Littelfuse, Inc. reported a decline in financial performance for the third quarter and the first nine months of fiscal 2024 compared to the same periods in 2023. For the three months ended September 28, 2024, net sales were $567.4 million, a decrease of $39.7 million (6.5%) from $607.1 million in Q3 2023. Year-to-date net sales for the first nine months of 2024 totaled $1.661 billion, down $167.6 million (9.2%) from $1.829 billion in the prior year. The decrease was primarily attributed to lower volumes in the Electronics segment, particularly in semiconductor products.
Gross profit for Q3 2024 was $215.9 million, down from $226.9 million in Q3 2023, while year-to-date gross profit fell to $610.7 million from $706.7 million. Operating income also declined, with Q3 2024 reporting $87.8 million compared to $93.6 million in Q3 2023, and year-to-date operating income decreased to $208.3 million from $296.3 million. The operating margin for the first nine months of 2024 decreased to 12.5% from 16.2% in the same period of 2023.
Despite the overall decline in sales and profitability, net income for Q3 2024 increased slightly to $58.1 million ($2.32 per diluted share) from $57.8 million ($2.30 per diluted share) in Q3 2023. However, year-to-date net income fell to $152.0 million from $216.6 million in the previous year. The effective tax rate for the nine months ended September 28, 2024, rose to 21.9% from 19.7% in the same period of 2023, attributed to a higher proportion of income earned in higher tax jurisdictions.
Littelfuse has made strategic acquisitions, including the purchase of Western Automation for approximately $162 million in February 2023, and a planned acquisition of a 200mm wafer fab in Dortmund, Germany, for about €93 million (approximately $100.5 million), with the down payment recorded in Q3 2023. The company also reported restructuring charges of $1.8 million in Q3 2024, primarily for employee termination costs, compared to $3.7 million in Q3 2023.
As of September 28, 2024, Littelfuse's cash and cash equivalents increased to $629.7 million from $555.5 million at the end of 2023. The company repurchased 179,311 shares totaling $40.9 million during the nine months ended September 28, 2024, and has authorized a new share repurchase program of up to $300 million for the period from May 1, 2024, to April 30, 2027.
About LITTELFUSE INC /DE
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