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Littelfuse Inc.$197.72$4.682.42%

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 Littelfuse Reports Second Quarter Results
   Wednesday, August 02, 2017 6:30:12 AM ET

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

Second Quarter 2017 Highlights

-- Net sales were $313.4 million, up 15% versus the prior year period. Organic revenue growth was 11%, excluding the ON portfolio acquisition, e-house business divestiture and currency effects.

-- Growth by segment versus the prior year period: -- Electronics sales increased 28% (up 16% organically)

-- Automotive sales increased 5% (up 6% organically)

-- Industrial sales decreased 3% (up 5% organically)

-- GAAP diluted EPS was $2.11; Adjusted EPS of $2.10 increased 46% over last year

-- The GAAP and adjusted effective tax rate were both 15.2% for the quarter. Included in the tax rate was a discrete tax benefit of $1.4 million resulting from the new stock compensation accounting guidance.

-- Cash flow from operations was $70.6 million

-- The electronics book-to-bill ratio for the second quarter was 1.13

-- The company recently announced it had acquired the assets of U.S. Sensor Corporation, a manufacturer of temperature sensors based in Orange, California.

"We followed our strong first quarter performance with record sales and earnings in the second quarter," said Dave Heinzmann, Chief Executive Officer. "The strong order rates we’ve seen across our electronics segment since late last year continued in the second quarter, and along with solid operational execution, drove record performance across electronics. Our automotive and industrial segments also performed well, which included the expected profitability improvement in industrial."

Third 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.

"While electronics order rates remain strong, they have slowed from the peak in the second quarter. We continue, however, to see robust end demand and expect the momentum in electronics sales to continue in the third quarter," continued Heinzmann. "We also expect the automotive and industrial segments to have another solid growth quarter, including margin expansion in both businesses."

For the third quarter of 2017:

-- Sales are expected to be in the range of $311 to $323 million, up 13% on an as reported basis and up 9% organically, at the midpoint versus the prior year quarter

-- Adjusted diluted earnings per share are expected to be in the range of $2.02 to $2.16

For the full year, the company expects an adjusted effective tax rate in the range of 18% - 19%.

Dividend

The company’s board of directors approved a 12% increase in the quarterly cash dividend from $0.33 to $0.37. This equates to an annualized dividend of $1.48 per share. The dividend will be paid on September 7, 2017 to shareholders of record as of August 24, 2017.

Conference Call and Webcast Information

Littelfuse will host a conference call today, Wednesday, August 2, 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)
                                                                                                                                                                                                                                                          
                                                                                                                       Second Quarter                                                                                                                                                                     Year-to-Date
                                                  --------------------------------------------------------------------------------------------------------------------------------------------------------                     -------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                         2017                                                                   2016                                                 %                                                2017                                                                   2016                                                      %
                                                                                                                                                                                                 Growth /                                                                                                                                                                          Growth /
                                                                                                                                                                                                 (Decline)                                                                                                                                                                         (Decline)
                                                  -----------------------------------------------                        -----------------------------------------------                        ---------                      -----------------------------------------------                        -----------------------------------------------                        --------------------
                                                                                                                                                                                                                                                                                                                                                                              
Net Sales
----------------------------
Electronics                                                          $ 169,387                                                              $ 132,170                                               28%                                           $ 323,154                                                              $ 230,966                                                    40%
Automotive                                                             116,457                                                                111,370                                               5%                                              224,297                                                                203,303                                                    10%
Industrial                                           27,511                           28,372                           (3%)                           51,346                           57,041                                (10%)
                                                  -------------------- ------- --------------------                      -------------------- ------- --------------------                                                     -------------------- ------- --------------------                      -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                                                                                                              
       Total net sales                                               $ 313,355                                           $ 271,912                            15%                                           $ 598,797                                           $ 491,310                                 22%
                                                  ==================== ======= ====================                      ==================== ======= ====================                                                     ==================== ======= ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                       Second Quarter                                                                                                                                                                     Year-to-Date
                                                  --------------------------------------------------------------------------------------------------------------------------------------------------------                     -------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                         2017                                                                   2016                                                 %                                                2017                                                                   2016                                                      %
                                                                                                                                                                                                 Growth /                                                                                                                                                                          Growth /
                                                                                                                                                                                                 (Decline)                                                                                                                                                                         (Decline)
                                                  -----------------------------------------------                        -----------------------------------------------                        ---------                      -----------------------------------------------                        -----------------------------------------------                        --------------------
                                                                                                                                                                                                                                                                                                                                                                              
Operating Income/(Expense)
----------------------------
Electronics                                                          $  42,967                                                              $  25,259                                               70%                                           $  78,173                                                              $  47,675                                                    64%
Automotive                                                              15,713                                                                 16,474                                              (5%)                                              30,778                                                                 33,965                                                   (9%)
Industrial                                                               1,905                                                                  2,028                                              (6%)                                               2,012                                                                  3,701                                                   (46%)
Other (1)                                              (315 )                                           (14,059 )                                             98%                           (1,840 )                                           (23,211 )                                                 (92%)
                                                  -------------------- ------- --------------------                      -------------------- ------- --------------------                                                     -------------------- ------- --------------------                      -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                                                                                                              
   Total operating income                                            $  60,270                                                              $  29,702                                              103%                                           $ 109,123                                                              $  62,130                                                    76%
Operating margins                                                         19.2 %                                                                 10.9 %                                                                                                18.2 %                                                                 12.6 %
                                                                                                                                                                                                                                                                                                                                                                              
Interest expense                                                         3,281                                                                  1,670                                                                                                 6,401                                                                  3,715
Foreign exchange (gain) loss                                              (558 )                                                               (6,237 )                                                                                              (2,115 )                                                               (2,414 )
Other (income) expense, net                             190                              255                                                              52                             (262 )
                                                  -------------------- ------- --------------------                      -------------------- ------- --------------------                                                     -------------------- ------- --------------------                      -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                                                                                                              
Income before taxes                                                  $  57,357                                           $  34,014                            69%                                           $ 104,785                                           $  61,091                                 72%
                                                  ==================== ======= ====================                      ==================== ======= ====================                                                     ==================== ======= ====================                      ==================== ======= ====================
 
(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.)
                                                                                                                         
                                                                                                                                                                                                                                        Second Quarter                                                                                                                                                              Year-to-Date
                                                                                                                                                                                          ----------------------------------------------------------------------------------------------------------                                                               ---------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                           2017      2016                                            Growth /                                                                   2017                                    2016                                                 Growth /
                                                                                                                                                                                                                                                                                           (Decline)                                                                                                                                                               (Decline)
                                                                                                                                                                                          -----                                           -----                                           ---------                                                                ----------                                -----                                           --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Operating Margins
-----------------
Electronics                                                                                                                                                                               25.4%                                           19.1%                                                6.3%                                                                     24.2%                                20.6%                                                           3.5%
Automotive                                                                                                                                                                                13.5%                                           14.8%                                               -1.3%                                                                     13.7%                                16.7%                                                          -3.0%
Industrial                                                                                                                                                                                 6.9%                                            7.1%                                               -0.2%                                                                      3.9%                                 6.5%                                                          -2.6%
 
                                                                                          LITTELFUSE, INC.
                                                                                Condensed Consolidated Balance Sheets
                                                                                        (In thousands of USD)
                                                                                                          
                                                                                            July 1, 2017                                                           December 31, 2016
                                                                        ----------------------------------------------------                     ----------------------------------------------------
                                                                                             (Unaudited)
                                                                        ----------------------------------------------------
ASSETS
Current assets:
  Cash and cash equivalents                                                                $   321,893                                                              $   275,124
  Short-term investments                                                                            34                                                                    3,690
  Accounts receivable, less allowances                                                         199,027                                                                  176,032
  Inventories                                                                                  125,240                                                                  114,063
  Prepaid income taxes and income taxes receivable                                               6,720                                                                   11,671
  Prepaid expenses and other current assets                                  51,938                             31,501  
                                                                        -------------------- --------- --------------------                      -------------------- --------- --------------------
Total current assets                                                                           704,852                                                                  612,081
Property, plant and equipment:
  Land                                                                                           9,691                                                                    9,268
  Buildings                                                                                     84,481                                                                   80,553
  Equipment                                                                 471,960                            439,542  
                                                                        -------------------- --------- --------------------                      -------------------- --------- --------------------
                                                                                               566,132                                                                  529,363
Accumulated depreciation                                                   (333,593 )                                            (312,188 )
                                                                        -------------------- --------- --------------------                      -------------------- --------- --------------------
Net property, plant and equipment                                                              232,539                                                                  217,175
Intangible assets, net of amortization:
  Patents, licenses and software                                                                85,798                                                                   83,607
  Distribution network                                                                          18,191                                                                   18,995
  Customer lists, trademarks and tradenames                                                    106,848                                                                  110,425
Goodwill                                                                    432,134                            403,544  
                                                                        -------------------- --------- --------------------                      -------------------- --------- --------------------
                                                                                               642,971                                                                  616,571
Investments                                                                                     11,916                                                                   13,933
Deferred income taxes                                                                           19,028                                                                   20,585
Other assets                                                                 10,885                             10,849  
                                                                        -------------------- --------- --------------------                      -------------------- --------- --------------------
Total assets                                                                               $ 1,622,191                                           $ 1,491,194  
                                                                        ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                  
LIABILITIES AND EQUITY
Current liabilities:
  Accounts payable                                                                         $   100,826                                                              $    90,712
  Accrued payroll                                                                               32,866                                                                   42,810
  Accrued expenses                                                                              50,536                                                                   36,138
  Accrued severance                                                                                629                                                                    2,785
  Accrued income taxes                                                                           9,522                                                                    8,846
  Current portion of long-term debt                                           7,813                              6,250  
                                                                        -------------------- --------- --------------------                      -------------------- --------- --------------------
Total current liabilities                                                                      202,192                                                                  187,541
Long-term debt, less current portion                                                           473,879                                                                  447,892
Deferred income taxes                                                                            8,826                                                                    7,066
Accrued post-retirement benefits                                                                15,975                                                                   13,398
Other long-term liabilities                                                                     25,887                                                                   20,366
Total equity                                                                895,432                            814,931  
                                                                        -------------------- --------- --------------------                      -------------------- --------- --------------------
Total liabilities and equity                                                               $ 1,622,191                                           $ 1,491,194  
                                                                        ==================== ========= ====================                      ==================== ========= ====================
 
                                                                                                                                                            LITTELFUSE, INC.
                                                                                                                                             Consolidated Statements of Comprehensive Income
                                                                                                                                         (In thousands of USD, except per share data, unaudited)
                                                                                                                                                                                                          
                                                                                                                 For the Three Months Ended                                                                                                                     For the Six Months Ended
                                                                  -------------------------------------------------------------------------------------------------------------------------                     -------------------------------------------------------------------------------------------------------------------------
                                                                                     July 1, 2017                                                           July 2, 2016                                                           July 1, 2017                                                           July 2, 2016
                                                                  --------------------------------------------------                     --------------------------------------------------                     --------------------------------------------------                     --------------------------------------------------
                                                                                                                                                                                                                                                                                        
Net sales                                                                            $ 313,355                                                              $ 271,912                                                              $ 598,797                                                              $ 491,310
                                                                                                                                                                                                                                                                                        
Cost of sales                                                       180,747                          174,046                          352,539                          306,289  
                                                                  -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                        
Gross profit                                                                           132,608                                                                 97,866                                                                246,258                                                                185,021
                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                        
Selling, general and administrative expenses                                            53,438                                                                 51,092                                                                100,139                                                                 93,458
Research and development expenses                                                       12,729                                                                 11,916                                                                 24,881                                                                 20,481
Amortization of intangibles                                           6,171                            5,156                           12,115                            8,952  
                                                                  -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------
                                                                                        72,338                                                                 68,164                                                                137,135                                                                122,891
                                                                                                                                                                                                                                                                                        
Operating income                                                                        60,270                                                                 29,702                                                                109,123                                                                 62,130
                                                                                                                                                                                                                                                                                        
Interest expense                                                                         3,281                                                                  1,670                                                                  6,401                                                                  3,715
Foreign exchange (gain) loss                                                              (558 )                                                               (6,237 )                                                               (2,115 )                                                               (2,414 )
Other (income) expense, net                                             190                              255                               52                             (262 )
                                                                  -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                        
Income before income taxes                                                              57,357                                                                 34,014                                                                104,785                                                                 61,091
Income taxes                                                          8,719                            6,862                           17,255                           14,650  
                                                                  -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                        
Net income                                                                           $  48,638                                           $  27,152                                           $  87,530                                           $  46,441  
                                                                  ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                        
Net income per share:
    Basic                                                                            $    2.13                                           $    1.21                                           $    3.84                                           $    2.07  
                                                                  ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================
    Diluted                                                                          $    2.11                                           $    1.20                                           $    3.80                                           $    2.05  
                                                                  ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                        
Weighted average shares and
   equivalent shares outstanding:
    Basic                                                            22,822                           22,528                           22,785                           22,483  
                                                                  ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================
    Diluted                                                          23,023                           22,674                           23,005                           22,647  
                                                                  ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                        
Comprehensive income                                                                 $  44,485                                           $  11,899                                           $  89,004                                           $  41,874  
                                                                  ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================
 
                                                                                                   LITTELFUSE, INC.
                                                                                         Consolidated Statements of Cash Flows
                                                                                           (In thousands of USD, unaudited)
                                                                                                                            
                                                                                                                                            For the Six Months Ended
                                                                                           ---------------------------------------------------------------------------------------------------------------------------
                                                                                                              July 1, 2017                                                            July 2, 2016
                                                                                           ---------------------------------------------------                     ---------------------------------------------------
                                                                                                                                                                    
OPERATING ACTIVITIES:
Net income                                                                                                    $   87,530                                                              $   46,441
Adjustments to reconcile net income to net cash
  provided by operating activities:
      Depreciation                                                                                                18,575                                                                  16,156
      Amortization of intangibles                                                                                 12,115                                                                   8,952
      Impairment of intangible assets                                                                                  -                                                                   1,391
      Provision for bad debts                                                                                      1,895                                                                       -
      Stock-based compensation                                                                                     8,590                                                                   6,124
      Non-cash inventory charge                                                                                        -                                                                   6,902
      Excess tax benefit on stock-based compensation                                                                   -                                                                  (1,585 )
      Loss on sale of assets                                                                                         593                                                                     331
      Deferred income taxes                                                                                        1,514                                                                       -
Changes in operating assets and liabilities:
      Accounts receivable                                                                                        (32,039 )                                                               (25,028 )
      Inventories                                                                                                 (8,739 )                                                                (1,282 )
      Accounts payable                                                                                             7,985                                                                   2,974
      Accrued expenses (including post retirement)                                                                 3,912                                                                   5,715
      Accrued payroll and severance                                                                              (13,190 )                                                               (10,227 )
      Accrued taxes                                                                                                  515                                                                 (13,946 )
      Prepaid expenses and other                                                                4,317                            (7,642 )
                                                                                           -------------------- -------- --------------------                      -------------------- -------- --------------------
Net cash provided by operating activities                                                                         93,573                                                                  35,276
                                                                                                                                                                    
INVESTING ACTIVITIES:
      Purchases of property, plant and equipment                                                                 (28,278 )                                                               (20,217 )
      Acquisition of business, net of cash acquired                                                              (14,172 )                                                              (354,356 )
      Proceeds from maturities of short-term investments                                                           3,739                                                                       -
      Decrease in entrusted loan receivable                                                                        2,416                                                                       -
      Proceeds from sale of assets                                                                178                               370  
                                                                                           -------------------- -------- --------------------                      -------------------- -------- --------------------
Net cash used in investing activities                                                                            (36,117 )                                                              (374,203 )
                                                                                                                                                                    
FINANCING ACTIVITIES:
      Proceeds of revolving credit facility                                                                            -                                                                 258,000
      Proceeds of term loan                                                                                            -                                                                 125,000
      Payments of revolving credit facility                                                                     (112,500 )                                                               (97,500 )
      Payments of term loan                                                                                       (3,125 )                                                               (86,563 )
      Net proceeds from Sr. Notes Payable                                                                        125,000                                                                       -
      Payments of entrusted loan                                                                                  (2,416 )                                                                     -
      Debt issuance costs paid                                                                                        (1 )                                                                (1,701 )
      Cash dividends paid                                                                                        (14,963 )                                                               (12,995 )
      Net proceeds (payments) related to stock-based award activities                                             (2,074 )                                                                 2,960
      Excess tax benefit on share-based compensation                                                -                             1,586  
                                                                                           -------------------- -------- --------------------                      -------------------- -------- --------------------
Net cash (used in) provided by financing activities                                                              (10,079 )                                                               188,787
                                                                                                                                                                    
Effect of exchange rate changes on cash and cash
       equivalents                                                                               (608 )                                                815  
                                                                                           -------------------- -------- --------------------                      -------------------- -------- --------------------
                                                                                                                                                                    
Increase (decrease) in cash and cash equivalents                                                                  46,769                                                                (149,325 )
Cash and cash equivalents at beginning of period                                              275,124                           328,786  
                                                                                           -------------------- -------- --------------------                      -------------------- -------- --------------------
Cash and cash equivalents at end of period                                                                    $  321,893                                           $  179,461  
                                                                                           ==================== ======== ====================                      ==================== ======== ====================
 
                                                                                                                                                            LITTELFUSE, INC.
                                                                                                                                                   Supplemental Financial Information
                                                                                                                                              (in millions of USD except per share amounts)
                                                                                                                                                                                                           
GAAP EPS Reconciliation
------------------------------------------------
                                                                                            Q2-17                                                                YTD-17                                                                 Q2-16                                                                YTD-16
                                                                      -------------------------------------------------                     -------------------------------------------------                     -------------------------------------------------                     -------------------------------------------------
GAAP diluted EPS                                                                         $   2.11                                                              $   3.80                                                              $   1.20                                                              $   2.05
EPS impact of Non-GAAP adjustments (below)                               (0.01 )                                            (0.01 )                                             0.24                            0.77  
                                                                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
Adjusted diluted EPS                                                                     $   2.10                                           $   3.79                                           $   1.44                                           $   2.82  
                                                                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                         
Non-GAAP Adjustments - (income)/expense
------------------------------------------------
                                                                                            Q2-17                                                                YTD-17                                                                 Q2-16                                                                YTD-16
                                                                      -------------------------------------------------                     -------------------------------------------------                     -------------------------------------------------                     -------------------------------------------------
Reed switch manufacturing transfer costs                                                 $      -                                                              $      -                                                              $    0.7                                                              $    1.7
Restructuring                                                                                   -                                                                     -                                                                   0.1                                                                   0.5
Acquisitions/divestiture/purchase acctg adjs                                                  0.3                                                                   1.8                                                                  13.0                                                                  19.2
Impairment and severance charges                                             -                               -                             0.3                                                1.9
                                                                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
   Adjustment to Operating income                                                             0.3                                                                   1.8                                                                  14.0                                                                  23.2
Non-operating Foreign exchange loss/(gain)                                (0.6 )                                             (2.2 )                                             (6.2 )                                             (2.4 )
                                                                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
   Adjustment to income before income taxes                                                  (0.3 )                                                                (0.4 )                                                                 7.8                                                                  20.8
Income taxes                                                                 -                               -                             2.3                             3.4  
                                                                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
   Adjustment to net income                                                              $   (0.3 )                                                            $   (0.4 )                                                            $    5.5                                           $   17.4  
                                                                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                         
Total EPS impact                                                                         $  (0.01 )                                                            $  (0.01 )                                                            $   0.24                                           $   0.77  
                                                                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                         
Operating margin / EBITDA reconciliation
------------------------------------------------
                                                                                            Q2-17                                                                YTD-17                                                                 Q2-16                                                                YTD-16
                                                                      -------------------------------------------------                     -------------------------------------------------                     -------------------------------------------------                     -------------------------------------------------
                                                                                                                                                                                                                                                                                         
Net sales                                                                                $  313.4                                           $  598.8                                           $  271.9                                           $  491.3  
                                                                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                         
GAAP operating income                                                                    $   60.3                                                              $  109.2                                                              $   29.7                                                              $   62.1
Add back special operating items                                           0.3                             1.8                            14.0                            23.2  
                                                                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
Adjusted operating income                                                                $   60.6                                                              $  111.0                                                              $   43.7                                                              $   85.3
Adjusted operating margin                                                                    19.3 %                                                                18.5 %                                                                16.1 %                                                                17.4 %
                                                                                                                                                                                                                                                                                         
Add back amortization                                                                         6.2                                                                  12.1                                                                   5.2                                                                   9.0
Add back depreciation                                                      9.4                            18.5                             8.9                            16.1  
                                                                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
Adjusted EBITDA                                                                          $   76.2                                           $  141.6                                           $   57.8                                           $  110.4  
                                                                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
Adjusted EBITDA margin                                                                       24.3 %                                                                23.6 %                                                                21.3 %                                                                22.5 %
                                                                                                                                                                                                                                                                                         
Net sales reconciliation                                                                                                                                                                        Q2-17 vs. Q2-16
------------------------------------------------                      ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                         Electronics                                                           Automotive                                                            Industrial                                                               Total
                                                                      ----------------------------------------------                        ----------------------------------------------                        ----------------------------------------------                        ----------------------------------------------
Net sales growth                                                                               28 %                                                                   5 %                                                                  -3 %                                                                  15 %
  Less:
     Acquisitions                                                                              13 %                                                                   0 %                                                                   0 %                                                                   6 %
     Divestitures                                                                               0 %                                                                   0 %                                                                  -8 %                                                                  -1 %
     FX impact                                                              -1 %                                               -2 %                                               -1 %                                               -1 %
                                                                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
  Adjusted (organic) net sales growth                                       16 %                                                6 %                                                5 %                                               11 %
                                                                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                         
Income tax reconciliation
------------------------------------------------
                                                                                            Q2-17                                                                YTD-17                                                                 Q2-16                                                                YTD-16
                                                                      -------------------------------------------------                     -------------------------------------------------                     -------------------------------------------------                     -------------------------------------------------
                                                                                                                                                                                                                                                                                         
Income taxes                                                                             $    8.7                                                              $   17.2                                                              $    6.9                                                              $   14.7
Effective rate                                                                               15.2 %                                                                16.5 %                                                                20.2 %                                                                24.0 %
                                                                                                                                                                                                                                                                                         
Non-GAAP adjustment - income taxes                                                              -                                                                     -                                                                   2.3                                                                   3.3
                                                                                                                                                                                                                                
                                                                      -------------------------------------------------                     -------------------------------------------------                     -------------------------------------------------                     -------------------------------------------------
Adjusted income taxes                                                                    $    8.7                                           $   17.2                                           $    9.2                                           $   18.0  
                                                                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
Adjusted effective rate                                                                      15.2 %                                                                15.2 %                                                                22.0 %                                                                22.0 %
                                                                                                                                                                                                                                                                                         
Free Cash Flow reconcilation
------------------------------------------------
                                                                                            Q2-17                                                                 Q2-16                                                                YTD-17                                                                YTD-16
                                                                      -------------------------------------------------                     -------------------------------------------------                     -------------------------------------------------                     -------------------------------------------------
Net cash provided by operating activities                                                $   70.6                                                              $   25.8                                                              $   93.6                                                              $   35.3
Less:
      Purchases of property, plant and equipment                         (15.9 )                                            (11.1 )                                            (28.3 )                                            (20.2 )
                                                                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
Free Cash Flow                                                                           $   54.7                                           $   14.7                                           $   65.3                                           $   15.1  
                                                                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                         
Note: Totals will not always foot due to rounding
 

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20170802005210r1&sid=cmtx6&distro=nx&

View source version on businesswire.com: http://www.businesswire.com/news/home/20170802005210/en/

SOURCE: Littelfuse, Inc.

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


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