624

)

 

196,207

 

Effect of exchange rate changes on cash and cash equivalents

 

392

 

 

(7,917

)

Decrease in cash and cash equivalents

 

(14,952

)

 

(21,529

)

Cash and cash equivalents at beginning of period

 

489,733

 

 

429,676

 

Cash and cash equivalents at end of period

 

$

474,781

 

 

$

408,147

 

LITTELFUSE, INC.

NET SALES AND OPERATING INCOME BY SEGMENT

(Unaudited)

 

 

 

Second Quarter

 

Year-to-Date

(in thousands)

 

2019

 

2018

 

Change

 

%

Growth /(Decline)

 

2019

 

2018

 

Change

 

%

Growth /(Decline)

Net sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electronics

 

$

259,553

 

 

$

299,357

 

 

$

(39,804

)

 

(13.3

)%

 

$

524,947

 

 

$

563,768

 

 

$

(38,821

)

 

(6.9

)%

Automotive

 

108,650

 

 

127,172

 

 

(18,522

)

 

(14.6

)%

 

222,133

 

 

253,302

 

 

(31,169

)

 

(12.3

)%

Industrial

 

29,676

 

 

32,654

 

 

(2,978

)

 

(9.1

)%

 

56,299

 

 

59,926

 

 

(3,627

)

 

(6.1

)%

Total net sales

 

$

397,879

 

 

$

459,183

 

 

$

(61,304

)

 

(13.4

)%

 

$

803,379

 

 

$

876,996

 

 

$

(73,617

)

 

(8.4

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electronics

 

$

43,630

 

 

$

67,311

 

 

$

(23,681

)

 

(35.2

)%

 

$

92,666

 

 

$

121,275

 

 

$

(28,609

)

 

(23.6

)%

Automotive

 

10,349

 

 

15,711

 

 

(5,362

)

 

(34.1

)%

 

23,550

 

 

34,102

 

 

(10,552

)

 

(30.9

)%

Industrial

 

5,831

 

 

5,279

 

 

552

 

 

10.5

%

 

9,336

 

 

9,988

 

 

(652

)

 

(6.5

)%

Other(a)

 

(7,176

)

 

(28,679

)

 

 

 

N.M.

 

(12,245

)

 

(68,172

)

 

 

 

N.M.

Total operating income

 

$

52,634

 

 

$

59,622

 

 

$

(6,988

)

 

(11.7

)%

 

$

113,307

 

 

$

97,193

 

 

$

16,114

 

 

16.6

%

Operating Margin

 

13.2

%

 

13.0

%

 

 

 

 

 

14.1

%

 

11.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

5,589

 

 

5,782

 

 

 

 

 

 

11,275

 

 

11,205

 

 

 

 

 

Foreign exchange (gain) loss

 

(3,575

)

 

3,200

 

 

 

 

 

 

668

 

 

(7,354

)

 

 

 

 

Other (income) expense, net

 

(2,947

)

 

(1,678

)

 

 

 

 

 

1,358

 

 

(3,621

)

 

 

 

 

Income before income taxes

 

$

53,567

 

 

$

52,318

 

 

$

1,249

 

 

2.4

%

 

$

100,006

 

 

$

96,963

 

 

$

3,043

 

 

3.1

%

 

(a) "other" typically includes non-GAAP adjustments such as acquisition-related and integration costs, purchase accounting inventory adjustments and other charges, and restructuring charges. (See Supplemental Financial Information for details.)

 

N.M. - Not meaningful

 

 

Second Quarter

 

Year-to-Date

(in thousands)

 

2019

 

2018

 

%

Growth /(Decline)

 

2019

 

2018

 

%

Growth /(Decline)

Operating Margin

 

 

 

 

 

 

 

 

 

 

 

 

Electronics

 

16.8

%

 

22.5

%

 

(5.7

)%

 

17.7

%

 

21.5

%

 

(3.9

)%

Automotive

 

9.5

%

 

12.4

%

 

(2.8

)%

 

10.6

%

 

13.5

%

 

(2.9

)%

Industrial

 

19.6

%

 

16.2

%

 

3.5

%

 

16.6

%

 

16.7

%

 

(0.1

)%

LITTELFUSE, INC.

 SUPPLEMENTAL FINANCIAL INFORMATION

(In millions of USD except per share amounts unaudited)

     
Non-GAAP EPS reconciliation      

 

 

Q2-19

 

Q2-18

 

YTD-19

 

YTD-18

GAAP diluted EPS

 

$

1.75

 

 

$

1.67

 

 

$

3.23

 

 

$

3.12

 

EPS impact of Non-GAAP adjustments (below)

 

0.16

 

 

1.01

 

 

0.64

 

 

1.95

 

Adjusted diluted EPS

 

$

1.91

 

 

$

2.68

 

 

$

3.87

 

 

$

5.07

 

Non-GAAP adjustments - (income)/expense

 

 

 

 

 

 

 

 

 

 

Q2-19

 

Q2-18

 

YTD-19

 

YTD-18

Acquisition related and integration costs (a)

 

$

1.5

 

 

$

2.3

 

 

$

3.8

 

 

$

14.1

 

Restructuring, impairment and other charges (b)

 

5.7

 

 

4.3

 

 

8.4

 

 

5.0

 

Amortization backlog - IXYS (c)

 

 

 

3.1

 

 

 

 

5.6

 

Change in control - IXYS (d)

 

 

 

 

 

 

 

2.1

 

Acquisition related stock-based compensation charge (e)

 

 

 

 

 

 

 

4.5

 

Purchase accounting inventory adjustments (f)

 

 

 

19.0

 

 

 

 

36.9

 

Non-GAAP adjustments to operating income

 

7.2

 

 

28.7

 

 

12.2

 

 

68.2

 

Other expense, net (g)

 

0.6

 

 

 

 

5.8

 

 

 

Non-operating foreign exchange (gain) loss

 

(3.6

)

 

3.2

 

 

0.7

 

 

(7.4

)

Non-GAAP adjustments to income before income taxes

 

4.2

 

 

31.9

 

 

18.7

 

 

60.8

 

Income taxes (h)

 

0.2

 

 

6.1

 

 

2.8

 

 

11.9

 

Non-GAAP adjustments to net income

 

$

4.0

 

 

$

25.8

 

 

$

15.9

 

 

$

48.9

 

 

 

 

 

 

 

 

 

 

Total EPS impact

 

$

0.16

 

 

$

1.01

 

 

$

0.64

 

 

$

1.95

 

Adjusted operating margin /Adjusted EBITDA reconciliation

 

 

 

 

 

 

 

 

 

 

Q2-19

 

Q2-18

 

YTD-19

 

YTD-18

Net sales

 

$

397.9

 

 

$

459.2

 

 

$

803.4

 

 

$

877.0

 

 

 

 

 

 

 

 

 

 

GAAP operating income

 

$

52.6

 

 

$

59.6

 

 

$

113.3

 

 

$

97.2

 

Add back non-GAAP adjustments

 

7.2

 

 

28.7

 

 

12.2

 

 

68.2

 

Adjusted operating income

 

$

59.8

 

 

$

88.3

 

 

$

125.5

 

 

$

165.4

 

Adjusted operating margin

 

15.0

%

 

19.2

%

 

15.6

%

 

18.9

%

 

 

 

 

 

 

 

 

 

Add back amortization

 

10.1

 

 

10.3

 

 

20.2

 

 

19.8

 

Add back depreciation

 

12.6

 

 

12.8

 

 

25.7

 

 

24.4

 

Adjusted EBITDA

 

$

82.5

 

 

$

111.4

 

 

$

171.4

 

 

$

209.6

 

Adjusted EBITDA margin

 

20.7

%

 

24.3

%

 

21.3

%

 

23.9

%

Net sales reconciliation

 

Q2-19 vs. Q2-18

 

 

Electronics

 

Automotive

 

Industrial

 

Total

Net sales growth

 

(13

)%

 

(15

)%

 

(9

)%

 

(13

)%

Less:

 

 

 

 

 

 

 

 

Divestitures

 

(1

)%

 

 

 

(9

)%

 

 

FX impact

 

(1

)%

 

(3

)%

 

(1

)%

 

(2

)%

Organic net sales growth

 

(11

)%

 

(12

)%

 

1

%

 

(11

)%

Net sales reconciliation

 

2019 YTD vs. 2018 YTD

 

 

Electronics

 

Automotive

 

Industrial

 

Total

Net sales growth

 

(7

)%

 

(12

)%

 

(6

)%

 

(8

)%

Less:

 

 

 

 

 

 

 

 

Acquisitions

 

2

%

 

 

 

 

 

2

%

Divestitures

 

%

 

%

 

(7

)%

 

(1

)%

FX impact

 

(2

)%

 

(3

)%

 

(1

)%

 

(2

)%

Organic net sales growth

 

(7

)%

 

(9

)%

 

2

%

 

(7

)%

Income tax reconciliation

 

 

 

 

 

 

 

 

 

 

Q2-19

 

Q2-18

 

YTD-19

 

YTD-18

Income taxes

 

$

9.8

 

 

$

10.0

 

 

$

19.2

 

 

$

18.6

 

Effective rate

 

18.2

%

 

19.1

%

 

19.2

%

 

19.2

%

 

 

 

 

 

 

 

 

 

Non-GAAP adjustments - income taxes

 

0.2

 

 

6.1

 

 

2.8

 

 

11.9

 

 

 

 

 

 

 

 

 

 

Adjusted income taxes

 

$

10.0

 

 

$

16.1

 

 

$

22.0

 

 

$

30.5

 

Adjusted effective rate

 

17.3

%

 

19.1

%

 

18.5

%

 

19.3

%

 

 

 

 

 

 

 

 

 

Free cash flow reconciliation

 

 

 

 

 

 

 

 

 

 

Q2-19

 

Q2-18

 

YTD-19

 

YTD-18

Net cash provided by operating activities

 

$

49.2

 

 

$

71.6

 

 

$

80.1

 

 

$

140.9

 

Less: Purchases of property, plant and equipment

 

(11.2

)

 

(22.4

)

 

(25.2

)

 

(40.3

)

Free cash flow

 

$

38.0

 

 

$

49.2

 

 

$

54.8

 

 

$

100.6

 

 

 

Q3-18

 

Q4-18

 

Q1-19

 

Q2-19

 

For the Twelve Months Ended June 29, 2019

Adjusted EBITDA

 

$

110.5

 

 

$

84.3

 

 

$

89.1

 

 

$

82.5

 

 

$

366.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 29, 2019

Current portion of long-term debt

 

 

 

 

 

 

 

 

 

$

10.0

 

Long-term debt, less current portion

 

 

 

 

 

 

 

 

 

676.9

 

Total debt

 

 

 

 

 

 

 

 

 

$

686.9

 

Less: Cash

 

 

 

 

 

 

 

 

 

474.8

 

Net debt

 

 

 

 

 

 

 

 

 

$

212.1

 

Adjusted Gross Leverage (defined as total debt divided by adjusted EBITDA)

 

 

 

 

 

 

 

 

 

1.9

Adjusted Net Leverage (defined as net debt divided by adjusted EBITDA)

 

 

 

 

 

 

 

 

 

0.6

 

Note: Total will not always foot due to rounding.

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

(b) $2.5 million and $3.2 million and $0.5 million and $3.8 million reflected in cost of sales and SG&A, respectively for the three months ended June 29, 2019 and June 30, 2018, and $3.1 million and $5.3 million and $0.9 million and $4.1 million reflected in cost of sales and SG&A, respectively for the six months ended June 29, 2019 and June 30, 2018.

(c) reflected in amortization of intangibles.

(d) reflected in SG&A.

(e) $2.4 million, $1.6 million and $0.5 million reflected in SG&A, research and development expenses and cost of sales, respectively.

(f) reflected in cost of sales.

(g) $0.6 million costs primarily related to a sale of building for three months ended June 29, 2019. Year-to-date amounts included $2.8 million impairment charges to certain other investments, $2.6 million loss on the disposal of a business, and $0.4 million gain primarily related to the final payments for the acquisition of Monolith.

(h) reflected the tax impact associated with the non-GAAP adjustments.

 

Source: Littelfuse, Inc.

CONTACT: Trisha Tuntland
Head of Investor Relations
(773) 628-2163

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