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Littelfuse Inc.$206.56($1.70)(.82%)

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 Littelfuse Reports Fourth Quarter and Full Year Results
   Tuesday, February 02, 2016 6:30:04 AM ET

Littelfuse, Inc. (LFUS ) today reported financial results for the fourth quarter and full year ended January 2, 2016.

Fourth Quarter Highlights

-- Sales for the fourth quarter of 2015 were $220.0 million, which was 6% growth over the prior-year quarter. Excluding currency effects, sales increased 10% compared to the prior-year quarter due to continued strong growth in the automotive segment and continued improvement in the electrical segment.

-- GAAP earnings for the fourth quarter of 2015 were $1.00 per diluted share. This included $5.7 million of special charges primarily related to transaction and integration planning costs for the pending acquisition of TE Connectivity’s circuit protection devices ("CPD") business and the transfer of reed switch production to the Philippines. Excluding these special items, adjusted earnings for the fourth quarter of 2015 were $1.21 per diluted share, representing a 19% increase over the prior-year quarter.

-- The fourth quarter of 2015 included an extra week (14 weeks rather than 13). The impact of the extra week was approximately $9 million in revenue and $0.02 cents per diluted share, which was consistent with the fourth quarter guidance.

-- Highlights by segment included: -- Electronics sales grew 2% year over year (4% excluding currency effects) as growth in passive and semiconductor products was partially offset by lower sensor sales due to capacity constraints related to the Philippines transfer.

-- Automotive sales increased 10% year over year (16% excluding currency effects) reflecting strong growth across all three geographies.

-- Electrical sales increased 12% year over year (17% excluding currency effects) due to strong growth in the core fuse business and continued recovery in custom products.

-- The electronics book-to-bill ratio for the fourth quarter of 2015 was 1.00.

-- As announced in November, the company signed a definitive agreement to acquire the CPD business of TE Connectivity and is on track to close the acquisition by the end of the first quarter of 2016.

Full Year 2015 Highlights

-- Sales for full year of 2015 were $867.9 million, which was 2% growth over the prior year and a 6% increase excluding currency effects.

-- GAAP earnings for the full year 2015 were $3.63 per diluted share. Adjusted earnings per diluted share were $5.05, which was 6% growth over the prior year.

-- Cash provided by operating activities was $166 million for the full year 2015 compared to $153 million in the prior year. Capital expenditures were $44 million for the year compared to $32 million in 2014. The increased capital spending in 2015 was primarily due to capacity expansion for new automotive programs and the Philippines manufacturing transfer.

"This was without question a challenging year, with substantial macroeconomic headwinds and volatility in currency and commodity markets," said Gordon Hunter, chief executive officer. "Despite these challenges, our teams executed well across many fronts and delivered record performance for sales, adjusted earnings and cash flow. This strong 2015 performance, coupled with the pending acquisition of the CPD business, puts us on track with the five-year growth target we set at the end of 2012."

Outlook

All comments below relate to the company’s existing businesses and do not include any effects from the pending CPD acquisition.

"We head into 2016 with good momentum and the groundwork laid for substantial margin improvement," said Phil Franklin, chief financial officer. "Despite concerns about the global economy and weakness in some of our end markets, we believe we can grow revenue in the low to mid single digits in 2016. Assuming modest top-line growth, we believe we can expand our operating margin by approximately 150 basis points compared to 2015 as we benefit from completion of our footprint consolidation projects, further progress on automotive sensor profitability initiatives and continued gains in manufacturing performance."

-- Sales for the first quarter of 2016 are expected to be in the range of $213 to $223 million, which represents 4% revenue growth over the prior quarter at the midpoint (6% growth excluding currency effects).

-- Earnings for the first quarter of 2016 are expected to be in the range of $1.21 to $1.35 per diluted share, excluding special items.

-- The 2016 full year tax rate is expected to be approximately 22%.

-- Capital expenditures for the full year 2016 are expected to be in the range of $40 to $45 million.

Dividend

The company will pay a cash dividend of $0.29 per common share on March 10, 2016 to shareholders of record at the close of business on February 25, 2016.

Conference Call and Webcast Information

Littelfuse will host a conference call today, Tuesday, February 2, 2016, at 10:00 a.m. Central / 11:00 a.m. Eastern time to discuss the fourth quarter and full year 2015 results. The call will be broadcast live over the Internet and can be accessed through the company’s website: www.littelfuse.com. Listeners should go to the website at least 15 minutes prior to the call to download and install any necessary audio software. The call will be available for replay through March 31, 2016 on the company’s website.

About Littelfuse

Founded in 1927, Littelfuse is the world leader in circuit protection with growing global platforms in power control and sensing. The company serves customers in the electronics, automotive and industrial markets with technologies including fuses, semiconductors, polymers, ceramics, relays and sensors. Littelfuse has over 8,000 employees in more than 35 locations throughout the Americas, Europe and Asia. For more information, please visit the Littelfuse website: www.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 the company’s accounting policies, labor disputes, restructuring costs in excess of expectations, pension plan asset returns less than assumed, integration of acquisitions and other risks which may be detailed in the company’s other 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 report 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 27, 2014. 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 27, 2014.

LFUS-F

                                                                                                                                                                                         LITTELFUSE, INC.
                                                                                                                                                                        Net Sales and Operating Income by Business Segment
                                                                                                                                                                                 (In thousands of USD, unaudited)
                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                       Fourth Quarter                                                                                                                                                                     Year-to-Date
                                                  --------------------------------------------------------------------------------------------------------------------------------------------------------                     -------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                         2015                                                                   2014                                             % Change                                             2015                                                                   2014                                                  % Change
                                                  --------------------------------------------------                     --------------------------------------------------                     ----------                     --------------------------------------------------                     --------------------------------------------------                     ---------------------
                                                                                                                                                                                                                                                                                                                                                                              
Net Sales
----------------------------
Electronics                                                          $  97,948                                                              $  96,339                                              2 %                                            $ 405,497                                                              $ 410,065                                                   (1 %)
Automotive                                                              88,493                                                                 80,332                                             10 %                                              339,957                                                                325,415                                                    4 %
Industrial                                           33,579                           29,949                          12 %                           122,410                          116,515                                 5 %
                                                  -------------------- ------- --------------------                      -------------------- ------- --------------------                                                     -------------------- ------- --------------------                      -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                                                                                                              
       Total net sales                                               $ 220,020                                           $ 206,620                           6 %                                            $ 867,864                                           $ 851,995                                 2 %
                                                  ==================== ======= ====================                      ==================== ======= ====================                                                     ==================== ======= ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                       Fourth Quarter                                                                                                                                                                     Year-to-Date
                                                  --------------------------------------------------------------------------------------------------------------------------------------------------------                     -------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                         2015                                                                   2014                                             % Change                                             2015                                                                   2014                                                  % Change
                                                  --------------------------------------------------                     --------------------------------------------------                     ----------                     --------------------------------------------------                     --------------------------------------------------                     ---------------------
                                                                                                                                                                                                                                                                                                                                                                              
Operating Income/(Expense)
----------------------------
Electronics                                                          $  16,439                                                              $  16,176                                              2 %                                            $  78,194                                                              $  86,981                                                  (10 %)
Automotive                                                              13,963                                                                  9,928                                             41 %                                               53,086                                                                 45,086                                                   18 %
Industrial                                                               4,874                                                                  3,133                                             56 %                                               18,094                                                                 10,674                                                   70 %
Other (1)                                            (5,422 )                                            (2,846 )                                           91 %                           (45,217 )                                            (8,911 )                                                407 %
                                                  -------------------- ------- --------------------                      -------------------- ------- --------------------                                                     -------------------- ------- --------------------                      -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                                                                                                              
   Total operating income                                            $  29,854                                                              $  26,391                                             13 %                                            $ 104,157                                                              $ 133,830                                                  (22 %)
                                                                                                                                                                                                                                                                                                                                                                              
Interest expense                                                         1,070                                                                  1,167                                                                                                 4,091                                                                  4,903
Foreign exchange (gain) loss                                               259                                                                  1,903                                                                                                (1,465 )                                                                3,925
Other (income) expense, net                          (1,659 )                                            (1,751 )                                                                           (5,417 )                                            (6,644 )
                                                  -------------------- ------- --------------------                      -------------------- ------- --------------------                                                     -------------------- ------- --------------------                      -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                                                                                                              
Income before taxes                                                  $  30,184                                           $  25,072                          20 %                                            $ 106,948                                           $ 131,646                               (19 %)
                                                  ==================== ======= ====================                      ==================== ======= ====================                                                     ==================== ======= ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                              
(1) "Other" includes special items such as acquisition-related
costs, restructuring costs, gains and losses on asset sales and the
U.S. Pension wind-up. (See Supplemental Financial Information for
details on page 8.)
                                                                                                               
                                                                                                      LITTELFUSE, INC.
                                                                                            Condensed Consolidated Balance Sheets
                                                                                         (In thousands of USD, except share amounts)
                                                                                                                                                                          
                                                                                              January 2, 2016                                                                              December 27, 2014
                                                                           ----------------------------------------------------                                          ----------------------------------------------------
                                                                                                (Unaudited)
                                                                           ----------------------------------------------------
ASSETS
Current assets:
  Cash and cash equivalents                                                                   $   328,786                                                                                   $   297,571
  Short-term investments                                                                            4,179                                                                                         4,302
  Accounts receivable, less allowances                                                            142,882                                                                                       135,356
  Inventories                                                                                      98,629                                                                                        97,391
  Prepaid expenses and other current assets                                                         8,959                                                                                        13,904
  Assets held for sale                                                               -                                                   5,500  
                                                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------
Total current assets                                                                              583,435                                                                                       554,024
Property, plant and equipment:
  Land                                                                                              5,236                                                                                         5,697
  Buildings                                                                                        71,383                                                                                        64,609
  Equipment                                                                    382,429                                                 370,179  
                                                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------
                                                                                                  459,048                                                                                       440,485
Accumulated depreciation                                                      (296,480 )                                                                 (281,845 )
                                                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------
Net property, plant and equipment                                                                 162,568                                                                                       158,640
Intangible assets, net of amortization:
  Patents, licenses and software                                                                   20,221                                                                                        23,640
  Distribution network                                                                             16,490                                                                                        19,428
  Customer lists, trademarks and tradenames                                                        54,912                                                                                        60,605
Goodwill                                                                       189,767                                                 196,256  
                                                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------
                                                                                                  281,390                                                                                       299,929
Investments                                                                                        15,197                                                                                        12,056
Deferred income taxes                                                                               8,333                                                                                        22,874
Other assets                                                                    14,058                                                  23,303  
                                                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------
Total assets                                                                                  $ 1,064,981                                                                $ 1,070,826  
                                                                           ==================== ========= ====================                                           ==================== ========= ====================
                                                                                                                                                                          
LIABILITIES AND EQUITY
Current liabilities:
  Accounts payable                                                                            $    51,658                                                                                   $    50,793
  Accrued payroll                                                                                  32,611                                                                                        30,511
  Accrued expenses                                                                                 24,145                                                                                        13,059
  Accrued severance                                                                                 3,798                                                                                           790
  Accrued income taxes                                                                             10,621                                                                                         9,045
  Current portion of accrued post-retirement benefits                                                   -                                                                                        11,768
  Current portion of long-term debt                                             87,000                                                  88,500  
                                                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------
Total current liabilities                                                                         209,833                                                                                       204,466
Long-term debt, less current portion                                                               84,474                                                                                       106,658
Deferred income taxes                                                                               8,014                                                                                        11,076
Accrued post-retirement benefits                                                                    5,653                                                                                         5,147
Other long-term liabilities                                                                        12,809                                                                                        15,814
Total equity                                                                   744,198                                                 727,665  
                                                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------
Total liabilities and equity                                                                  $ 1,064,981                                                                $ 1,070,826  
                                                                           ==================== ========= ====================                                           ==================== ========= ====================
                                                                                                                                                                          
Common shares issued and outstanding of
22,420,785 and 22,585,529 at January 2, 2016 and
December 27, 2014, respectively.
                                                                                                                                                                                                          
                                                                                                                                                            LITTELFUSE, INC.
                                                                                                                                             Consolidated Statements of Comprehensive Income
                                                                                                                                              (In thousands of USD, except per share data)
                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                        
                                                                                                                 For the Three Months Ended                                                                                                                    For the Twelve Months Ended
                                                                  -------------------------------------------------------------------------------------------------------------------------                     -------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                        
                                                                                    January 2, 2016                                                       December 27, 2014                                                       January 2, 2016                                                       December 27, 2014
                                                                  --------------------------------------------------                     --------------------------------------------------                     --------------------------------------------------                     --------------------------------------------------
                                                                                      (Unaudited)                                                                                                                                   (Unaudited)
Net sales                                                                            $ 220,020                                                              $ 206,620                                                              $ 867,864                                                              $ 851,995
                                                                                                                                                                                                                                                                                        
Cost of sales                                                       137,314                          131,061                          537,365                          527,567  
                                                                  -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                        
Gross profit                                                                            82,706                                                                 75,559                                                                330,499                                                                324,428
                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                        
Selling, general and administrative expenses                                            41,595                                                                 37,829                                                                153,714                                                                146,975
Research and development expenses                                                        8,578                                                                  8,289                                                                 30,802                                                                 31,122
Pension settlement (income) expense                                                       (266 )                                                                    -                                                                 29,928                                                                      -
Amortization of intangibles                                           2,945                            3,050                           11,898                           12,501  
                                                                  -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------
                                                                                        52,852                                                                 49,168                                                                226,342                                                                190,598
                                                                                                                                                                                                                                                                                        
Operating income                                                                        29,854                                                                 26,391                                                                104,157                                                                133,830
                                                                                                                                                                                                                                                                                        
Interest expense                                                                         1,070                                                                  1,167                                                                  4,091                                                                  4,903
Foreign exchange loss (gain)                                                               259                                                                  1,903                                                                 (1,465 )                                                                3,925
Other (income) expense, net                                          (1,659 )                                            (1,751 )                                            (5,417 )                                            (6,644 )
                                                                  -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                        
Income before income taxes                                                              30,184                                                                 25,072                                                                106,948                                                                131,646
Income taxes                                                          7,721                            5,561                           24,482                           32,228  
                                                                  -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                        
Net income                                                                           $  22,463                                           $  19,511                                           $  82,466                                           $  99,418  
                                                                  ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                        
Net income per share:
    Basic                                                                            $    1.00                                           $    0.86                                           $    3.65                                           $    4.41  
                                                                  ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================
    Diluted                                                                          $    1.00                                           $    0.86                                           $    3.63                                           $    4.37  
                                                                  ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                        
Weighted average shares and
   equivalent shares outstanding:
    Basic                                                            22,403                           22,563                           22,565                           22,543  
                                                                  ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================
    Diluted                                                          22,564                           22,729                           22,719                           22,727  
                                                                  ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                        
Comprehensive income                                                                 $  12,025                                           $  19,511                                           $  57,921                                           $  57,875  
                                                                  ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================
                                                                                                              
                                                                                            LITTELFUSE, INC.
                                                                                  Consolidated Statements of Cash Flows
                                                                                          (In thousands of USD)
                                                                                                                                                      
                                                                                                                              For the Twelve Months Ended
                                                                              --------------------------------------------------------------------------------------------------------------------------
                                                                                                January 2, 2016                                                       December 27, 2014
                                                                              --------------------------------------------------                     ---------------------------------------------------
                                                                                                  (Unaudited)
OPERATING ACTIVITIES:
Net income                                                                                       $  82,466                                                              $   99,418
Adjustments to reconcile net income to net cash
  provided by operating activities:
      Depreciation                                                                                  29,701                                                                  29,374
      Amortization of intangibles                                                                   11,977                                                                  12,501
      Impairment of assets                                                                               -                                                                     293
      Provision for bad debts                                                                          164                                                                     130
      Non-cash inventory charge (1)                                                                      -                                                                   2,769
      Stock-based compensation                                                                      10,266                                                                   9,069
      Excess tax benefit on stock-based compensation                                                (1,891 )                                                                (2,843 )
      Net loss on pension settlement, net of tax                                                    19,308                                                                       -
      Loss on sale of assets                                                                         1,253                                                                   1,042
      Deferred income taxes                                                                         11,479                                                                  (4,488 )
Changes in operating assets and liabilities:
      Accounts receivable                                                                          (14,377 )                                                               (13,062 )
      Inventories                                                                                   (3,577 )                                                                (2,258 )
      Accounts payable                                                                               2,573                                                                  17,281
      Accrued expenses (including post retirement)                                                   6,482                                                                  (1,577 )
      Accrued payroll and severance                                                                  5,883                                                                   2,360
      Accrued taxes                                                                                 (1,043 )                                                                  (549 )
      Prepaid expenses and other                                                  5,162                             3,681  
                                                                              -------------------- ------- --------------------                      -------------------- -------- --------------------
Net cash provided by operating activities                                                          165,826                                                                 153,141
                                                                                                                                                      
INVESTING ACTIVITIES:
      Acquisition of businesses, net of cash acquired                                               (4,558 )                                                               (56,368 )
      Purchase of short-term investments                                                                 -                                                                  (4,331 )
      Purchase of investments                                                                       (3,500 )                                                                     -
      Proceeds from maturities of short-term investments                                                 -                                                                   6,770
      Decrease (increase) in entrusted loan receivable                                               7,811                                                                 (17,908 )
      Purchases of property, plant and equipment                                                   (44,019 )                                                               (32,281 )
      Proceeds from sale of assets                                                  102                               125  
                                                                              -------------------- ------- --------------------                      -------------------- -------- --------------------
Net cash used in investing activities                                                              (44,164 )                                                              (103,993 )
                                                                                                                                                      
FINANCING ACTIVITIES:
      Proceeds from debt                                                                            49,000                                                                  97,500
      Payments of term debt                                                                         (8,750 )                                                                (5,000 )
      Payments of revolving credit facility                                                        (55,500 )                                                              (135,000 )
      Proceeds from entrusted loan                                                                       -                                                                  17,908
      Payments of entrusted loan                                                                    (7,811 )                                                                     -
      Proceeds from exercise of stock options                                                        9,150                                                                  14,061
      Debt issuance costs paid                                                                         (42 )                                                                  (107 )
      Cash dividends paid                                                                          (24,341 )                                                               (21,175 )
      Purchases of common stock                                                                    (31,252 )                                                               (14,283 )
      Excess tax benefit on share-based compensation                              1,891                             2,843  
                                                                              -------------------- ------- --------------------                      -------------------- -------- --------------------
Net cash used in financing activities                                                              (67,655 )                                                               (43,253 )
                                                                                                                                                      
Effect of exchange rate changes on cash and cash
       equivalents                                                              (22,792 )                                            (13,516 )
                                                                              -------------------- ------- --------------------                      -------------------- -------- --------------------
                                                                                                                                                      
Increase (decrease) in cash and cash equivalents                                                    31,215                                                                  (7,621 )
Cash and cash equivalents at beginning of period                                297,571                           305,192  
                                                                              -------------------- ------- --------------------                      -------------------- -------- --------------------
Cash and cash equivalents at end of period                                                       $ 328,786                                           $  297,571  
                                                                              ==================== ======= ====================                      ==================== ======== ====================
                                                                                                                                                      
(1) Purchase accounting adjustment related to acquisitions.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
                                                                                                                                                                                                                                     LITTELFUSE, INC.
                                                                                                                                                                                                                                     Supplemental Financial Information
                                                                                                                                                                                                                                     (in millions of USD except per share amounts)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
GAAP EPS reconciliation
-----------------------------------------
                                                                                     Q1-15                                                                Q2-15                                                                Q3-15                                                                Q4-15                                                               YTD-15                                                                Q1-14                                                                Q2-14                                                                Q3-14                                                                Q4-14                                                               YTD-14
                                                               ------------------------------------------------                     ------------------------------------------------                     ------------------------------------------------                     ------------------------------------------------                     ------------------------------------------------                     ------------------------------------------------                     ------------------------------------------------                     ------------------------------------------------                     ------------------------------------------------                     -------------------------------------------------
GAAP diluted EPS                                                                  $  0.88                                                              $  1.26                                                              $  0.50                                                              $  1.00                                                              $  3.63                                                              $  1.12                                                              $  1.08                                                              $  1.32                                                              $  0.86                                                              $   4.37
EPS impact of special items (below)                               0.20                           0.07                           0.93                           0.21                           1.42                           0.04                           0.18                           0.03                           0.16                            0.41  
                                                               -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ------ --------------------
Adjusted diluted EPS                                                              $  1.08                                           $  1.33                                           $  1.43                                           $  1.21                                           $  5.05                                           $  1.16                                           $  1.26                                           $  1.35                                           $  1.02                                           $   4.78  
                                                               ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ====== ====================
Year-over-year adjusted EPS growth                                                     (7 %)                                                                 6 %                                                                  6 %                                                                 19 %                                                                  6 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
Special Items (income)/expense
-----------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
Reed switch manufacturing transfer costs                                          $   1.0                                                              $   0.9                                                              $   1.2                                                              $   2.1                                                              $   5.2                                                              $     -                                                              $     -                                                              $     -                                                              $     -                                                              $      -
Restructuring                                                                         1.2                                                                  1.7                                                                  0.9                                                                 (0.1 )                                                                3.6                                                                    -                                                                  2.0                                                                  1.1                                                                  2.2                                                                   5.3
Impairment charges                                                                      -                                                                    -                                                                    -                                                                    -                                                                    -                                                                    -                                                                    -                                                                    -                                                                  0.3                                                                   0.3
Acquisition expenses                                                                  0.2                                                                  0.2                                                                  0.3                                                                  4.0                                                                  4.6                                                                    -                                                                  0.2                                                                    -                                                                  0.3                                                                   0.5
U.S. pension wind-up and settlement costs                                             0.7                                                                  0.7                                                                 30.8                                                                 (0.3 )                                                               31.9                                                                    -                                                                    -                                                                    -                                                                    -                                                                     -
Purchase accounting adjustment                                                          -                                                                    -                                                                    -                                                                    -                                                                    -                                                                  1.4                                                                  1.4                                                                    -                                                                    -                                                                   2.8
Other                                                                -                              -                            0.1                           (0.3 )                                            (0.2 )                                               -                              -                              -                              -                               -  
                                                               -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ------ --------------------
   Adjustment to operating income                                                     3.0                                                                  3.4                                                                 33.4                                                                  5.4                                                                 45.2                                                                  1.4                                                                  3.5                                                                  1.1                                                                  2.8                                                                   8.9
Foreign exchange loss/(gain)                                       3.1                           (1.3 )                                            (3.5 )                                             0.3                           (1.5 )                                            (0.3 )                                             2.4                           (0.1 )                                             1.9                             3.9  
                                                               -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ------ --------------------
   Adjustment to pre-tax income                                                   $   6.1                                           $   2.1                                           $  29.8                                           $   5.7                                           $  43.8                                           $   1.2                                           $   6.0                                           $   1.0                                           $   4.7                                           $   12.8  
                                                               ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
Total EPS impact                                                                  $  0.20                                           $  0.07                                           $  0.93                                           $  0.21                                           $  1.42                                           $  0.04                                           $  0.18                                           $  0.03                                           $  0.16                                           $   0.41  
                                                               ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
Operating margin / EBITDA reconciliation
-----------------------------------------
                                                                                     Q1-15                                                                Q2-15                                                                Q3-15                                                                Q4-14                                                               YTD-15                                                                Q1-14                                                                Q2-14                                                                Q3-14                                                                Q4-14                                                               YTD-14
                                                               ------------------------------------------------                     ------------------------------------------------                     ------------------------------------------------                     ------------------------------------------------                     ------------------------------------------------                     ------------------------------------------------                     ------------------------------------------------                     ------------------------------------------------                     ------------------------------------------------                     -------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
Net sales                                                                         $ 210.3                                           $ 222.0                                           $ 215.5                                           $ 220.0                                           $ 867.9                                           $ 206.9                                           $ 220.9                                           $ 217.6                                           $ 206.6                                           $  852.0  
                                                               ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
GAAP operating income                                                             $  29.5                                                              $  36.2                                                              $   8.6                                                              $  29.9                                                              $ 104.2                                                              $  33.6                                                              $  33.7                                                              $  40.1                                                              $  26.4                                                              $  133.8
GAAP operating margin                                                                14.0 %                                                               16.3 %                                                                4.0 %                                                               13.6 %                                                               12.0 %                                                               16.2 %                                                               15.3 %                                                               18.4 %                                                               12.8 %                                                                15.7 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
Add back special operating items                                   3.0                            3.4                           33.4                            5.4                           45.2                            1.4                            3.5                            1.1                            2.8                             8.9  
                                                               -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ------ --------------------
Adjusted operating income                                                         $  32.5                                                              $  39.6                                                              $  42.0                                                              $  35.3                                                              $ 149.4                                                              $  35.0                                                              $  37.2                                                              $  41.3                                                              $  29.2                                                              $  142.7
Adjusted operating margin                                                            15.5 %                                                               17.8 %                                                               19.5 %                                                               16.0 %                                                               17.2 %                                                               16.9 %                                                               16.8 %                                                               19.0 %                                                               14.1 %                                                                16.7 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
Add back amortization                                                                 3.1                                                                  2.9                                                                  3.0                                                                  3.0                                                                 11.9                                                                  3.2                                                                  3.1                                                                  3.2                                                                  3.1                                                                  12.6
Add back depreciation                                              7.4                            7.4                            7.4                            7.5                           29.7                            7.0                            7.5                            7.3                            7.6                            29.3  
                                                               -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ------ --------------------
Adjusted EBITDA                                                                   $  43.0                                           $  49.9                                           $  52.4                                           $  45.8                                           $ 191.0                                           $  45.2                                           $  47.8                                           $  51.8                                           $  39.9                                           $  184.6  
                                                               ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ====== ====================
Adjusted EBITDA margin                                                               20.4 %                                                               22.5 %                                                               24.3 %                                                               20.8 %                                                               22.0 %                                                               21.8 %                                                               21.6 %                                                               23.8 %                                                               19.3 %                                                                21.7 %
Year-over-year adjusted EBITDA growth                                                  (5 %)                                                                 4 %                                                                  1 %                                                                 15 %                                                                  3 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
Note: Totals will not always foot due to rounding

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20160202005537r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20160202005537/en/

SOURCE: Littelfuse, Inc.

Littelfuse, Inc. 
Phil Franklin, (773) 628-0810 
Executive Vice President and CFO


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