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Littelfuse Inc.$193.95($.95)(.49%)

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 Littelfuse Reports Fourth Quarter and Full Year Results
   Wednesday, February 01, 2017 6:30:00 AM ET

Littelfuse, Inc. (LFUS ) today reported financial results for the fourth quarter and full year ended December 31, 2016.

Fourth Quarter 2016 Highlights

-- Net sales were $284.5 million, up 29% versus the prior year period. Excluding revenue from acquisitions, e-house business divestiture and the extra week in the fourth quarter of 2015, sales were up 6%.

-- Growth by segment versus the prior year period: -- Electronics sales increased 60% (up 19% excluding acquisitions and 2015 extra week)

-- Automotive sales increased 19% (up 2% excluding acquisitions and 2015 extra week)

-- Industrial sales decreased 33% (down 26% excluding divestiture and 2015 extra week)

-- GAAP diluted EPS was $1.19; Adjusted EPS of $1.57 increased 38% over last year

-- Cash flow from operations was $80 million

-- The electronics book-to-bill ratio for the quarter was 1.05, and excludes the ON product portfolio acquisition

-- Completed private placement of approximately $350 million of USD and Euro senior notes

"We’re pleased with our strong fourth quarter finish, with both sales and earnings exceeding the midpoint of our guidance," said Dave Heinzmann, Chief Executive Officer. "Our results were led by strength across our electronics segment, along with solid performance in both our automotive fuse and sensor businesses. We continued to see end market weaknesses across our industrial segment and our commercial vehicle business in our automotive segment, impacting our overall growth for the quarter. Despite these challenges, we finished the quarter with strong earnings and cash flow growth."

Full Year 2016 Highlights

-- Net sales were $1,056.2 million, a 22% increase versus the prior year period

-- Diluted GAAP EPS was $4.60; Adjusted EPS of $6.26 increased 26% over last year

-- GAAP effective tax rate of 15.2%, and adjusted effective tax rate of 18.1%, down nearly 900 and 700 basis points, respectively, over last year

-- Cash flow from operations was $180 million and capital expenditures were $46 million, resulting in free cash flow of $134 million

-- Expanded portfolio with acquisitions across circuit protection and power control platforms (PolySwitch, ON product portfolio and Menber’s)

"2016 was a milestone year for us, as we crossed $1 billion in revenue, with record earnings and cash flow. We also made substantial progress in growth from strategic acquisitions, adding approximately $250 million in annualized revenue from our three acquisitions," said Gordon Hunter, Executive Chairman. "We are well positioned for success with our updated strategy, which focuses on accelerated organic growth, while continuing to add acquisitions aligned to our core circuit protection, sensor and power control platforms."

2017 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.

"With our strong finish in 2016, we head into the year with positive momentum, despite an environment of ongoing currency and commodity volatility," said Meenal Sethna, Chief Financial Officer. "Considering this current environment, we remain focused on our financial goals of double-digit sales and earnings per share growth for 2017."

For the first quarter of 2017, sales are expected to be in the range of $278 to $288 million. Adjusted earnings per share are expected to be in the range of $1.56 to $1.70.

For the full year, the company expects an adjusted effective tax rate in the range of 17 - 19%. In addition, capital expenditures are expected to be approximately $70 million. The capital expenditures include the incremental semiconductor manufacturing investment for the transfer of the ON product portfolio.

Dividend

The company will pay a cash dividend on the company’s common stock of $0.33 per share on March 9, 2017 to shareholders of record as of February 23, 2017.

Conference Call and Webcast Information

Littelfuse will host a conference call today, Wednesday, February 1, 2017, 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, uncertainties related to political and regulatory changes 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, adjusted effective tax rate and free cash flow. Many of 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 free cash flow is a useful measure of its ability to generate cash. The company believes that all of 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)
                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                       Fourth Quarter                                                                                                                                                                        Full Year
                                                  --------------------------------------------------------------------------------------------------------------------------------------------------------                     ---------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                         2016                                                                   2015                                             % Change                                              2016                                                                    2015                                                  % Change
                                                  --------------------------------------------------                     --------------------------------------------------                     ----------                     ----------------------------------------------------                     --------------------------------------------------                     ---------------------
                                                                                                                                                                                                                                                                                                                                                                                
Net Sales
----------------------------
Electronics                                                          $ 156,495                                                              $  97,948                                             60 %                                            $   535,191                                                              $ 405,497                                                   32 %
Automotive                                                             105,556                                                                 88,493                                             19 %                                                415,200                                                                339,957                                                   22 %
Industrial                                           22,467                           33,579                         (33 %)                            105,768                          122,410                               (14 %)
                                                  -------------------- ------- --------------------                      -------------------- ------- --------------------                                                     -------------------- --------- --------------------                      -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                
       Total net sales                                               $ 284,518                                           $ 220,020                          29 %                                            $ 1,056,159                                           $ 867,864                                22 %
                                                  ==================== ======= ====================                      ==================== ======= ====================                                                     ==================== ========= ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                       Fourth Quarter                                                                                                                                                                        Full Year
                                                  --------------------------------------------------------------------------------------------------------------------------------------------------------                     ---------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                         2016                                                                   2015                                             % Change                                              2016                                                                    2015                                                  % Change
                                                  --------------------------------------------------                     --------------------------------------------------                     ----------                     ----------------------------------------------------                     --------------------------------------------------                     ---------------------
                                                                                                                                                                                                                                                                                                                                                                                
Operating Income/(Expense)
----------------------------
Electronics                                                          $  34,842                                                              $  16,439                                            112 %                                            $   117,088                                                              $  78,194                                                   50 %
Automotive                                                              10,908                                                                 13,963                                            (22 %)                                                59,905                                                                 53,086                                                   13 %
Industrial                                                                (143 )                                                                4,874                                           (103 %)                                                 3,615                                                                 18,094                                                  (80 %)
Other (1)                                            (4,619 )                                            (5,422 )                                          (15 %)                            (49,964 )                                           (45,217 )                                                 10 %
                                                  -------------------- ------- --------------------                      -------------------- ------- --------------------                                                     -------------------- --------- --------------------                      -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                
   Total operating income                                            $  40,988                                                              $  29,854                                             37 %                                            $   130,644                                                              $ 104,157                                                   25 %
                                                                                                                                                                                                                                                                                                                                                                                
Interest expense                                                         2,342                                                                  1,070                                                                                                   8,628                                                                  4,091
Foreign exchange (gain) loss                                             7,586                                                                    259                                                                                                     472                                                                 (1,465 )
Other (income) expense, net                            (690 )                                            (1,659 )                                                                             (1,730 )                                            (5,417 )
                                                  -------------------- ------- --------------------                      -------------------- ------- --------------------                                                     -------------------- --------- --------------------                      -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                
Income before taxes                                                  $  31,750                                           $  30,184                           5 %                                            $   123,274                                           $ 106,948                                15 %
                                                  ==================== ======= ====================                      ==================== ======= ====================                                                     ==================== ========= ====================                      ==================== ======= ====================

(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)
                                                                                                                                                                       
                                                                                          December 31, 2016                                                                              January 2, 2016
                                                                        ----------------------------------------------------                                          ----------------------------------------------------
                                                                                             (Unaudited)
                                                                        ----------------------------------------------------
ASSETS
Current assets:
  Cash and cash equivalents                                                                $   275,124                                                                                   $   328,786
  Short-term investments                                                                         3,690                                                                                         4,179
  Accounts receivable, less allowances                                                         198,095                                                                                       142,882
  Inventories                                                                                  114,063                                                                                        98,629
  Prepaid income taxes and income taxes receivable                                              11,671                                                                                         1,510
  Prepaid expenses and other current assets                                   9,438                                                   7,943  
                                                                        -------------------- --------- --------------------                                           -------------------- --------- --------------------
Total current assets                                                                           612,081                                                                                       583,929
Property, plant and equipment:
  Land                                                                                           9,268                                                                                         5,236
  Buildings                                                                                     80,553                                                                                        71,383
  Equipment                                                                 439,542                                                 382,429  
                                                                        -------------------- --------- --------------------                                           -------------------- --------- --------------------
                                                                                               529,363                                                                                       459,048
Accumulated depreciation                                                   (312,188 )                                                                 (296,480 )
                                                                        -------------------- --------- --------------------                                           -------------------- --------- --------------------
Net property, plant and equipment                                                              217,175                                                                                       162,568
Intangible assets, net of amortization:
  Patents, licenses and software                                                                83,607                                                                                        20,221
  Distribution network                                                                          18,995                                                                                        16,490
  Customer lists, trademarks and tradenames                                                    110,425                                                                                        54,912
Goodwill                                                                    403,544                                                 189,767  
                                                                        -------------------- --------- --------------------                                           -------------------- --------- --------------------
                                                                                               616,571                                                                                       281,390
Investments                                                                                     13,933                                                                                        15,197
Deferred income taxes                                                                           20,585                                                                                         8,333
Other assets                                                                 10,849                                                  14,058  
                                                                        -------------------- --------- --------------------                                           -------------------- --------- --------------------
Total assets                                                                               $ 1,491,194                                                                $ 1,065,475  
                                                                        ==================== ========= ====================                                           ==================== ========= ====================
                                                                                                                                                                       
LIABILITIES AND EQUITY
Current liabilities:
  Accounts payable                                                                         $    90,712                                                                                   $    51,658
  Accrued payroll                                                                               42,810                                                                                        32,611
  Accrued expenses                                                                              36,138                                                                                        24,145
  Accrued severance                                                                              2,785                                                                                         3,798
  Accrued income taxes                                                                           8,846                                                                                        11,836
  Current portion of long-term debt                                           6,250                                                  87,000  
                                                                        -------------------- --------- --------------------                                           -------------------- --------- --------------------
Total current liabilities                                                                      187,541                                                                                       211,048
Long-term debt, less current portion                                                           447,892                                                                                        83,753
Deferred income taxes                                                                            7,066                                                                                         8,014
Accrued post-retirement benefits                                                                13,398                                                                                         5,653
Other long-term liabilities                                                                     20,366                                                                                        17,755
Total equity                                                                814,931                                                 739,252  
                                                                        -------------------- --------- --------------------                                           -------------------- --------- --------------------
Total liabilities and equity                                                               $ 1,491,194                                                                $ 1,065,475  
                                                                        ==================== ========= ====================                                           ==================== ========= ====================
                                                                                                                                                                       
Common shares issued and outstanding of
22,738,895 and 22,420,785 at December 31, 2016
and January 2, 2016, respectively.
                                                                                                                                                                       
Note: Prior year numbers have been restated to reflect the
correction of immaterial errors as disclosed in recent quarterly
filings with the SEC.
                                                                                                                                                                                                            
                                                                                                                                                             LITTELFUSE, INC.
                                                                                                                                              Consolidated Statements of Comprehensive Income
                                                                                                                                          (In thousands of USD, except per share data, unaudited)
                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                          
                                                                                                                 For the Three Months Ended                                                                                                                     For the Twelve Months Ended
                                                                  -------------------------------------------------------------------------------------------------------------------------                     ---------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                          
                                                                                     Dec. 31, 2016                                                          Jan. 2, 2016                                                            Dec. 31, 2016                                                           Jan. 2, 2016
                                                                  --------------------------------------------------                     --------------------------------------------------                     ----------------------------------------------------                     --------------------------------------------------
                                                                                                                                                                                                                                                                                          
Net sales                                                                            $ 284,518                                                              $ 220,020                                                              $ 1,056,159                                                              $ 867,864
                                                                                                                                                                                                                                                                                          
Cost of sales                                                       170,181                          137,314                            643,042                          537,365  
                                                                  -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                          
Gross profit                                                                           114,337                                                                 82,706                                                                  413,117                                                                330,499
                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                          
Selling, general and administrative expenses                                            56,082                                                                 41,595                                                                  206,129                                                                153,714
Research and development expenses                                                       11,314                                                                  8,578                                                                   42,198                                                                 30,802
Pension settlement expenses                                                                  -                                                                   (266 )                                                                      -                                                                 29,928
Amortization of intangibles                                                              5,953                                                                  2,945                                                                   19,337                                                                 11,898
Impairment of goodwill and intangible assets                              -                                -                             14,809                                -  
                                                                  -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- ------- --------------------
                                                                                        73,349                                                                 52,852                                                                  282,473                                                                226,342
                                                                                                                                                                                                                                                                                          
Operating income                                                                        40,988                                                                 29,854                                                                  130,644                                                                104,157
                                                                                                                                                                                                                                                                                          
Interest expense                                                                         2,342                                                                  1,070                                                                    8,628                                                                  4,091
Foreign exchange (gain) loss                                                             7,586                                                                    259                                                                      472                                                                 (1,465 )
Other (income) expense, net                                            (690 )                                            (1,659 )                                              (1,730 )                                            (5,417 )
                                                                  -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                          
Income before income taxes                                                              31,750                                                                 30,184                                                                  123,274                                                                106,948
Income taxes                                                          4,505                            9,321                             18,786                           26,082  
                                                                  -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                          
Net income                                                                           $  27,245                                           $  20,863                                           $   104,488                                           $  80,866  
                                                                  ==================== ======= ====================                      ==================== ======= ====================                      ==================== ========= ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                          
Net income per share:
    Basic                                                                            $    1.20                                           $    0.93                                           $      4.63                                           $    3.58  
                                                                  ==================== ======= ====================                      ==================== ======= ====================                      ==================== ========= ====================                      ==================== ======= ====================
    Diluted                                                                          $    1.19                                           $    0.92                                           $      4.60                                           $    3.56  
                                                                  ==================== ======= ====================                      ==================== ======= ====================                      ==================== ========= ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                          
Weighted average shares and
   equivalent shares outstanding:
    Basic                                                            22,692                           22,403                             22,559                           22,565  
                                                                  ==================== ======= ====================                      ==================== ======= ====================                      ==================== ========= ====================                      ==================== ======= ====================
    Diluted                                                          22,863                           22,564                             22,727                           22,719  
                                                                  ==================== ======= ====================                      ==================== ======= ====================                      ==================== ========= ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                          
Comprehensive income                                                                 $   7,818                                           $  10,425                                           $    75,580                                           $  56,321  
                                                                  ==================== ======= ====================                      ==================== ======= ====================                      ==================== ========= ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                          
Note: Prior year numbers have been restated to reflect the
correction of immaterial errors as disclosed in recent quarterly
filings with the SEC.
                                                                                                                 
                                                                                                      LITTELFUSE, INC.
                                                                                            Consolidated Statements of Cash Flows
                                                                                              (In thousands of USD, unaudited)
                                                                                                                                                                            
                                                                                                                                        For the Twelve Months Ended
                                                                              -----------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                 Dec. 31, 2016                                                                                Jan. 2, 2016
                                                                              ---------------------------------------------------                                          --------------------------------------------------
                                                                                                                                                                            
OPERATING ACTIVITIES:
Net income                                                                                       $  104,488                                                                                   $  80,866
Adjustments to reconcile net income to net cash
  provided by operating activities:
      Depreciation                                                                                   33,800                                                                                      29,701
      Amortization of intangibles                                                                    19,337                                                                                      11,898
      Impairment of intangible assets and goodwill                                                   14,809                                                                                           -
      Provision for bad debts                                                                             -                                                                                         164
      Loss on sale of product line                                                                    1,391                                                                                           -
      Stock-based compensation                                                                       11,987                                                                                      10,266
      Non-cash inventory charge                                                                       7,834                                                                                           -
      Net loss on pension settlement, net of tax                                                          -                                                                                      19,308
      Excess tax benefit on stock-based compensation                                                 (3,421 )                                                                                    (1,891 )
      Loss on sale of assets                                                                            813                                                                                       1,253
      Deferred income taxes                                                                          (5,269 )                                                                                    11,479
Changes in operating assets and liabilities:
      Accounts receivable                                                                           (23,466 )                                                                                   (14,377 )
      Inventories                                                                                     8,539                                                                                      (3,577 )
      Accounts payable                                                                               19,190                                                                                       2,573
      Accrued expenses (including post retirement)                                                    2,287                                                                                       6,482
      Accrued payroll and severance                                                                   6,131                                                                                       5,883
      Accrued taxes                                                                                 (18,062 )                                                                                       557
      Prepaid expenses and other                                                    (255 )                                                                  5,241  
                                                                              -------------------- -------- --------------------                                           -------------------- ------- --------------------
Net cash provided by operating activities                                                           180,133                                                                                     165,826
                                                                                                                                                                            
INVESTING ACTIVITIES:
      Purchases of property, plant and equipment                                                    (46,228 )                                                                                   (44,019 )
      Acquisition of business, net of cash acquired                                                (471,118 )                                                                                    (4,558 )
      Purchases of investments                                                                            -                                                                                      (3,500 )
      Proceeds from maturities of short-term investments                                                345                                                                                           -
      Decrease in entrusted loan receivable                                                           5,510                                                                                       7,811
      Proceeds from sale of assets                                                   248                                                   102  
                                                                              -------------------- -------- --------------------                                           -------------------- ------- --------------------
Net cash used in investing activities                                                              (511,243 )                                                                                   (44,164 )
                                                                                                                                                                            
FINANCING ACTIVITIES:
      Proceeds of revolving credit facility                                                         367,000                                                                                      49,000
      Proceeds of term loan                                                                         125,000                                                                                           -
      Payments of revolving credit facility                                                        (331,500 )                                                                                   (55,500 )
      Payments of term loan                                                                         (89,688 )                                                                                    (8,750 )
      Net Proceeds from Sr. Notes Payable                                                           226,428                                                                                           -
      Payments of entrusted loan                                                                     (5,510 )                                                                                    (7,811 )
      Debt issuance costs paid                                                                       (3,583 )                                                                                       (42 )
      Cash dividends paid                                                                           (27,866 )                                                                                   (24,341 )
      Proceeds from exercise of stock options                                                        20,494                                                                                       9,150
      Excess tax benefit on share-based compensation                                                  3,421                                                                                       1,891
      Purchases of common stock                                                        -                                               (31,252 )
                                                                              -------------------- -------- --------------------                                           -------------------- ------- --------------------
Net cash (used in) provided by financing activities                                                 284,196                                                                                     (67,655 )
                                                                                                                                                                            
Effect of exchange rate changes on cash and cash
       equivalents                                                                (6,748 )                                                                (22,792 )
                                                                              -------------------- -------- --------------------                                           -------------------- ------- --------------------
                                                                                                                                                                            
Increase (decrease) in cash and cash equivalents                                                    (53,662 )                                                                                    31,215
Cash and cash equivalents at beginning of period                                 328,786                                               297,571  
                                                                              -------------------- -------- --------------------                                           -------------------- ------- --------------------
Cash and cash equivalents at end of period                                                       $  275,124                                                                $ 328,786  
                                                                              ==================== ======== ====================                                           ==================== ======= ====================
                                                                                                                                                                            
Note: Prior year numbers have been restated to reflect the
correction of immaterial errors as disclosed in recent quarterly
filings with the SEC.
                                                                                                                                                                                                            
                                                                                                                                                             LITTELFUSE, INC.
                                                                                                                                                    Supplemental Financial Information
                                                                                                                                                 (in millions of USD except share amounts)
                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                          
GAAP EPS Reconciliation
------------------------------------------------
                                                                                            Q4-16                                                                 Q4-15                                                                  FY-16                                                                 FY-15
                                                                      ----------------------------------------------                        ----------------------------------------------                        -----------------------------------------------                        ----------------------------------------------
GAAP diluted EPS                                                                         $   1.19                                                              $   0.92                                                              $    4.60                                                              $   3.56
EPS impact of special items (below)                                       0.38                            0.21                             1.66                            1.42  
                                                                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------- --------------------                      -------------------- ------ --------------------
Adjusted diluted EPS                                                                     $   1.57                                           $   1.14                                           $    6.26                                           $   4.98  
                                                                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ======= ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                          
Non-GAAP Adjustments - (income)/expense
------------------------------------------------
                                                                                                                                                                                                                                                                                          
Reed switch manufacturing transfer costs                                                 $   (0.1 )                                                            $    2.1                                                              $     1.6                                                              $    5.2
Restructuring                                                                                 1.2                                                                  (0.3 )                                                                  2.5                                                                   3.6
Acquisitions/divestiture/purchase acctg adjs                                                  3.5                                                                   3.9                                                                   31.1                                                                   4.7
Pension wind-up                                                                                 -                                                                  (0.3 )                                                                    -                                                                  31.9
Impairment of intangible assets                                              -                               -                             14.8                               -  
                                                                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------- --------------------                      -------------------- ------ --------------------
   Adjustment to Operating income                                                             4.6                                                                   5.4                                                                   50.0                                                                  45.2
Foreign exchange loss/(gain)                                               7.6                             0.3                              0.5                            (1.4 )
                                                                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------- --------------------                      -------------------- ------ --------------------
   Adjustment to income before income taxes                                              $   12.2                                                              $    5.6                                                              $    50.5                                                              $   43.8
Income taxes                                                               3.5                             0.9                             12.6                            11.5  
                                                                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------- --------------------                      -------------------- ------ --------------------
   Adjustment to net income                                                              $    8.7                                           $    4.7                                           $    37.9                                           $   32.3  
                                                                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ======= ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                          
Total EPS impact                                                                         $   0.38                                           $   0.21                                           $    1.66                                           $   1.42  
                                                                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ======= ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                          
Operating margin / EBITDA reconciliation
------------------------------------------------
                                                                                            Q4-16                                                                 Q4-15                                                                  FY-16                                                                 FY-15
                                                                      ----------------------------------------------                        ----------------------------------------------                        -----------------------------------------------                        ----------------------------------------------
                                                                                                                                                                                                                                                                                          
Net sales                                                                                $  284.5                                           $  220.0                                           $ 1,056.1                                           $  867.8  
                                                                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ======= ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                          
GAAP operating income                                                                    $   41.0                                                              $   29.9                                                              $   130.7                                                              $  104.2
Add back special operating items                                           4.6                             5.4                             49.9                            45.2  
                                                                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------- --------------------                      -------------------- ------ --------------------
Adjusted operating income                                                                $   45.6                                                              $   35.3                                                              $   180.6                                                              $  149.4
Adjusted operating margin                                                                    16.0 %                                                                16.0 %                                                                 17.1 %                                                                17.2 %
                                                                                                                                                                                                                                                                                          
Add back amortization                                                                         6.0                                                                   2.9                                                                   19.4                                                                  11.9
Add back depreciation                                                      9.0                             7.5                             33.8                            29.7  
                                                                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------- --------------------                      -------------------- ------ --------------------
Adjusted EBITDA                                                                          $   60.6                                           $   45.7                                           $   233.8                                           $  191.0  
                                                                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ======= ====================                      ==================== ====== ====================
Adjusted EBITDA margin                                                                       21.3 %                                                                20.8 %                                                                 22.1 %                                                                22.0 %
                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                          
Net sales reconciliation                                                                                                                                                                       Q4 2016 vs. Q4 2015
------------------------------------------------                      ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                         Electronics                                                           Automotive                                                             Industrial                                                               Total
                                                                      ----------------------------------------------                        ----------------------------------------------                        -----------------------------------------------                        ----------------------------------------------
Net sales growth                                                                               60 %                                                                  19 %                                                                  -33 %                                                                  29 %
  Less:
     Acquisitions                                                                              45 %                                                                  21 %                                                                    0 %                                                                  29 %
     Divestitures                                                                               0 %                                                                   0 %                                                                   -4 %                                                                  -1 %
     53rd Week                                                              -5 %                                               -3 %                                                -3 %                                               -4 %
                                                                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------- --------------------                      -------------------- ------ --------------------
  Adjusted net sales growth                                                 19 %                                                2 %                                               -26 %                                                6 %
                                                                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ======= ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                          
Income tax reconciliation
------------------------------------------------
                                                                                            Q4-16                                                                 Q4-15                                                                  FY-16                                                                 FY-15
                                                                      ----------------------------------------------                        ----------------------------------------------                        -----------------------------------------------                        ----------------------------------------------
                                                                                                                                                                                                                                                                                          
Income taxes                                                                             $    4.5                                                              $    9.3                                                              $    18.8                                                              $   26.1
Effective rate                                                                               14.2 %                                                                30.9 %                                                                 15.2 %                                                                24.4 %
                                                                                                                                                                                                                                                                                          
Non-GAAP adjustment - income taxes                                                            3.5                                                                   0.9                                                                   12.6                                                                  11.5
                                                                                                                                                                                                                                 
                                                                      -------------------------------------------------                     -------------------------------------------------                     --------------------------------------------------                     -------------------------------------------------
Adjusted income taxes                                                                    $    8.0                                           $   10.2                                           $    31.4                                           $   37.6  
                                                                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ======= ====================                      ==================== ====== ====================
Adjusted effective rate                                                                      18.3 %                                                                28.5 %                                                                 18.1 %                                                                25.0 %
                                                                                                                                                                                                                                                                                          
Free Cash Flow reconciliation
------------------------------------------------
                                                                                                                                                                                                                                                                                          
Net cash provided by operating activities                                                $   80.1                                                              $   52.2                                                              $   180.1                                                              $  165.8
Less:
      Purchases of property, plant and equipment                         (11.7 )                                             (9.0 )                                             (46.2 )                                            (43.5 )
                                                                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------- --------------------                      -------------------- ------ --------------------
Free Cash Flow                                                                           $   68.4                                           $   43.2                                           $   133.9                                           $  122.3  
                                                                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ======= ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                          
Note: Totals will not always foot due to rounding
Note: Prior year numbers have been restated to reflect the
correction of immaterial errors as disclosed in recent quarterly
filings with the SEC.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20170201005247r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20170201005247/en/

SOURCE: Littelfuse, Inc.

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


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