Littelfuse (LFUS) Q4 2024 earnings summary

Executive summary

• Q4 2024 results were within guidance, with flat organic sales, strong cash generation, and margin improvements despite mixed end markets and significant impairment charges.

• Full year 2024 saw design-win momentum, new product innovations, and profitability enhancements, even as sales declined 7% year-over-year.

• Distribution inventory replenishment began as the electronics shipping cycle ended.

• Book-to-bill ratios improved, especially in electronics and magnet businesses, signaling stabilization.

• Positioned for 2025 growth, leveraging balanced end-market exposure, technology capabilities, and cost actions.

Financial highlights

• Q4 revenue was $530 million, down 1% year-over-year and flat organically; portfolio pruning reduced sales by 2%.

• Q4 GAAP operating margin was -6.9% due to $93 million in non-cash impairment charges; adjusted operating margin was 12%.

• Q4 GAAP diluted loss per share was $1.57; adjusted diluted EPS was $2.04.

• Full year sales were $2.19 billion, down 7% year-over-year; adjusted EBITDA margin was 18.9%.

• Full year GAAP diluted EPS was $4.51; adjusted diluted EPS was $8.48.

Outlook and guidance

• Q1 2025 sales expected between $520–$550 million, with a 2% FX headwind; adjusted EPS guidance $1.70–$1.90, tax rate ~26%.

• Full year 2025: solid earnings expansion expected, 1% FX/commodities headwind to sales, 22% EPS benefit.

• 2025 capex planned at $90–$95 million; tax rate estimated at 23–25%.

• Elmos Dortmund fab acquisition and capacity sharing to add 2% sales growth in 2025, neutral to EPS.

• Dividend of $0.70 per share payable March 6, 2025.