Littelfuse (LFUS) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached $554.3 million, up 3.5–4% year-over-year, with $10.2 million from the Dortmund Fab acquisition and 2.9–3% organic growth, exceeding guidance.

• Adjusted diluted EPS was $2.19, up 24% year-over-year, while GAAP EPS was $1.75, with net income at $43.6 million, down from $48.5 million due to higher tax and FX losses.

• Strong sequential growth and margin expansion in Electronics and Industrial segments; Transportation margins improved despite sales decline and soft demand.

• Book-to-bill ratio improved across all businesses, entering Q2 with a strong backlog and focus on execution amid uncertainty.

• CEO transition to Dr. Greg Henderson, with a renewed focus on growth and operational excellence; CFO transition plan announced.

Financial highlights

• Gross profit was $207.3 million (37.4% margin), up from $187.8 million (35.1%) year-over-year.

• GAAP operating margin: 12.7% (up from 10.3%); adjusted operating margin: 14.2% (+320 bps); adjusted EBITDA margin: 20.1% (up from 17.1%).

• Operating cash flow: $66 million; free cash flow: $43 million (98% conversion), up 3% year-over-year.

• Ended Q1 with $618.7–$619 million cash and net debt-to-EBITDA leverage of 1.3x.

• Returned $45 million to shareholders ($17M dividend, $27M buybacks).

Outlook and guidance

• Q2 2025 net sales expected between $565–$595 million; adjusted EPS guidance: $2.10–$2.40; tax rate projected at 23–25%.

• Full-year 2025: Dortmund agreement to add ~2% to sales, neutral EPS; F/X and commodities to add 1% to sales and ~$0.40 to EPS.

• $90–95 million in capital expenditures planned for 2025; 100% free cash flow conversion targeted.

• Dividend of $0.70 per share payable June 5, 2025, to shareholders of record as of May 22, 2025.