Littelfuse, Inc. reported financial results for the third quarter ended September 30, 2023:
- Net sales of $607.1 million were down 8% versus the prior year period, and down 11% organically.
- GAAP diluted EPS was $2.30; adjusted diluted EPS was $2.97.
- Cash flow from operations was $161.5 million and free cash flow was $139.8 million.
“In the third quarter, sales and earnings exceeded our expectations, despite pockets of end market softness and ongoing inventory destocking,” said Dave Heinzmann, Littelfuse President and Chief Executive Officer. “Our year-to-date performance underscores the resilience of our business model, strong cash generation, and consistent execution.
Looking ahead, while dynamic macro conditions likely persist, our improved cost structure, healthy balance sheet, and ability to optimize cash flow should position us well into 2024. Our experienced team will continue to leverage our competitive advantages across our evolving and diversified end markets.”
Fourth Quarter of 2023
Based on current market conditions, for the fourth quarter the company expects,
- Net sales in the range of $520 to $550 million, adjusted diluted EPS in the range of $1.90 to $2.10 and an adjusted effective tax rate of approximately 18%.
Original – Littelfuse