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Littelfuse Inc.$193.04($.91)(.47%)

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 Littelfuse Reports First Quarter Results
   Wednesday, May 03, 2017 6:30:00 AM ET

Littelfuse, Inc. (LFUS ) today reported financial results for the first quarter ended April 1, 2017.

First Quarter 2017 Highlights

-- Net sales were $285.4 million, up 30% versus the prior year period. Organic revenue growth was 5%, excluding acquisitions, e-house business divestiture and currency effects.

-- Growth by segment versus the prior year period: -- Electronics sales increased 56% (up 15% excluding acquisitions and currency effects)

-- Automotive sales increased 17% (down 2% excluding acquisitions and currency effects)

-- Industrial sales decreased 17% (down 10% excluding divestiture and currency effects)

-- GAAP diluted EPS was $1.69; Adjusted EPS of $1.69 increased 22% over last year

-- Cash flow from operations was $22.9 million

-- The electronics book-to-bill ratio for the quarter was 1.20

-- As previously announced, the company made an incremental $15 million investment in Monolith Semiconductor, a Texas-based start-up company developing silicon carbide technology. Littelfuse now has a majority ownership position in Monolith.

"We’re off to a strong start to 2017, with sales and adjusted earnings per share at the high end of our guidance range," said Dave Heinzmann, Chief Executive Officer. "We saw strong order rates continue through the first quarter in our electronics segment. Our automotive sales growth was negatively impacted by planned sensor product exits and challenging prior year comparisons from related last-time buys, as well as higher customer inventories. We were encouraged by sequential sales growth in both our commercial vehicle business and industrial segment, as end market weakness moderated."

Second Quarter 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.

"Our positive momentum has carried into the second quarter as we continue to see strong order rates across our electronics segment," continued Heinzmann. "With more stable trends in some heavy industrial markets, we expect stronger revenue growth to drive margin expansion for the second quarter."

-- Sales are expected to be in the range of $301 to $311 million, up 13% versus the prior year period at the midpoint

-- Adjusted earnings per share are expected to be in the range of $1.83 to $1.97

-- Similar to prior years, stock compensation expense for the second quarter is expected to be approximately $2 million higher than other quarters of the year due to accelerated expensing of equity granted in the quarter to all those of retirement age

Dividend and Share Repurchase Authorization

-- The company will pay a cash dividend on its common stock of $0.33 per share on June 8, 2017 to shareholders of record as of May 25, 2017.

-- The company’s previous share repurchase authorization expired on April 30, 2017 and has been replaced with a one million share repurchase authorization effective through April 30, 2018. No shares were repurchased under the former authorization.

Conference Call and Webcast Information

Littelfuse will host a conference call today, Wednesday, May 3, 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 December 31, 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 December 31, 2016.

Non-GAAP Financial Measures

The information included in this press release includes the non-GAAP financial measures of adjusted net sales growth, 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 net sales growth, 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 or were not part of our business operations during a comparable period. 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)
 
                                                                                                          First Quarter
                               -------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                      2017                                                2016                               % Change
                               -----------------------------------------------                        -----------------------------------------------                        -------------------
                                                                                                                                                                              
Net Sales
------------------------------
Electronics                                       $ 153,767                                                              $  98,796                                                   56 %
Automotive                                          107,839                                                                 91,933                                                   17 %
Industrial                        23,835                           28,669                               (17 %)
                               -------------------- ------- --------------------                      -------------------- ------- --------------------
                                                                                                                                                                              
        Total net sales                           $ 285,441                                           $ 219,398                                30 %
                               ==================== ======= ====================                      ==================== ======= ====================
                                                                                                                                                                              
                                                                                                          First Quarter
                               -------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                      2017                                                                   2016                                                  % Change
                               -----------------------------------------------                        -----------------------------------------------                        -------------------
                                                                                                                                                                              
Operating Income/(Expense)
------------------------------
Electronics                                       $  35,206                                                              $  22,416                                                   57 %
Automotive                                           15,065                                                                 17,491                                                  (14 %)
Industrial                                              106                                                                  1,673                                                  (94 %)
Other (1)                         (1,525 )                                            (9,152 )                                                 83 %
                               -------------------- ------- --------------------                      -------------------- ------- --------------------
                                                                                                                                                                              
        Total operating income                    $  48,852                                                              $  32,428                                                   51 %
                                                                                                                                                                              
Interest expense                                      3,120                                                                  2,045
Foreign exchange (gain) loss                         (1,557 )                                                                3,823
Other (income) expense, net         (139 )                                              (517 )
                               -------------------- ------- --------------------                      -------------------- ------- --------------------
                                                                                                                                                                              
Income before taxes                               $  47,428                                           $  27,077                                75 %
                               ==================== ======= ====================                      ==================== ======= ====================
                                                                                                                                                                              
 
(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)
                                                                                                          
                                                                                            April 1, 2017                                                          December 31, 2016
                                                                        -------------------------------------------------                        -------------------------------------------------
                                                                                             (Unaudited)
                                                                        -------------------------------------------------
ASSETS
Current assets:
  Cash and cash equivalents                                                                $   277,979                                                              $   275,124
  Short-term investments                                                                            32                                                                    3,690
  Accounts receivable, less allowances                                                         212,586                                                                  198,095
  Inventories                                                                                  118,311                                                                  114,063
  Prepaid income taxes and income taxes receivable                                              12,273                                                                   11,671
  Prepaid expenses and other current assets                                  13,044                              9,438  
                                                                        -------------------- --------- --------------------                      -------------------- --------- --------------------
Total current assets                                                                           634,225                                                                  612,081
Property, plant and equipment:
  Land                                                                                           9,645                                                                    9,268
  Buildings                                                                                     83,060                                                                   80,553
  Equipment                                                                 453,450                            439,542  
                                                                        -------------------- --------- --------------------                      -------------------- --------- --------------------
                                                                                               546,155                                                                  529,363
Accumulated depreciation                                                   (322,213 )                                            (312,188 )
                                                                        -------------------- --------- --------------------                      -------------------- --------- --------------------
Net property, plant and equipment                                                              223,942                                                                  217,175
Intangible assets, net of amortization:
  Patents, licenses and software                                                                88,147                                                                   83,607
  Distribution network                                                                          18,713                                                                   18,995
  Customer lists, trademarks and tradenames                                                    109,234                                                                  110,425
Goodwill                                                                    428,343                            403,544  
                                                                        -------------------- --------- --------------------                      -------------------- --------- --------------------
                                                                                               644,437                                                                  616,571
Investments                                                                                     11,657                                                                   13,933
Deferred income taxes                                                                           19,530                                                                   20,585
Other assets                                                                 10,255                             10,849  
                                                                        -------------------- --------- --------------------                      -------------------- --------- --------------------
Total assets                                                                               $ 1,544,046                                           $ 1,491,194  
                                                                        ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                  
LIABILITIES AND EQUITY
Current liabilities:
  Accounts payable                                                                         $    88,360                                                              $    90,712
  Accrued payroll                                                                               24,740                                                                   42,810
  Accrued expenses                                                                              47,849                                                                   36,138
  Accrued severance                                                                              1,146                                                                    2,785
  Accrued income taxes                                                                           8,827                                                                    8,846
  Current portion of long-term debt                                           6,250                              6,250  
                                                                        -------------------- --------- --------------------                      -------------------- --------- --------------------
Total current liabilities                                                                      177,172                                                                  187,541
Long-term debt, less current portion                                                           464,273                                                                  447,892
Deferred income taxes                                                                            8,539                                                                    7,066
Accrued post-retirement benefits                                                                13,926                                                                   13,398
Other long-term liabilities                                                                     24,375                                                                   20,366
Total equity                                                                855,761                            814,931  
                                                                        -------------------- --------- --------------------                      -------------------- --------- --------------------
Total liabilities and equity                                                               $ 1,544,046                                           $ 1,491,194  
                                                                        ==================== ========= ====================                      ==================== ========= ====================
                                                                                     LITTELFUSE, INC.
                                                                      Consolidated Statements of Comprehensive Income
                                                                  (In thousands of USD, except per share data, unaudited)
                                                                                                  
                                                                                                                 For the Three Months Ended
                                                                  ------------------------------------------------------------------------------------------------------------------
                                                                                     April 1, 2017                                                          April 2, 2016
                                                                  -----------------------------------------------                        -----------------------------------------------
                                                                                                                                          
Net sales                                                                            $ 285,441                                                              $ 219,398
                                                                                                                                          
Cost of sales                                                       171,791                          132,243  
                                                                  -------------------- ------- --------------------                      -------------------- ------- --------------------
                                                                                                                                          
Gross profit                                                                           113,650                                                                 87,155
                                                                                                                                          
                                                                                                                                          
Selling, general and administrative expenses                                            46,703                                                                 42,366
Research and development expenses                                                       12,151                                                                  8,565
Amortization of intangibles                                           5,944                            3,796  
                                                                  -------------------- ------- --------------------                      -------------------- ------- --------------------
                                                                                        64,798                                                                 54,727
                                                                                                                                          
Operating income                                                                        48,852                                                                 32,428
                                                                                                                                          
Interest expense                                                                         3,120                                                                  2,045
Foreign exchange (gain) loss                                                            (1,557 )                                                                3,823
Other (income) expense, net                                            (139 )                                              (517 )
                                                                  -------------------- ------- --------------------                      -------------------- ------- --------------------
                                                                                                                                          
Income before income taxes                                                              47,428                                                                 27,077
Income taxes                                                          8,537                            7,788  
                                                                  -------------------- ------- --------------------                      -------------------- ------- --------------------
                                                                                                                                          
Net income                                                                           $  38,891                                           $  19,289  
                                                                  ==================== ======= ====================                      ==================== ======= ====================
                                                                                                                                          
Net income per share:
   Basic                                                                             $    1.71                                           $    0.86  
                                                                  ==================== ======= ====================                      ==================== ======= ====================
   Diluted                                                                           $    1.69                                           $    0.85  
                                                                  ==================== ======= ====================                      ==================== ======= ====================
                                                                                                                                          
Weighted average shares and
equivalent shares outstanding:
   Basic                                                             22,748                           22,438  
                                                                  ==================== ======= ====================                      ==================== ======= ====================
   Diluted                                                           22,989                           22,621  
                                                                  ==================== ======= ====================                      ==================== ======= ====================
                                                                                                                                          
Comprehensive income                                                                 $  44,518                                           $  29,975  
                                                                  ==================== ======= ====================                      ==================== ======= ====================
                                                                                           LITTELFUSE, INC.
                                                                                 Consolidated Statements of Cash Flows
                                                                                   (In thousands of USD, unaudited)
 
                                                                                                         For the Three Months Ended
                                                                            --------------------------------------------------------------------------------------------------------------------
                                                                                               April 1, 2017                                        April 2, 2016
                                                                            ------------------------------------------------                        ------------------------------------------------
                                                                                                                                                     
OPERATING ACTIVITIES:
Net income                                                                                     $   38,891                                                              $   19,289
Adjustments to reconcile net income to net cash
  provided by operating activities:
    Depreciation                                                                                    9,128                                                                   7,230
    Amortization of intangibles                                                                     5,944                                                                   3,796
    Provision for bad debts                                                                           351                                                                       -
    Loss on sale of product line                                                                        -                                                                   1,391
    Stock-based compensation                                                                        3,583                                                                   2,204
    Excess tax benefit on stock-based compensation                                                      -                                                                    (706 )
    Loss on sale of assets                                                                            600                                                                      27
    Deferred income taxes                                                                             616                                                                       -
Changes in operating assets and liabilities:
    Accounts receivable                                                                           (11,267 )                                                               (10,413 )
    Inventories                                                                                    (3,296 )                                                                (3,484 )
    Accounts payable                                                                               (3,295 )                                                                 3,716
    Accrued expenses (including post retirement)                                                    4,140                                                                   3,500
    Accrued payroll and severance                                                                 (20,221 )                                                                (9,351 )
    Accrued taxes                                                                                    (220 )                                                                (5,312 )
    Prepaid expenses and other                                                  (2,011 )                                             (2,395 )
                                                                            -------------------- -------- --------------------                      -------------------- -------- --------------------
Net cash provided by operating activities                                                          22,943                                                                   9,492
                                                                                                                                                     
INVESTING ACTIVITIES:
    Purchases of property, plant and equipment                                                    (12,377 )                                                                (9,139 )
    Acquisition of business, net of cash acquired                                                 (14,172 )                                                              (264,098 )
    Proceeds from maturities of short-term investments                                              3,739                                                                       -
    Decrease in entrusted loan receivable                                                             655                                                                       -
    Proceeds from sale of assets                                                    57                                18  
                                                                            -------------------- -------- --------------------                      -------------------- -------- --------------------
Net cash used in investing activities                                                             (22,098 )                                                              (273,219 )
                                                                                                                                                     
FINANCING ACTIVITIES:
    Proceeds of revolving credit facility                                                               -                                                                 258,000
    Proceeds of term loan                                                                               -                                                                 125,000
    Payments of revolving credit facility                                                        (112,500 )                                                               (90,500 )
    Payments of term loan                                                                          (1,563 )                                                               (85,000 )
    Net Proceeds from Sr. Notes Payable                                                           125,000                                                                       -
    Payments of entrusted loan                                                                       (655 )                                                                     -
    Debt issuance costs paid                                                                          (71 )                                                                (1,700 )
    Cash dividends paid                                                                            (7,472 )                                                                (6,483 )
    Proceeds from exercise of stock options                                                           199                                                                   3,710
    Excess tax benefit on share-based compensation                                   -                               706  
                                                                            -------------------- -------- --------------------                      -------------------- -------- --------------------
Net cash (used in) provided by financing activities                                                 2,938                                                                 203,733
                                                                                                                                                     
Effect of exchange rate changes on cash and cash
    equivalents                                                                   (928 )                                              4,072  
                                                                            -------------------- -------- --------------------                      -------------------- -------- --------------------
                                                                                                                                                     
Increase (decrease) in cash and cash equivalents                                                    2,855                                                                 (55,922 )
Cash and cash equivalents at beginning of period                               275,124                           328,786  
                                                                            -------------------- -------- --------------------                      -------------------- -------- --------------------
Cash and cash equivalents at end of period                                                     $  277,979                                           $  272,864  
                                                                            ==================== ======== ====================                      ==================== ======== ====================
                                                                                                                                                     
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
--------------------------------------------
                                                                   Q1-17                                                                 Q1-16
                                             ----------------------------------------------                        ----------------------------------------------
                                                                                                                                                                                                                          
GAAP diluted EPS                                                $   1.69                                                              $   0.85
EPS impact of special items (below)                 -                            0.53  
                                             -------------------- ------ --------------------                      -------------------- ------ --------------------
Adjusted diluted EPS                                            $   1.69                                           $   1.38  
                                             ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                          
                                                                                                                                                                                                                          
Non-GAAP Adjustments - (income)/expense
--------------------------------------------
                                                                   Q1-17                                                                 Q1-16
                                             ----------------------------------------------                        ----------------------------------------------
                                                                                                                                                                                                                          
Reed switch manufacturing transfer costs                        $      -                                                              $    1.0
Restructuring                                                          -                                                                   0.4
Acquisitions/divestiture/purchase acctg adjs                         1.5                                                                   6.2
Pension wind-up                                                        -                                                                     -
Impairment and severance charges                    -                             1.6  
                                             -------------------- ------ --------------------                      -------------------- ------ --------------------
Adjustment to Operating income                                       1.5                                                                   9.2
Foreign exchange loss/(gain)                     (1.6 )                                              3.8  
                                             -------------------- ------ --------------------                      -------------------- ------ --------------------
Adjustment to income before income taxes                        $   (0.1 )                                                            $   13.0
Income taxes                                        -                             1.0  
                                             -------------------- ------ --------------------                      -------------------- ------ --------------------
Adjustment to net income                                        $   (0.1 )                                                            $   12.0  
                                             ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                          
Total EPS impact                                                $      -                                           $   0.53  
                                             ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                          
Operating margin / EBITDA reconciliation
--------------------------------------------
                                                                   Q1-17                                                                 Q1-16
                                             ----------------------------------------------                        ----------------------------------------------
                                                                                                                                                                                                                          
Net sales                                                       $  285.4                                           $  219.4  
                                             ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                          
GAAP operating income                                           $   48.9                                                              $   32.4
Add back special operating items                  1.5                             9.2  
                                             -------------------- ------ --------------------                      -------------------- ------ --------------------
Adjusted operating income                                       $   50.4                                                              $   41.6
Adjusted operating margin                                           17.7 %                                                                19.0 %
                                                                                                                                                                                                                          
Add back amortization                                                5.9                                                                   3.8
Add back depreciation                             9.1                             7.2  
                                             -------------------- ------ --------------------                      -------------------- ------ --------------------
Adjusted EBITDA                                                 $   65.4                                           $   52.6  
                                             ==================== ====== ====================                      ==================== ====== ====================
Adjusted EBITDA margin                                              22.9 %                                                                24.0 %
                                                                                                                                                                                                                          
Net sales reconciliation
--------------------------------------------
                                                                                                                                    Q1 2017 vs. Q1 2016
                                             -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                Electronics                                                           Automotive                                         Industrial                              Total
                                             ----------------------------------------------                        ----------------------------------------------                        ---------                       -------------------
                                                                                                                                                                                                                          
Net sales growth                                                      56 %                                                                  17 %                                           -17 %                                 30 %
Less:
Acquisitions                                                          42 %                                                                  21 %                                             0 %                                 28 %
Divestitures                                                           0 %                                                                   0 %                                            -7 %                                 -1 %
FX impact                                          -1 %                                               -2 %                                             0 %                                 -2 %
                                             -------------------- ------ --------------------                      -------------------- ------ --------------------                      ----- ----                      ---------- ---------
Adjusted net sales growth                          15 %                                               -2 %                                           -10 %                                  5 %
                                             ==================== ====== ====================                      ==================== ====== ====================                      ===== ====                      ========== =========
                                                                                                                                                                                                                          
Income tax reconciliation
--------------------------------------------
                                                                   Q1-17                                                                 Q1-16
                                             ----------------------------------------------                        ----------------------------------------------
                                                                                                                                                                                                                          
Income taxes                                                    $    8.5                                                              $    7.8
Effective rate                                                      18.0 %                                                                28.8 %
                                                                                                                                                                                                                          
Non-GAAP adjustment - income taxes                                     -                                                                   1.0
                                                                                                 
                                             -------------------------------------------------                     -------------------------------------------------
Adjusted income taxes                                           $    8.5                                           $    8.8  
                                             ==================== ====== ====================                      ==================== ====== ====================
Adjusted effective rate                                             18.0 %                                                                22.0 %
                                                                                                                                                                                                                          
Free Cash Flow reconcilation
--------------------------------------------
                                                                   Q1-17                                                                 Q1-16
                                             ----------------------------------------------                        ----------------------------------------------
                                                                                                                                                                                                                          
Net cash provided by operating activities                       $   22.9                                                              $    9.5
Less:
Purchases of property, plant and equipment      (12.4 )                                             (9.1 )
                                             -------------------- ------ --------------------                      -------------------- ------ --------------------
Free Cash Flow                                                  $   10.5                                           $    0.4  
                                             ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                          
Note: Totals will not always foot due to rounding

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20170503005246r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20170503005246/en/

SOURCE: Littelfuse, Inc.

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


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