Overview

• Electrical protection solutions maker's Q1 net sales rose year-over-year

• Adjusted EPS for Q1 increased to $3.31 from $2.19 a year ago

Outlook

• Littelfuse expects Q2 net sales between $690 mln and $710 mln

• Company sees Q2 adjusted diluted EPS in the range of $3.65–$3.85

• Company says Q2 demand strength remains broad based, supported by strong backlog and Basler acquisition

Result Drivers

• ELECTRONICS SEGMENT GROWTH - Electronics segment sales rose 18%, with 15% organic growth driven by improved passive product sales (+22% organic) and higher protection semiconductor volumes, offsetting lower power semiconductor sales

• INDUSTRIAL SEGMENT BOOST - Industrial segment sales increased 45%, with the Basler acquisition contributing 39% to growth, and organic gains from grid & utility infrastructure and data center demand, plus favorable pricing

• MARGIN EXPANSION - Margin improvements across all segments were attributed to volume leverage and operational execution, with adjusted EBITDA margin rising to 22.9% (+280 bps)

Company press release: ID:nBw9bHmCHa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Sales	Beat	$656.97 mln	$635 mln (1 Analyst)
Q1 Adjusted EPS	Beat	$3.31	$2.85 (2 Analysts)
Q1 EPS		$2.96
Q1 Net Income		$75.15 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the electronic equipment & parts peer group is "buy"

• Wall Street's median 12-month price target for Littelfuse Inc is $430.00, about 1.7% above its May 5 closing price of $422.80

• The stock recently traded at 30 times the next 12-month earnings vs. a P/E of 25 three months ago

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