Littelfuse Reports Fourth Quarter and Full Year Results For 2020

Littelfuse, Inc. (NASDAQ: LFUS), a global manufacturer of leading technologies in circuit protection, power control and sensing, today reported financial results for the fourth quarter and full year ended December 26, 2020:

Fourth Quarter 2020 Results

• Net sales of $400.7 million were up 18% versus the prior year period, and up 16% organically, led by higher than expected demand across a number of automotive, electronics and industrial end markets
• Segment performance versus the prior year period:
  • Electronics sales grew 17% (up 16% organically)
  • Automotive sales grew 22% (up 18% organically)
  • Industrial sales grew 13% (up 5% organically)
• GAAP diluted EPS was $2.39; adjusted diluted EPS was $2.23, which benefited from a lower effective tax rate versus the forecasted rate equating to approximately $0.14 in EPS
• GAAP effective tax rate was 14.4% and the adjusted effective tax rate was 15.3%
• On January 28, the company completed the acquisition of Hartland Controls, a manufacturer and leading supplier of electrical components used primarily in HVAC and other industrial applications, with annualized sales of approximately $70 million

Full Year 2020 Results

• Net sales of $1.45 billion were down 4% in total and organically versus the prior year
• Segment performance versus the prior year:
  • Electronics sales decreased 2% in total and organically
  • Automotive sales decreased 8% (down 9% organically)
  • Industrial sales decreased 2% (down 5% organically)
• GAAP diluted EPS was $5.29; adjusted diluted EPS was $6.40
• GAAP effective tax rate was 19.4% and the adjusted effective tax rate was 18.3%
• Cash flow from operations was $258.0 million and free cash flow was $201.8 million, representing a 155% conversion from net income

“We finished the year with our fourth quarter well ahead of expectations, with double-digit sales growth across all of our segments,” said Dave Heinzmann, Littelfuse President and Chief Executive Officer. “While 2020 was a challenging year, we continued to meet our customer commitments while advancing our strategic growth initiatives. Building on this momentum, we are seeing a strong start to 2021, which positions us for long-term growth and improved profitability.”

First Quarter of 2021*

For the first quarter, the company expects net sales in the range of $418 to $432 million, adjusted diluted EPS in the range of $1.76 to $1.92 and an adjusted effective tax rate of approximately 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.

Conference Call and Webcast Information

Littelfuse will host a conference call today, Wednesday, February 3, 2021, at 9:00 a.m. Central Time to discuss the results. The call will be broadcast live and available for replay at Littelfuse.com.

Virtual Investor and Analyst Event

Littelfuse will host a virtual investor and analyst event on February 23, 2021, at 9:00 a.m. Central Time. Interested parties can register for the event here or via the registration link on the investor relations page of the company’s website, Littelfuse.com. Presentation materials will be posted, and archived webcast made available after the event.

About Littelfuse

Littelfuse (NASDAQ: LFUS) is a global manufacturer of leading techno