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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
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Littelfuse, Inc. announced the release of IXTY2P50PA, the first automotive-grade PolarP™ P-Channel Power MOSFET. This innovative product design meets the demanding requirements of automotive applications, providing exceptional performance and reliability.
The key differentiator of the –500 V, –2 A IXTY2P50PA is its AEC-Q101 qualification, making it ideal for automotive applications. This qualification ensures that the MOSFET meets the automotive industry’s stringent quality and reliability standards. With this qualification, automotive manufacturers can trust that the IXTY2P50PA will deliver exceptional application performance and reliability.
One of the standout features is its low conduction loss. With a maximum on-state resistance of 4.2 Ω, this P-Channel Power MOSFET offers reduced power dissipation, decreasing heat generation and improving efficiency in the end applications. Additionally, the MOSFET provides excellent switching performance, with a low gate charge of 11.9 nC, allowing for fast and efficient operation.
Another key advantage is its ruggedness in demanding operating environments and applications. With its dynamic dv/dt and avalanche rating, this MOSFET can withstand harsh conditions and deliver reliable performance. This combination makes it an excellent choice for automotive applications that require durability and reliability.
Furthermore, the IXTY2P50PA high-voltage automotive P-channel MOSFET enables a power-dense PCB design, thanks to its miniature TO-252 (DPAK) footprint in surface mount form factor. This compact footprint results in significant space savings on the PCB, allowing for more efficient and compact designs. Automotive manufacturers can benefit from this space-saving design, enabling them to optimize their applications and achieve greater functionality in limited space.
The PolarP Series is ideally suited for a range of automotive electronics and industrial applications, including:
- Automotive ECUs
- Automotive sensor circuits
- High-side switches
- Push-pull amplifiers
- Automatic test equipment
- Current regulators
Commenting on the launch of IXTY2P50PA, Raymon Zhou, Product Marketing Manager at Littelfuse, said, “We are thrilled to introduce the first automotive-grade PolarP P-Channel Power MOSFET to the market. The IXTY2P50PA offers exceptional performance and reliability, making it ideal for demanding automotive applications. With its AEC-Q101 qualification and competitive specifications, we believe this MOSFET will greatly benefit automotive manufacturers.”
Original – Littelfuse
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Littelfuse, Inc. announced the appointment of Gayla Delly to the company’s board of directors, effective September 28, 2023. Delly was also appointed to the Audit Committee.
“Gayla brings a wealth of experience as both a public company executive and seasoned board member,” said Gordon Hunter, Littelfuse Chairman of the Board of Directors. “Her board leadership and broad management experience across companies operating in a diverse set of end markets make her a terrific addition to the Littelfuse board, as we continue to execute our company’s growth strategy.
“We are pleased to welcome Gayla to the Littelfuse Board of Directors,” said Dave Heinzmann, Littelfuse Chief Executive Officer. “Gayla’s track record of driving growth and market expansion while delivering strong financial performance across industries will further strengthen our Board, as we continue our multi-year profitable growth trajectory.”
Delly retired as CEO and a member of the Board of Directors of Benchmark Electronics in 2016, where she spent 21 years in a variety of roles including President, Executive Vice President & Chief Financial Officer, Corporate Controller, and Treasurer. She began her career with KPMG. She currently serves as a director at Broadcom Inc., Flowserve Corporation, and National Instruments Corporation. Delly holds a bachelor’s degree in accounting from Samford University.
Original – Littelfuse
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Elmos Semiconductor SE, one of the world’s leading suppliers of mixed-signal automotive semiconductors, and Littelfuse, Inc., USA, entered into a definitive agreement on the sale of the Elmos wafer fab at the Dortmund site to Littelfuse. Elmos has agreed to sell the wafer fab at a net purchase price of approximately 93 million Euro. Under the agreement, Littelfuse will acquire the Dortmund wafer fab with a highly skilled technology team of approximately 225 employees. All other activities, including testing operations, will remain with Elmos.
In acquiring the Dortmund wafer fab, Littelfuse enhances its capabilities in power semiconductors for high-growth power conversion applications like renewables, energy storage, and e-Mobility charging infrastructure.
“Today’s agreement is a milestone for semiconductor production in Dortmund and it will strengthen Germany’s standing as a high-tech location. As a fabless company, Elmos will make even greater use of advanced technologies to deliver groundbreaking innovations in mixed-signal semiconductors. Elmos is already the global market leader for certain applications in the automotive industry. We want to use this strong position to shape our future growth,” says Dr. Arne Schneider, CEO of Elmos Semiconductor SE.
Headquartered in Chicago, Illinois, United States, Littelfuse, Inc. is a diversified, industrial technology manufacturing company empowering a sustainable, connected and safer world. The company operates across more than 20 countries, and with approximately 18,000 global associates. Its products are found in a variety of industrial, transportation and electronics end markets. In Germany, Littelfuse operates various manufacturing, sales and R&D sites.
The closing of the transaction is expected to be effective December 31, 2024, and is subject to certain closing conditions and regulatory approvals, among them the investment control procedure under foreign trade law conducted by the German Federal Ministry for Economic Affairs and Climate Action. Elmos will retain full operational control over the wafer fab until the closing date.
In addition, Elmos and Littelfuse have agreed to enter into a defined multi-year capacity sharing arrangement with an initial term lasting through 2029, with Elmos buying defined volumes of wafers produced at the fab. This long-term agreement supplements the existing supply arrangements with Elmos’ other foundry partners and ensures that Elmos has the necessary capacities to meet projected customer demand.
“This is good news for the Elmos wafer fab team. We are delighted for Littelfuse to further develop the wafer fab in Dortmund for power semiconductors. Our employees are now expecting a quick review procedure by the relevant authorities,” says Dr. Schneider.
Following regulatory approvals of the transaction, the buyer will make a payment of approximately 37 million Euro. The remainder of the purchase price will be paid at closing. The transaction has no major effects on EBIT in fiscal year 2023, which is why the current forecast for the full-year EBIT margin in 2023 (25% ± 2 percentage points) continues to apply.
Cash flow is expected to be positively influenced in fiscal year 2023 by the payment of approximately 37 million Euro after regulatory approvals. Irrespective of the transaction, Elmos continues to increase its efforts to expand testing capacities for future growth. The company now anticipates capital expenditures of approximately 19% ± 2 percentage points of sales in fiscal year 2023 (previously: 17% ± 2 percentage points). As a result, Elmos now expects a negative operating adjusted free cash flow in 2023.
Original – Elmos Semiconductor
