On October 31, 2023, Littelfuse Inc (LFUS, Financial), a diversified industrial technology manufacturing company, reported its financial results for the third quarter ended September 30, 2023. Despite a decrease in net sales, the company's strong execution led to performance above guidance.
Financial Highlights
Net sales for Q3 2023 were $607.1 million, down 8% compared to the same period last year, and down 11% organically. The GAAP diluted EPS was $2.30, while the adjusted diluted EPS was $2.97. The company generated $161.5 million from operations and had a free cash flow of $139.8 million.
Management Commentary
“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. He further added,
“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.”
Q4 2023 Guidance
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%.
Financial Statements Summary
As of September 30, 2023, Littelfuse Inc (LFUS, Financial) reported total assets of $4,002.926 million, with cash and cash equivalents of $560.056 million. The company's total liabilities and equity were also reported at $4,002.926 million, with total current liabilities of $481.646 million.
For the third quarter ended September 30, 2023, the company reported net income of $57.788 million, with earnings per share (EPS) of $2.30. The company's comprehensive income was reported at $55.654 million.
For the nine months ended September 30, 2023, the company reported net cash provided by operating activities of $313.140 million and net cash used in investing activities of $261.379 million.
These results underscore the resilience of Littelfuse Inc (LFUS, Financial)'s business model and its ability to generate strong cash flow despite challenging market conditions.
Explore the complete 8-K earnings release (here) from Littelfuse Inc for further details.
