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Littelfuse Inc.$205.76$2.951.45%

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 Littelfuse Reports Third Quarter Results
   Thursday, November 03, 2016 6:30:01 AM ET

Littelfuse, Inc. (LFUS ) today reported financial results for the third quarter ended October 1, 2016.

Third Quarter Highlights

All comparisons are to the prior year period unless otherwise noted. A reconciliation of non-GAAP (adjusted) financial measures used in this release to the comparable GAAP financial measures is included below.

-- Sales for the third quarter of 2016 were $280.3 million, a 30% increase. Excluding revenue from acquisitions, sales increased 2%, led by strong growth in the automotive segment partially offset by end market softness in the industrial segment.

-- GAAP earnings for the third quarter of 2016 were $1.35 per diluted share. The third quarter GAAP effective tax rate of (1.2%) included a year-to-date adjustment to a 15.6% effective tax rate. Included in GAAP earnings were $17.4 million of pretax special charges. The primary item was $14.8 million in pretax non-cash impairment charges related to the custom business within the industrial segment, due to continued end market softness in the potash mining market.

-- Excluding special items, adjusted earnings for the third quarter of 2016 were $1.87 per diluted share, representing a 31% increase. The third quarter adjusted effective tax rate of 11.2% included a year-to-date adjustment to an 18% adjusted effective tax rate.

-- Highlights by segment included: -- Electronics sales increased 44% (4% excluding revenue from acquisitions), led by higher fuse and sensor sales.

-- Automotive sales increased 31% (7% excluding revenue from acquisitions), driven by strong growth in Asia.

-- Industrial sales decreased 16% primarily due to weakness in solar, mining, and oil and gas end markets.

-- The electronics book-to-bill ratio for the third quarter of 2016 was 0.99, which excludes the ON product portfolio acquisition.

-- Cash provided by operating activities was $64.7 million for the third quarter of 2016 compared to $51.6 million for the third quarter of 2015.

-- Capital expenditures for the third quarter of 2016 increased to $14.3 million compared to $8.6 million in the prior year. The increase was primarily due to capital spending for new acquisitions and integration related activities.

-- As announced on October 25th, the company completed the sale of its portable electrical house (e-house) business, which was included in the company’s custom business within the industrial segment.

"We’re very pleased with our third quarter performance, led by our electronics and automotive segments as well as a sustained reduction in our tax rate," said Gordon Hunter, chief executive officer. "While we continued to face end market weakness across our industrial business, we took further action this quarter to improve profitability. On the acquisition front, we’re ahead of our initial expectations with the PolySwitch integration, and off to a strong start with the ON product portfolio."

Outlook

All comparisons are to the prior year period unless otherwise noted. Littelfuse provides guidance on a non-GAAP (adjusted) basis. GAAP items excluded from guidance may include the after-tax impact of items including acquisition and integration costs, impairment and severance charges, foreign exchange adjustments and unusual gains and losses. These items are uncertain, depend on various factors, and could be material to results computed in accordance with GAAP. Littelfuse is not able to forecast the excluded items in order to provide the most directly comparable GAAP financial measure without unreasonable efforts.

"Order rates in electronics have been strong going into the fourth quarter. However, we expect organic revenue growth to be flat in automotive due to the planned customer transitions in our automotive sensor business," said Hunter. "We’re continuing to take action to improve profitability in our industrial segment, as we expect weakness in our industrial end markets to continue into next year." The outlook for the fourth quarter of 2016 is as follows:

-- Total sales are expected to be in the range of $270 million to $280 million. This represents approximately 24% revenue growth at the midpoint. Excluding acquisitions, the effects of the e-house business sale and the fourth quarter 2015 extra week, this represents approximately 3% revenue growth at the midpoint.

-- Adjusted earnings are expected to be in the range of $1.45 to $1.59 per diluted share, excluding special items.

-- The adjusted effective tax rate is expected to be 18% for the fourth quarter and full year 2016.

Conference Call and Webcast Information

Littelfuse will host a conference call today, Thursday, November 3, 2016, at 10:00 a.m. Central / 11:00 a.m. Eastern time to discuss the results. The call will be broadcast live over the Internet and can be accessed through the company’s website: www.littelfuse.com. The call will be available for replay 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 10,000 employees in more than 40 locations throughout the Americas, Europe and Asia. For more information, please visit the Littelfuse website: 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 release 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 January 2, 2016. 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 January 2, 2016.

Non-GAAP Financial Measures

The information included in this press release includes the non-GAAP financial measures of adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted diluted earnings per share, and adjusted effective tax rate. These non-GAAP financial measures exclude the effect of certain expenses and income not related directly to the underlying performance of our fundamental business operations. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is included herein.

The company believes that adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted diluted earnings per share, and adjusted effective tax rate provide useful information to investors regarding its operational performance because they enhance an investor’s overall understanding of our core financial performance and facilitate comparisons to historical results of operations, by excluding items that are not related directly to the underlying performance of our fundamental business operations. The company believes that these non-GAAP financial measures are commonly used by financial analysts and others in the industries in which we operate, and thus further provide useful information to investors. Management additionally uses these measures when assessing the performance of the business and for business planning purposes. Note that our definitions of these non-GAAP financial measures may differ from those terms as defined or used by other companies.

LFUS-F

                                      
                                                                                                                                                                                             LITTELFUSE, INC.
                                                                                                                                                                              Net Sales and Operating Income by Business Unit
                                                                                                                                                                                     (In thousands of USD, unaudited)
                                                                                                                                                                                                                                                                                     
                                                                                                                                Third Quarter                                                                                                                                                                     Year-to-Date
                                                          --------------------------------------------------------------------------------------------------------------------------------------------------------                     -------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                 2016                                                                   2015                                             % Change                                             2016                                                                   2015                                                  % Change
                                                          -----------------------------------------------                        -----------------------------------------------                        --------                       -----------------------------------------------                        -----------------------------------------------                        -------------------
                                                                                                                                                                                                                                                                                                                                                                                      
Net Sales
------------------------------------
Electronics                                                                  $ 147,730                                                              $ 102,616                                             44 %                                            $ 378,696                                                              $ 307,549                                                   23 %
Automotive                                                                     106,341                                                                 81,475                                             31 %                                              309,644                                                                251,464                                                   23 %
Industrial                                                   26,260                           31,419                         (16 %)                           83,301                           88,831                                (6 %)
                                                          -------------------- ------- --------------------                      -------------------- ------- --------------------                                                     -------------------- ------- --------------------                      -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                      
           Total net sales                                                   $ 280,331                                           $ 215,510                          30 %                                            $ 771,641                                           $ 647,844                                19 %
                                                          ==================== ======= ====================                      ==================== ======= ====================                                                     ==================== ======= ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                Third Quarter                                                                                                                                                                     Year-to-Date
                                                          --------------------------------------------------------------------------------------------------------------------------------------------------------                     -------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                 2016                                                                   2015                                             % Change                                             2016                                                                   2015                                                  % Change
                                                          -----------------------------------------------                        -----------------------------------------------                        --------                       -----------------------------------------------                        -----------------------------------------------                        -------------------
                                                                                                                                                                                                                                                                                                                                                                                      
Operating Income/(Expense)
------------------------------------
Electronics                                                                  $  34,571                                                              $  20,923                                             65 %                                            $  82,246                                                              $  61,755                                                   33 %
Automotive                                                                      15,032                                                                 15,253                                             (1 %)                                              48,997                                                                 39,123                                                   25 %
Industrial                                                                          57                                                                  5,781                                            (99 %)                                               3,758                                                                 13,220                                                  (72 %)
Other (1)                                                   (22,134 )                                           (33,373 )                                          (34 %)                          (45,345 )                                           (39,795 )                                                 14 %
                                                          -------------------- ------- --------------------                      -------------------- ------- --------------------                                                     -------------------- ------- --------------------                      -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                      
       Total operating income                                                $  27,526                                                              $   8,584                                            221 %                                            $  89,656                                                              $  74,303                                                   21 %
                                                                                                                                                                                                                                                                                                                                                                                      
Interest expense                                                                 2,571                                                                    922                                                                                                 6,286                                                                  3,021
Impairment and equity in net loss of
  unconsolidated affiliate                                                           -                                                                      -                                                                                                     -                                                                      -
Foreign exchange (gain) loss                                                    (4,700 )                                                               (3,549 )                                                                                              (7,114 )                                                               (1,724 )
Other (income) expense, net                                    (778 )                                            (1,430 )                                                                           (1,040 )                                            (3,758 )
                                                          -------------------- ------- --------------------                      -------------------- ------- --------------------                                                     -------------------- ------- --------------------                      -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                      
Income before taxes                                                          $  30,433                                           $  12,641                         141 %                                            $  91,524                                           $  76,764                                19 %
                                                          ==================== ======= ====================                      ==================== ======= ====================                                                     ==================== ======= ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                      

(1) "Other" typically includes special items such as acquisition-related costs, restructuring costs, asset impairments, and gains and losses on asset sales. (See Supplemental Financial Information for details on page 8.)

 
                                                                                          LITTELFUSE, INC.
                                                                                Condensed Consolidated Balance Sheets
                                                                             (In thousands of USD, except share amounts)
                                                                                                          
                                                                                           October 1, 2016                                                          January 2, 2016
                                                                        -------------------------------------------------                        -------------------------------------------------
                                                                                             (Unaudited)
                                                                        -------------------------------------------------
ASSETS
Current assets:
  Cash and cash equivalents                                                                $   194,494                                                              $   328,786
  Short-term investments                                                                         3,961                                                                    4,179
  Accounts receivable, less allowances                                                         205,211                                                                  142,882
  Inventories                                                                                  121,616                                                                   98,629
  Prepaid income taxes and income taxes receivable                                              14,344                                                                    1,510
  Prepaid expenses and other current assets                                  15,543                              7,943  
                                                                        -------------------- --------- --------------------                      -------------------- --------- --------------------
Total current assets                                                                           555,169                                                                  583,929
Property, plant and equipment:
  Land                                                                                          10,044                                                                    5,236
  Buildings                                                                                     83,441                                                                   71,383
  Equipment                                                                 439,430                            382,429  
                                                                        -------------------- --------- --------------------                      -------------------- --------- --------------------
                                                                                               532,915                                                                  459,048
Accumulated depreciation                                                   (309,062 )                                            (296,480 )
                                                                        -------------------- --------- --------------------                      -------------------- --------- --------------------
Net property, plant and equipment                                                              223,853                                                                  162,568
Intangible assets, net of amortization:
  Patents, licenses and software                                                                88,322                                                                   20,221
  Distribution network                                                                          19,566                                                                   16,490
  Customer lists, trademarks and tradenames                                                    116,684                                                                   54,912
Goodwill                                                                    409,527                            189,767  
                                                                        -------------------- --------- --------------------                      -------------------- --------- --------------------
                                                                                               634,099                                                                  281,390
Investments                                                                                     14,974                                                                   15,197
Deferred income taxes                                                                           17,151                                                                    8,333
Other assets                                                                 12,857                             14,058  
                                                                        -------------------- --------- --------------------                      -------------------- --------- --------------------
Total assets                                                                               $ 1,458,103                                           $ 1,065,475  
                                                                        ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                  
LIABILITIES AND EQUITY
Current liabilities:
  Accounts payable                                                                         $    81,382                                                              $    51,658
  Accrued payroll                                                                               39,517                                                                   32,611
  Accrued expenses                                                                              48,713                                                                   24,145
  Accrued severance                                                                              3,420                                                                    3,798
  Accrued income taxes                                                                           8,622                                                                   11,836
  Current portion of long-term debt                                           6,250                             87,000  
                                                                        -------------------- --------- --------------------                      -------------------- --------- --------------------
Total current liabilities                                                                      187,904                                                                  211,048
Long-term debt, less current portion                                                           434,206                                                                   83,753
Deferred income taxes                                                                            7,345                                                                    8,014
Accrued post-retirement benefits                                                                 6,235                                                                    5,653
Other long-term liabilities                                                                     19,037                                                                   17,755
Total equity                                                                803,376                            739,252  
                                                                        -------------------- --------- --------------------                      -------------------- --------- --------------------
Total liabilities and equity                                                               $ 1,458,103                                           $ 1,065,475  
                                                                        ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                  
Common shares issued and outstanding of
22,643,816 and 22,420,785 at October 1, 2016 and
January 2, 2016, respectively.
 
                                                                                                                                                            LITTELFUSE, INC.
                                                                                                                                             Consolidated Statements of Comprehensive Income
                                                                                                                                         (In thousands of USD, except per share data, unaudited)
                                                                                                                                                                                                          
                                                                                                                 For the Three Months Ended                                                                                                                     For the Nine Months Ended
                                                                  ------------------------------------------------------------------------------------------------------------------                            ------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                        
                                                                                     Oct. 1, 2016                                                          Sept. 26, 2015                                                          Oct. 1, 2016                                                          Sept. 26, 2015
                                                                  -----------------------------------------------                        -----------------------------------------------                        -----------------------------------------------                        -----------------------------------------------
                                                                                                                                                                                                                                                                                                                     
Net sales                                                                            $ 280,331                                                              $ 215,510                                                              $ 771,641                                                              $ 647,844
                                                                                                                                                                                                                                                                                        
Cost of sales                                                       166,572                          129,328                          472,861                          400,051  
                                                                  -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                        
Gross profit                                                                           113,759                                                                 86,182                                                                298,780                                                                247,793
                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                        
Selling, general and administrative expenses                                            56,589                                                                 37,002                                                                150,047                                                                112,119
Research and development expenses                                                       10,403                                                                  7,479                                                                 30,884                                                                 22,224
Pension settlement expenses                                                                  -                                                                 30,194                                                                      -                                                                 30,194
Amortization of intangibles                                                              4,432                                                                  2,923                                                                 13,384                                                                  8,953
Impairment of goodwill and intangible assets                         14,809                                -                           14,809                                -  
                                                                  -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------
                                                                                        86,233                                                                 77,598                                                                209,124                                                                173,490
                                                                                                                                                                                                                                                                                        
Operating income                                                                        27,526                                                                  8,584                                                                 89,656                                                                 74,303
                                                                                                                                                                                                                                                                                        
Interest expense                                                                         2,571                                                                    922                                                                  6,286                                                                  3,021
Foreign exchange (gain) loss                                                            (4,700 )                                                               (3,549 )                                                               (7,114 )                                                               (1,724 )
Other (income) expense, net                                            (778 )                                            (1,430 )                                            (1,040 )                                            (3,758 )
                                                                  -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                        
Income before income taxes                                                              30,433                                                                 12,641                                                                 91,524                                                                 76,764
Income taxes                                                           (369 )                                             1,317                           14,281                           16,761  
                                                                  -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                        
Net income                                                                           $  30,802                                           $  11,324                                           $  77,243                                           $  60,003  
                                                                  ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                        
Net income per share:
   Basic                                                                             $    1.36                                           $    0.50                                           $    3.43                                           $    2.65  
                                                                  ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================
   Diluted                                                                           $    1.35                                           $    0.50                                           $    3.41                                           $    2.64  
                                                                  ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                        
Weighted average shares and
 equivalent shares outstanding:
   Basic                                                             22,578                           22,581                           22,515                           22,623  
                                                                  ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================
   Diluted                                                           22,734                           22,693                           22,675                           22,771  
                                                                  ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                        
Comprehensive income                                                                 $  25,888                                           $   2,187                                           $  67,762                                           $  45,896  
                                                                  ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================
 
                                                                                           LITTELFUSE, INC.
                                                                                 Consolidated Statements of Cash Flows
                                                                                   (In thousands of USD, unaudited)
                                                                                                             
                                                                                                                             For the Nine Months Ended
                                                                            -------------------------------------------------------------------------------------------------------------------
                                                                                               Oct. 1, 2016                                                           Sept. 26, 2015
                                                                            ------------------------------------------------                        -----------------------------------------------
                                                                                                                                                     
OPERATING ACTIVITIES:
Net income                                                                                     $   77,243                                                              $  60,003
Adjustments to reconcile net income to net cash
  provided by operating activities:
    Depreciation                                                                                   24,841                                                                 22,154
    Amortization of intangibles                                                                    13,384                                                                  8,952
    Impairment of intangible assets and goodwill                                                   14,809                                                                      -
    Loss on sale of product line                                                                    1,391                                                                      -
    Stock-based compensation                                                                        9,166                                                                  7,997
    Non-cash inventory charge                                                                       7,456                                                                      -
    Net loss on pension settlement, net of tax                                                          -                                                                 19,472
    Excess tax benefit on stock-based compensation                                                 (2,272 )                                                               (1,500 )
    Loss on sale of assets                                                                            440                                                                    308
Changes in operating assets and liabilities:
    Accounts receivable                                                                           (24,862 )                                                              (18,274 )
    Inventories                                                                                     4,505                                                                 (4,203 )
    Accounts payable                                                                                7,845                                                                  4,216
    Accrued expenses (including post retirement)                                                    6,497                                                                  6,577
    Accrued payroll and severance                                                                   1,388                                                                  3,598
    Accrued taxes                                                                                 (23,613 )                                                                4,006
    Prepaid expenses and other                                                 (18,203 )                                               277  
                                                                            -------------------- -------- --------------------                      -------------------- ------- --------------------
Net cash provided by operating activities                                                         100,015                                                                113,583
                                                                                                                                                     
INVESTING ACTIVITIES:
    Purchases of property, plant and equipment                                                    (34,501 )                                                              (35,016 )
    Acquisition of business, net of cash acquired                                                (468,636 )                                                                    -
    Proceeds from maturities of short-term investments                                                345                                                                      -
    Decrease in entrusted loan receivable                                                           4,056                                                                  5,930
    Proceeds from sale of assets                                                   255                               38  
                                                                            -------------------- -------- --------------------                      -------------------- ------- --------------------
Net cash used in investing activities                                                            (498,481 )                                                              (29,048 )
                                                                                                                                                     
FINANCING ACTIVITIES:
    Proceeds of revolving credit facility                                                         258,000                                                                 49,000
    Proceeds of term loan                                                                         234,000                                                                      -
    Payments of revolving credit facility                                                         (97,500 )                                                              (25,000 )
    Payments of term loan                                                                        (119,125 )                                                               (3,750 )
    Payments of entrusted loan                                                                     (4,056 )                                                               (5,930 )
    Debt issuance costs paid                                                                       (1,701 )                                                                  (42 )
    Cash dividends paid                                                                           (20,405 )                                                              (17,864 )
    Proceeds from exercise of stock options                                                        14,581                                                                  6,186
    Excess tax benefit on share-based compensation                                                  2,272                                                                  1,500
    Purchases of common stock                                                   (3,685 )                                           (31,252 )
                                                                            -------------------- -------- --------------------                      -------------------- ------- --------------------
Net cash (used in) provided by financing activities                                               262,381                                                                (27,152 )
                                                                                                                                                     
Effect of exchange rate changes on cash and cash
   equivalents                                                                   1,793                          (18,314 )
                                                                            -------------------- -------- --------------------                      -------------------- ------- --------------------
                                                                                                                                                     
Increase in cash and cash equivalents                                                            (134,292 )                                                               39,069
Cash and cash equivalents at beginning of period                               328,786                          297,571  
                                                                            -------------------- -------- --------------------                      -------------------- ------- --------------------
Cash and cash equivalents at end of period                                                     $  194,494                                           $ 336,640  
                                                                            ==================== ======== ====================                      ==================== ======= ====================
                                                                                                                                                     
(1) Purchase accounting adjustment related to acquisitions.
 
                                                                                                                                                                                                                                     LITTELFUSE, INC.
                                                                                                                                                                                                                                     Supplemental Financial Information
                                                                                                                                                                                                                                     (in millions of USD except share amounts)
                                                                                                                                                                                                                                                                                                                                                                                                                  
GAAP EPS Reconciliation
-------------------------------------------
                                                                                       Q1-16                                                                 Q2-16                                                                 Q3-16                                                                YTD-16                                                                 Q1-15                                                                 Q2-15                                                                 Q3-15                                                                YTD-15
                                                                 ----------------------------------------------                        ----------------------------------------------                        ----------------------------------------------                        ----------------------------------------------                        ----------------------------------------------                        ----------------------------------------------                        ----------------------------------------------                        ----------------------------------------------
GAAP diluted EPS                                                                    $   0.85                                                              $   1.20                                                              $   1.35                                                              $   3.41                                                              $   0.88                                                              $   1.26                                                              $   0.50                                                              $   2.64
EPS impact of special items (below)                                  0.53                            0.24                            0.52                            1.29                            0.20                            0.07                            0.93                            1.20  
                                                                 -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
Adjusted diluted EPS                                                                $   1.38                                           $   1.44                                           $   1.87                                           $   4.69                                           $   1.08                                           $   1.33                                           $   1.43                                           $   3.84  
                                                                 ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
Year-over-year adjusted EPS growth                                                        28 %                                                                   8 %                                                                  31 %                                                                  22 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Non-GAAP Adjustments - (income)/expense
-------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Reed switch manufacturing transfer costs                                            $    1.0                                                              $    0.7                                                              $      -                                                              $    1.7                                                              $    1.0                                                              $    0.9                                                              $    1.2                                                              $    3.1
Restructuring                                                                            0.4                                                                   0.1                                                                   0.9                                                                   1.4                                                                   1.2                                                                   1.7                                                                   0.9                                                                   3.8
Acquisition expenses                                                                     6.2                                                                   6.1                                                                   5.9                                                                  18.2                                                                   0.2                                                                   0.2                                                                   0.3                                                                   0.7
Pension wind-up                                                                            -                                                                     -                                                                     -                                                                     -                                                                   0.7                                                                   0.7                                                                  30.8                                                                  32.2
Product line divestiture costs                                                           1.6                                                                   0.3                                                                     -                                                                   1.9                                                                     -                                                                     -                                                                   0.1                                                                   0.1
Impairment of intangible assets                                                            -                                                                     -                                                                  14.8                                                                  14.8                                                                     -                                                                     -                                                                     -                                                                     -
Purchase accounting adjustment                                          -                             6.9                             0.5                             7.4                               -                               -                               -                               -  
                                                                 -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
   Adjustment to Operating income                                                        9.2                                                                  14.0                                                                  22.1                                                                  45.3                                                                   3.0                                                                   3.4                                                                  33.4                                                                  39.8
Foreign exchange loss/(gain)                                          3.8                            (6.2 )                                             (4.7 )                                             (7.1 )                                              3.1                            (1.3 )                                             (3.5 )                                             (1.7 )
                                                                 -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
   Adjustment to income before income taxes                                         $   13.0                                                              $    7.8                                                              $   17.4                                                              $   38.2                                                              $    6.1                                                              $    2.1                                                              $   29.8                                                              $   38.1
Income taxes                                                          1.0                             2.3                             5.7                             9.0                             1.5                             0.5                             8.6                            10.6  
                                                                 -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
   Adjustment to net income                                                         $   12.0                                           $    5.5                                           $   11.7                                           $   29.2                                           $    4.6                                           $    1.6                                           $   21.2                                           $   27.5  
                                                                 ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Total EPS impact                                                                    $   0.53                                           $   0.24                                           $   0.52                                           $   1.29                                           $   0.20                                           $   0.07                                           $   0.93                                           $   1.20  
                                                                 ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Operating margin / EBITDA reconciliation
-------------------------------------------
                                                                                       Q1-16                                                                 Q2-16                                                                 Q3-16                                                                YTD-16                                                                 Q1-15                                                                 Q2-15                                                                 Q3-15                                                                YTD-15
                                                                 ----------------------------------------------                        ----------------------------------------------                        ----------------------------------------------                        ----------------------------------------------                        ----------------------------------------------                        ----------------------------------------------                        ----------------------------------------------                        ----------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Net sales                                                                           $  219.4                                           $  271.9                                           $  280.3                                           $  771.6                                           $  210.3                                           $  222.0                                           $  215.5                                           $  647.8  
                                                                 ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
GAAP operating income                                                               $   32.4                                                              $   29.7                                                              $   27.5                                                              $   89.7                                                              $   29.5                                                              $   36.2                                                              $    8.6                                                              $   74.3
Add back special operating items                                      9.2                            14.0                            22.1                            45.3                             3.0                             3.4                            33.4                            39.8  
                                                                 -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
Adjusted operating income                                                           $   41.6                                                              $   43.7                                                              $   49.6                                                              $  135.0                                                              $   32.5                                                              $   39.6                                                              $   42.0                                                              $  114.1
Adjusted operating margin                                                               19.0 %                                                                16.1 %                                                                17.7 %                                                                17.5 %                                                                15.5 %                                                                17.8 %                                                                19.5 %                                                                17.6 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Add back amortization                                                                    3.8                                                                   5.2                                                                   4.4                                                                  13.4                                                                   3.1                                                                   2.9                                                                   3.0                                                                   9.0
Add back depreciation                                                 7.2                             8.9                             8.7                            24.8                             7.4                             7.4                             7.4                            22.1  
                                                                 -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
Adjusted EBITDA                                                                     $   52.6                                           $   57.8                                           $   62.7                                           $  173.2                                           $   43.0                                           $   49.9                                           $   52.4                                           $  145.2  
                                                                 ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
Adjusted EBITDA margin                                                                  24.0 %                                                                21.3 %                                                                22.4 %                                                                22.4 %                                                                20.4 %                                                                22.5 %                                                                24.3 %                                                                22.4 %
Year-over-year adjusted EBITDA growth                                                     22 %                                                                  16 %                                                                  20 %                                                                  19 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Income tax reconciliation
-------------------------------------------
                                                                                       Q1-16                                                                 Q2-16                                                                 Q3-16                                                                YTD-16                                                                 Q1-15                                                                 Q2-15                                                                 Q3-15                                                                YTD-15
                                                                 ----------------------------------------------                        ----------------------------------------------                        ----------------------------------------------                        ----------------------------------------------                        ----------------------------------------------                        ----------------------------------------------                        ----------------------------------------------                        ----------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Income taxes                                                                        $    7.8                                                              $    6.9                                                              $   (0.4 )                                                            $   14.3                                                              $    6.4                                                              $    9.0                                                              $    1.3                                                              $   16.8
Effective rate                                                                          28.8 %                                                                20.2 %                                                                -1.2 %                                                                15.6 %                                                                24.3 %                                                                23.9 %                                                                10.4 %                                                                21.8 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Non-GAAP adjustment - income taxes                                                       1.0                                                                   2.3                                                                   5.7                                                                   9.1                                                                   1.5                                                                   0.5                                                                   8.6                                                                  10.6
                                                                                                                                                                                                                                                                                                                                                                                                                                       
                                                                 -------------------------------------------------                     -------------------------------------------------                     -------------------------------------------------                     -------------------------------------------------                     -------------------------------------------------                     -------------------------------------------------                     -------------------------------------------------                     -------------------------------------------------
Adjusted income taxes                                                               $    8.8                                           $    9.2                                           $    5.3                                           $   23.4                                           $    7.9                                           $    9.5                                           $    9.9                                           $   27.4  
                                                                 ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
Adjusted effective rate                                                                 22.0 %                                                                22.0 %                                                                11.2 %                                                                18.0 %                                                                24.3 %                                                                24.0 %                                                                23.4 %                                                                23.8 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Note: Totals will not always foot due to rounding
 

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20161103005291r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20161103005291/en/

SOURCE: Littelfuse, Inc.

Littelfuse, Inc. 
Meenal Sethna 
Executive Vice President and CFO 
(773) 628-0616


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