Littelfuse Reports Second Quarter Results

August 1, 2018 at 6:00 AM EDT

Company delivers record sales and adjusted earnings per share

CHICAGO--(BUSINESS WIRE)--Aug. 1, 2018-- Littelfuse, Inc. (NASDAQ: LFUS), the global leader in circuit protection with advancing platforms in power control and sensor technologies, today reported financial results for the second quarter ended June 30, 2018:

  • Net sales were $459.2 million, up 47% versus the prior year. Organic revenue growth was 11%.
  • Growth by segment versus the prior year period:
    • Electronics sales increased 77% (up 14% organically)
    • Automotive sales increased 9% (up 5% organically)
    • Industrial sales increased 19% (up 18% organically)
  • GAAP diluted EPS was $1.67; this includes $26 million of after-tax charges primarily related to certain purchase accounting adjustments, acquisition and integration costs related to IXYS Corporation and non-operating foreign exchange losses
  • Adjusted diluted EPS of $2.68 increased 28% over last year
  • GAAP and adjusted effective tax rate were both 19.1% for the quarter
  • Cash flow from operations was $71.6 million and free cash flow was $49.2 million
  • During the quarter, the company exited its Custom business within its Industrial segment; this is not expected to have a material impact to the company’s future sales and earnings
  • The electronics segment book-to-bill ratio exiting the second quarter was 1.02 (excluding the IXYS business)

"We are pleased with our record second quarter results driven by strong demand for our products across all segments and consistent operational performance, including the ongoing integration of the IXYS business,” said Dave Heinzmann, Littelfuse Chief Executive Officer. “With our diversified product portfolio and global presence, we are benefiting from broad-based market demand. Looking ahead, we remain well-positioned to leverage the global mega trends of a safer, greener and increasingly connected world as we execute our long-term strategy and drive double-digit sales and earnings growth.”

For the third quarter of 2018*:

  • Net sales are expected to be in the range of $434 to $446 million, up 38% on a reported basis and up 8% organically, at the midpoint versus the prior year quarter
  • Adjusted diluted earnings per share are expected to be in the range of $2.31 to $2.45, representing 13% growth over the prior year quarter at the midpoint
  • Adjusted effective tax rate is expected to be approximately 21%

For the 2018 full year, the company expects an adjusted effective tax rate in the range of 18% – 21%.

*All comparisons are to the prior year period unless otherwise noted. 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, impairment and severance charges, certain purchase accounting adjustments, 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 16% increase in the quarterly cash dividend from $0.37 to $0.43. This equates to an annualized dividend of $1.72 per share. The dividend will be paid on September 6, 2018 to shareholders of record as of August 23, 2018.

Conference Call and Webcast Information

Littelfuse will host a conference call today, Wednesday, August 1, 2018, 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

Founded in 1927, Littelfuse is the global leader in circuit protection with advancing platforms in power control and sensor technologies. The company serves customers in the electronics, automotive and industrial markets with products that include fuses, semiconductors, polymers, ceramics, relays and sensors. Littelfuse has more than 11,000 employees in more than 50 locations worldwide. For more information, please visit 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; uncertainties related to political or regulatory changes; the integration of the recently acquired business of IXYS Corporation ("IXYS") and the risk that expected benefits, synergies and growth prospects of the acquisition of IXYS may not be achieved in a timely manner, or at all; 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 30, 2017. 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 30, 2017.

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 and free cash flow. 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.
Net Sales and Operating Income by Segment
(In thousands of USD, unaudited)
                             
    Second Quarter     Year-to-Date
            %             %
            Growth /             Growth /
    2018   2017   (Decline)     2018   2017   (Decline)
                             

Net Sales

                           
Electronics   $ 299,357     $ 169,387     77 %       $ 563,768     $ 323,154     74 %
Automotive     127,172       116,457     9 %         253,302       224,297     13 %
Industrial     32,654       27,511     19 %         59,926       51,346     17 %
                             
Total net sales   $ 459,183     $ 313,355     47 %       $ 876,996     $ 598,797     46 %
                             
                             
                             
    Second Quarter     Year-to-Date
            %             %
            Growth /             Growth /
    2018   2017   (Decline)     2018   2017   (Decline)
                             

Operating Income/(Expense)

                           
Electronics   $ 67,311     $ 42,967     57 %       $ 121,275     $ 78,173     55 %
Automotive     15,711       15,713     -           34,102       30,778     11 %
Industrial     5,279       1,905     177 %         9,988       2,012     396 %
Other (1)     (28,679 )     (315 )   N.M.         (68,172 )     (1,840 )   N.M.
                             
Total operating income   $ 59,622     $ 60,270     (1 %)       $ 97,193     $ 109,123     (11 %)
Operating margin     13.0 %     19.2 %             11.1 %     18.2 %    
                             
Interest expense     5,782       3,281               11,205       6,401      
Foreign exchange loss (gain)     3,200       (558 )             (7,354 )     (2,115 )    
Other (income) expense, net     (1,678 )     190               (3,621 )     52      
                             
Income before taxes   $ 52,318     $ 57,357     (9 %)       $ 96,963     $ 104,785     (7 %)
                             
N.M. - Not meaningful                            
                             
(1) "Other" typically includes non-GAAP adjustments such as acquisition-related costs, purchase accounting inventory adjustments and other charges, restructuring costs, asset impairments, and gains and losses on asset sales. (See Supplemental Financial Information for details.)
                             
    Second Quarter     Year-to-Date
            Growth /             Growth /
    2018   2017   (Decline)     2018   2017   (Decline)
                             

Operating Margins

                           
Electronics     22.5 %     25.4 %   (2.9 %)         21.5 %     24.2 %   (2.7 %)
Automotive     12.4 %     13.5 %   (1.1 %)         13.5 %     13.7 %   (0.2 %)
Industrial     16.2 %     6.9 %   9.3 %         16.7 %     3.9 %   12.8 %
                             
 
LITTELFUSE, INC.
Condensed Consolidated Balance Sheets
(In thousands of USD)
         
    June 30, 2018   December 30, 2017
    (Unaudited)    
ASSETS        
Current assets:        
Cash and cash equivalents   $ 408,147     $ 429,676  
Short-term investments     34       35  
Accounts receivable, less allowances     260,444       182,699  
Inventories     239,201       140,789  
Prepaid income taxes and income taxes receivable     4,648       1,689  
Prepaid expenses and other current assets     45,727       37,452  
Total current assets     958,201       792,340  
Property, plant and equipment:        
Land     29,198       9,547  
Buildings     118,432       86,599  
Equipment     558,855       505,838  
      706,485       601,984  
Accumulated depreciation     (367,730 )     (351,407 )
Net property, plant and equipment     338,755       250,577  
Intangible assets, net of amortization:        
Patents, licenses and software     124,798       81,911  
Distribution network     10,434       12,872  
Customer lists, trademarks and tradenames     248,007       109,067  
Backlog     6,813       -  
Goodwill     832,227       453,414  
      1,222,279       657,264  
Investments     31,326       10,993  
Deferred income taxes     10,320       11,858  
Other assets     27,113       17,070  
Total assets   $ 2,587,994     $ 1,740,102  
         
LIABILITIES AND EQUITY        
Current liabilities:        
Accounts payable   $ 127,290     $ 101,844  
Accrued payroll     43,047       49,962  
Accrued expenses     66,341       48,994  
Accrued severance     1,049       1,459  
Accrued income taxes     19,376       16,285  
Current portion of long-term debt     10,060       6,250  
Total current liabilities     267,163       224,794  
Long-term debt, less current portion     687,538       489,361  
Deferred income taxes     53,996       17,069  
Accrued post-retirement benefits     33,210       18,742  
Other long-term liabilities     76,067       62,580  
Total equity     1,470,020       927,556  
Total liabilities and equity   $ 2,587,994     $ 1,740,102  
                 
     
LITTELFUSE, INC.
Condensed Consolidated Statements of Comprehensive Income
(In thousands of USD, except per share data, unaudited)
                 
    For the Three Months Ended   For the Six Months Ended
    June 30, 2018   July 1, 2017   June 30, 2018   July 1, 2017
                 
Net sales   $ 459,183     $ 313,355     $ 876,996     $ 598,797  
                 
Cost of sales     290,196       180,747       558,386       352,539  
                 
Gross profit     168,987       132,608       318,610       246,258  
                 
                 
Selling, general and administrative expenses     73,244       53,438       150,758       100,139  
Research and development expenses     22,748       12,729       45,288       24,881  
Amortization of intangibles     13,373       6,171       25,371       12,115  
      109,365       72,338       221,417       137,135  
                 
Operating income     59,622       60,270       97,193       109,123  
                 
Interest expense     5,782       3,281       11,205       6,401  
Foreign exchange loss (gain)     3,200       (558 )     (7,354 )     (2,115 )
Other (income) expense, net     (1,678 )     190       (3,621 )     52  
                 
Income before income taxes     52,318       57,357       96,963       104,785  
Income taxes     9,992       8,719       18,609       17,255  
                 
Net income   $ 42,326     $ 48,638     $ 78,354     $ 87,530  
                 
Net income per share:                
Basic   $ 1.69     $ 2.13     $ 3.18     $ 3.84  
Diluted   $ 1.67     $ 2.11     $ 3.12     $ 3.80  
                 
Weighted average shares outstanding:                
Basic     25,004       22,822       24,671       22,785  
Diluted     25,401       23,023       25,086       23,005  
                 
Comprehensive income   $ 26,384     $ 44,485     $ 62,133     $ 89,004  
                                 
 
LITTELFUSE, INC.
Condensed Consolidated Statements of Cash Flows
(In thousands of USD, unaudited)
         
    For the Six Months Ended
    June 30, 2018   July 1, 2017
         
OPERATING ACTIVITIES:        
Net income   $ 78,354     $ 87,530  

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

       
Depreciation     24,431       18,575  
Amortization of intangibles     25,371       12,115  
Provision for bad debts     (2 )     1,895  
Deferred revenue     1,921       -  
Stock-based compensation     15,883       8,590  
Non-cash inventory charges     36,927       -  
Impairment charges     1,125       -  
Unrealized gain on investments     (3,311 )     -  
Loss on sale of property, plant and equipment     780       593  
Deferred income taxes     2,434       1,514  
         
Changes in operating assets and liabilities        
Accounts receivable     (33,481 )     (32,039 )
Inventories     (1,502 )     (8,739 )
Accounts payable     13,684       7,985  
Accrued expenses (including post-retirement)     3,773       3,912  
Accrued payroll and severance     (13,745 )     (13,190 )
Accrued taxes     (6,411 )     515  
Prepaid expenses and other     (5,316 )     4,317  
Net cash provided by operating activities     140,915       93,573  
         
INVESTING ACTIVITIES:        
Purchases of property, plant and equipment     (40,315 )     (28,278 )
Acquisition of businesses, net of cash acquired     (310,487 )     (14,172 )
Proceeds from maturities of short-term investments     -       3,739  
Decrease in entrusted loan receivable     -       2,416  
Proceeds from sale of property, plant and equipment     68       178  
Net cash used in investing activities     (350,734 )     (36,117 )
         
FINANCING ACTIVITIES:        
Proceeds of revolving credit facility     60,000       -  
Proceeds of term loan     75,000       -  
Payments of revolving credit facility     (60,000 )     (112,500 )
Payments of term loan     (40,025 )     (3,125 )
Net proceeds from senior notes payable     175,000       125,000  
Payments of entrusted loan     -       (2,416 )
Debt issuance costs paid     (878 )     (1 )
Cash dividends paid     (18,458 )     (14,963 )
Net proceeds (payments) related to stock-based award activities     5,568       (2,074 )
Net cash provided by (used in) financing activities     196,207       (10,079 )
         

Effect of exchange rate changes on cash and cash equivalents

    (7,917 )     (608 )
         
Increase (decrease) in cash and cash equivalents     (21,529 )     46,769  
Cash and cash equivalents at beginning of period     429,676       275,124  
Cash and cash equivalents at end of period   $ 408,147     $ 321,893  
       
LITTELFUSE, INC.
Supplemental Financial Information
(in millions of USD except per share amounts, unaudited)
                 
Non-GAAP EPS reconciliation                
    Q2-18   Q2-17   YTD-18   YTD-17
GAAP diluted EPS   $ 1.67     $ 2.11     $ 3.12     $ 3.80  
EPS impact of Non-GAAP adjustments (below)     1.01       (0.01 )     1.95       (0.01 )
Adjusted diluted EPS   $ 2.68     $ 2.10     $ 5.07     $ 3.79  
                 
Non-GAAP adjustments - (income)/expense                
    Q2-18   Q2-17   YTD-18   YTD-17
Acquisition related and integration costs   $ 2.3     $ 0.3     $ 14.1     $ 1.8  
Restructuring and other charges     3.2       -       3.9       -  
Amortization backlog - IXYS     3.1       -       5.6       -  
Impairments     1.1       -       1.1       -  
Change in control - IXYS     -       -       2.1       -  
Acquisition related stock-based compensation charge     -       -       4.5       -  
Purchase accounting inventory adjustments     19.0       -       36.9       -  
Non-GAAP adjustments to operating income     28.7       0.3       68.2       1.8  
Non-operating foreign exchange loss (gain)     3.2       (0.6 )     (7.4 )     (2.2 )
Non-GAAP adjustments to income before income taxes     31.9       (0.3 )     60.8       (0.4 )
Income taxes     6.1       -       11.9       -  
Non-GAAP adjustments to net income   $ 25.8     $ (0.3 )   $ 48.9     $ (0.4 )
                 
Total EPS impact   $ 1.01     $ (0.01 )   $ 1.95     $ (0.01 )
                 
Adjusted operating margin /Adjusted EBITDA reconciliation                
    Q2-18   Q2-17   YTD-18   YTD-17
                 
Net sales   $ 459.2     $ 313.4     $ 877.0     $ 598.8  
                 
GAAP operating income   $ 59.6     $ 60.3     $ 97.2     $ 109.2  
Add back non-GAAP adjustments     28.7       0.3       68.2       1.8  
Adjusted operating income   $ 88.3     $ 60.6     $ 165.4     $ 111.0  
Adjusted operating margin     19.2 %     19.3 %     18.9 %     18.5 %
                 
Add back amortization     10.3       6.2       19.8       12.1  
Add back depreciation     12.8       9.4       24.4       18.5  
Adjusted EBITDA   $ 111.4     $ 76.2     $ 209.6     $ 141.6  
Adjusted EBITDA margin     24.3 %     24.3 %     23.9 %     23.6 %
                 
Net sales reconciliation   Q2-18 vs. Q2-17
    Electronics   Automotive   Industrial   Total
Net sales growth     77 %     9 %     19 %     47 %
Less:                
Acquisitions     61 %     -       -       33 %
Divestitures     -       -       -       -  
FX impact     2 %     4 %     1 %     3 %
Organic net sales growth     14 %     5 %     18 %     11 %
                 
Income tax reconciliation                
    Q2-18   Q2-17   YTD-18   YTD-17
                 
Income taxes   $ 10.0     $ 8.7     $ 18.6     $ 17.2  
Effective rate     19.1 %     15.2 %     19.2 %     16.5 %
                 
Non-GAAP adjustments - income taxes     6.1       -       11.9       -  
                 
Adjusted income taxes   $ 16.1     $ 8.7     $ 30.5     $ 17.2  
Adjusted effective rate     19.1 %     15.2 %     19.3 %     15.2 %
                 
Free cash flow reconcilation                
    Q2-18   Q2-17   YTD-18   YTD-17
Net cash provided by operating activities   $ 71.6     $ 70.6     $ 140.9     $ 93.6  
Less: Purchases of property, plant and equipment     (22.4 )     (15.9 )     (40.3 )     (28.3 )
Free cash flow   $ 49.2     $ 54.7     $ 100.6     $ 65.3  
                 
                 
Note: Totals will not always foot due to rounding                
                 
 
LITTELFUSE, INC.
Condensed Consolidated Statement of Comprehensive Income
Supplemental GAAP to Non-GAAP Reconciliation
(In thousands of USD, except per share data, unaudited)
                           
    GAAP As Reported   Non-GAAP Adjustments   Non-GAAP     GAAP As Reported   Non-GAAP Adjustments   Non-GAAP
    June 30, 2018 QTD   June 30, 2018 QTD   June 30, 2018 QTD     July 1, 2017 QTD   July 1, 2017 QTD   July 1, 2017 QTD
                           
Net sales   $ 459,183     $ -     $ 459,183       $ 313,355     $ -     $ 313,355
                           
Cost of sales     290,196       (19,454 )

(a)

  270,742         180,747       -       180,747
                           
Gross profit     168,987       19,454       188,441         132,608       -       132,608
                           
                           
Selling, general and administrative expenses     73,244       (6,123 ) (b)   67,121         53,438       (315 ) (d)   53,123
Research and development expenses     22,748       -       22,748         12,729       -       12,729
Amortization of intangibles     13,373       (3,103 ) (c)   10,270         6,171       -       6,171
Total operating expenses     109,365       (9,226 )     100,139         72,338       (315 )     72,023
                           
Operating income     59,622       28,680       88,302         60,270       315       60,585
                           
Interest expense     5,782       -       5,782         3,281       -       3,281
Foreign exchange loss (gain)     3,200       (3,200 )     -         (558 )     558       -
Other (income) expense, net     (1,678 )     -       (1,678 )       190       -       190
                           
Income before income taxes     52,318       31,880       84,198         57,357       (243 )     57,114
Income taxes     9,992       6,073       16,065         8,719       (38 )     8,681
                           
Net income   $ 42,326     $ 25,807     $ 68,133       $ 48,638     $ (205 )   $ 48,433
                           
Net income per share:                          
Basic   $ 1.69     $ 1.03     $ 2.72       $ 2.13     $ (0.01 )   $ 2.12
Diluted   $ 1.67     $ 1.01     $ 2.68       $ 2.11     $ (0.01 )   $ 2.10
                           
                           
Weighted average shares outstanding:                          
Basic     25,004           25,004         22,822           22,822
Diluted     25,401           25,401         23,023           23,023
                           
                           
Comprehensive income   $ 26,384         $ 52,191       $ 44,486         $ 44,281
                           
                           
                           
(a) Cost of sales included $19.0 million for purchase accounting inventory adjustments and $0.5 million of restructuring charges            
(b) Selling, general and administrative included $2.3 million for acquisition related and integration costs and $3.8 million of restructuring, impairment and other charges          
(c) Amortization of intangibles included $3.1 million of IXYS backlog amortization              
(d) Selling, general and administrative included $0.3 million for acquisition related costs              
                       
The Company believes that certain non-GAAP measures, when presented in conjunction with comparable GAAP measures, are useful because that information is an appropriate measure for evaluating the Company’s operating performance. Internally, the Company uses this non-GAAP information as an indicator of business performance, and evaluates management’s effectiveness with specific reference to this indicator. These measures should be considered in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.          
 
LITTELFUSE, INC.
Condensed Consolidated Statement of Comprehensive Income
Supplemental GAAP to Non-GAAP Reconciliation
(In thousands of USD, except per share data, unaudited)
                           
    GAAP As Reported   Non-GAAP Adjustments   Non-GAAP     GAAP As Reported   Non-GAAP Adjustments   Non-GAAP
    June 30, 2018 YTD   June 30, 2018 YTD   June 30, 2018 YTD     July 1, 2017 YTD   July 1, 2017 YTD   July 1, 2017 YTD
                           
Net sales   $ 876,996     $ -     $ 876,996       $ 598,797     $ -     $ 598,797
                           
Cost of sales     558,386       (38,332 ) (a)   520,054         352,539       (22 )     352,517
                           
Gross profit     318,610       38,332       356,942         246,258       22       246,280
                           
                           
Selling, general and administrative expenses     150,758       (22,627 ) (b)   128,131         100,139       (1,818 ) (e)   98,321
Research and development expenses     45,288       (1,606 ) (c)   43,682         24,881       -       24,881
Amortization of intangibles     25,371       (5,607 ) (d)   19,764         12,115       -       12,115
Total operating expenses     221,417       (29,840 )     191,577         137,135       (1,818 )     135,317
                           
Operating income     97,193       68,172       165,365         109,123       1,840       110,963
                           
Interest expense     11,205       -       11,205         6,401       -       6,401
Foreign exchange loss (gain)     (7,354 )     7,354       -         (2,115 )     2,115       -
Other (income) expense, net     (3,621 )     -       (3,621 )       52       -       52
                           
Income before income taxes     96,963       60,818       157,781         104,785       (275 )     104,510
Income taxes     18,609       11,878       30,487         17,255       (42 )     17,213
                           
Net income   $ 78,354     $ 48,940     $ 127,294       $ 87,530     $ (233 )   $ 87,297
                           
Net income per share:                          
Basic   $ 3.18     $ 1.98     $ 5.16       $ 3.84     $ (0.01 )   $ 3.83
Diluted   $ 3.12     $ 1.95     $ 5.07       $ 3.80     $ (0.01 )   $ 3.79
                           
                           
Weighted average shares outstanding:                          
Basic     24,671           24,671         22,785           22,785
Diluted     25,086           25,086         23,005           23,005
                           
                           
Comprehensive income   $ 62,133         $ 111,073       $ 89,004         $ 88,771
                           
                           
                           
(a) Cost of sales included $36.9 million for purchase accounting inventory adjustments, $0.5 million for acquisition related stock-based compensation charges and $0.9 million of restructuring charges              
(b) Selling, general and administrative included $14.1 million for acquisition related and integration costs, $2.4 million for acquisition related stock-based compensation charges, $2.1 million for IXYS change in control and $4.1 million of restructuring, impairment and other charges              
(c) Research and development expenses included $1.6 million for acquisition related stock-based compensation charges              
(d) Amortization of intangibles included $5.6 million of IXYS backlog amortization              
(e) Selling, general and administrative included $1.8 million for acquisition related and integration costs              
               
The Company believes that certain non-GAAP measures, when presented in conjunction with comparable GAAP measures, are useful because that information is an appropriate measure for evaluating the Company’s operating performance. Internally, the Company uses this non-GAAP information as an indicator of business performance, and evaluates management’s effectiveness with specific reference to this indicator. These measures should be considered in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.              

 

Source: Littelfuse, Inc.

Littelfuse, Inc.
Trisha Tuntland, (773) 628-2163
Head of Investor Relations

 

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