Littelfuse (LFUS) Q4 FY2023 earnings: revenue $534 million, down 13.0% on the year

Littelfuse Inc. (LFUS) reported revenue of $534 million for Q4 FY2023, the quarter ended 30 December 2023, down 13.0% on the same quarter a year earlier. Net income was $43 million, down 54.0% on the year, and diluted earnings per share $1.71. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2024.

Revenue$534 milliondown 13.0%

Net income$43 milliondown 54.0%

Diluted EPS$1.71

QuarterQ4 FY2023ended 30 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	534	607	n/a	n/a
Cost of revenue	340	380	n/a	n/a
Gross profit	194	227	n/a	n/a
Gross margin	36.3%	37.4%	n/a
Research and development	25.2	25.5	n/a	n/a
Selling, general and administrative	84.6	87.2	n/a	n/a
Operating income	64.5	93.6	n/a	n/a
Operating margin	12.1%	15.4%	n/a
Interest expense	10.1	10.1	n/a	n/a
Pre-tax income	58.9	75.3	n/a	n/a
Income tax	16.1	17.5	n/a	n/a
Effective tax rate	27.3%	23.3%	n/a
Net income	42.9	57.8	n/a	n/a
Net margin	8.0%	9.5%	n/a
Diluted EPS	$1.71	$2.30	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	144	162	n/a	n/a
Capital expenditure	23.0	21.7	n/a	n/a
Free cash flow	121	140	n/a	n/a
Free cash flow margin	22.7%	23.0%	n/a
Cash from investing	-22.9	-62.4	n/a	n/a
Cash from financing	-139	-14.5	n/a	n/a
Depreciation and amortisation	34.1	33.9	n/a	n/a
Share-based compensation	3.8	3.9	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Dividends paid	16.2	16.2	n/a	n/a
Dividend per share	$0.60	$0.65	n/a	n/a
Diluted shares, weighted	25m	25m	n/a	n/a
Shares outstanding at period end	25m	25m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	2,480	2,405	n/a	n/a
Non-controlling interest	0.3	0.3	n/a	n/a
Debt	872	993	n/a	n/a
Operating lease liabilities	49.2	39.8	n/a	n/a
Finance lease liabilities	0.3	n/a	n/a	n/a
Other liabilities	593	566	n/a	n/a
Total liabilities and equity	3,995	4,003	n/a	n/a
Fixed assets	493	479	n/a	n/a
Goodwill	1,310	1,284	n/a	n/a
Intangible assets	606	612	n/a	n/a
Investments	25.1	23.6	n/a	n/a
Cash and equivalents	556	560	n/a	n/a
Receivables	287	328	n/a	n/a
Inventory	475	483	n/a	n/a
Other assets	244	233	n/a	n/a
Total assets	3,995	4,003	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	607	534	535	558	567	530	554	613	625	594	657	739
Cost of revenue	380	340	348	351	351	353	347	381	384	368	403	433
Gross profit	227	194	188	207	216	177	207	232	241	226	254	306
Gross margin	37%	36%	35%	37%	38%	33%	37%	38%	39%	38%	39%	41%
R&D	25.5	25.2	27.7	27.1	26.5	26.5	26.0	26.4	27.3	27.1	29.7	31.0
SG&A	87.2	84.6	86.1	93.4	83.9	87.0	87.7	95.5	99.6	99.0	99.3	121
Operating income	93.6	64.5	55.0	65.5	87.8	-49.5	70.2	92.8	97.4	-223	101	120
Operating margin	15%	12%	10%	12%	15%	-9%	13%	15%	16%	-38%	15%	16%
Interest expense	10.1	10.1	9.6	10.0	9.8	9.4	8.9	8.6	8.6	8.3	7.0	5.7
Pre-tax income	75.3	58.9	55.7	61.1	77.7	-42.7	59.9	78.2	94.7	-229	96.7	117
Tax rate	23%	27%	13%	26%	25%	n/a	27%	27%	27%	n/a	22%	24%
Net income	57.8	42.9	48.5	45.5	58.1	-51.8	43.6	57.3	69.5	-242	75.1	89.4
Net margin	10%	8%	9%	8%	10%	-10%	8%	9%	11%	-41%	11%	12%
Diluted EPS	$2.30	$1.71	$1.93	$1.82	$2.32	-$2.07	$1.75	$2.30	$2.77	-$9.72	$2.96	$3.49
Operating cash flow	162	144	57.1	69.4	80.4	161	65.8	82.5	147	139	80.3	146
Capital expenditure	21.7	23.0	15.5	19.1	15.4	25.8	23.1	9.9	15.7	18.9	14.1	18.9
Free cash flow	140	121	41.6	50.3	65.0	135	42.7	72.6	131	120	66.2	127
Buybacks	0.0	0.0	16.1	24.7	0.0	0.0	27.4	0.2	0.0	0.0	0.0	0.0
Dividends paid	16.2	16.2	16.2	16.1	17.4	17.4	17.3	17.3	18.6	18.7	18.8	19.0
Shares outstanding	25m	25m	25m	25m	25m	25m	25m	25m	25m	25m	25m	n/a
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 30 December 2023, filed 16 February 2024, accession 0000889331-24-000034: the filing on EDGAR. All of Littelfuse Inc.'s filings: EDGAR company page.

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