Littelfuse Reports Record Q3 Revenue of $767 Million as Adjusted Earnings Rise 96%

Littelfuse, Inc. (NASDAQ:LFUS) reported record third-quarter 2026 revenue of $767 million, supported by strong demand across its electronics, transportation and industrial businesses, alongside higher profitability and cash generation.

The industrial technology manufacturer reported organic sales growth of 22% year over year, while adjusted diluted earnings per share increased 96% to a record $5.79. GAAP diluted earnings per share rose 62% to $4.49.

The results included a one-time $28.5 million contract amendment fee associated with the company’s Dortmund operations, which was recorded as a reduction in semiconductor revenue.

Operating margins also improved, with the GAAP operating margin increasing by 440 basis points to 20% and the adjusted EBITDA margin expanding by 690 basis points to 28.4%.

Electronics Revenue Reaches $426 Million

Littelfuse’s Electronics segment reported third-quarter revenue of $426 million, including the $28.5 million Dortmund contract amendment adjustment.

Organic sales increased 27%, supported by higher demand for passive products and semiconductor components.

Passive product sales grew 30% organically, while semiconductor sales increased 24%, reflecting higher volumes of protection and power semiconductor products.

The segment’s adjusted EBITDA margin rose by 910 basis points to 33.1%, supported by increased sales volumes, operational improvements and a favourable product mix.

The performance reflected continued demand across the company’s electronics portfolio despite the one-time revenue adjustment.

Transportation Sales Increase 7% as Commercial Vehicle Demand Improves

The Transportation segment generated revenue of $183 million, representing growth of 7% on both a reported and organic basis.

Commercial vehicle sales increased 20% organically, supported by demand from truck manufacturing, data centres, material handling, construction and agricultural equipment markets.

This growth was partly offset by a 5% organic decline in passenger vehicle sales, reflecting lower global passenger car production and reduced demand for automotive sensor products.

The segment’s adjusted EBITDA margin increased by 280 basis points to 19.6%, benefiting from higher commercial vehicle volumes and operational efficiencies.

Industrial Revenue Rises 65% Following Basler Acquisition

Littelfuse’s Industrial segment reported revenue of $158 million, an increase of 65% from the corresponding period of 2025.

Organic sales grew 27%, supported by demand across data centres, electrical grid and utility infrastructure, heating, ventilation and air conditioning systems, industrial automation and construction markets.

The acquisition of Basler Electric Company contributed 38 percentage points to the segment’s reported revenue growth.

Adjusted EBITDA margin increased by 450 basis points to 25.2%, reflecting higher sales volumes, improved operating efficiency and favourable pricing and product mix.

Cash Flow Increases as Profitability Improves

Littelfuse reported operating cash flow of $230 million during the third quarter, representing a 57% increase year over year.

Free cash flow rose 64% to $216 million.

For the first nine months of 2026, operating cash flow increased 55% to $457 million, while free cash flow grew 66% to $409 million.

The higher cash generation accompanied improvements in profitability across all three operating segments.

President and Chief Executive Officer Greg Henderson said the results reflected stronger demand and operational execution.

“We delivered strong third quarter results reflecting broad-based demand strength, disciplined execution, and continued momentum across the portfolio,” Henderson said.

“Our teams drove significant growth across our segments, while delivering meaningful margin expansion and robust cash generation as we continued to advance our strategic priorities.”

Littelfuse Forecasts Approximately 28% Revenue Growth in Q4

Littelfuse expects fourth-quarter 2026 revenue of between $750 million and $770 million, representing approximately 28% year-over-year growth.

The company forecasts adjusted diluted earnings per share of $5.05 to $5.25, with an adjusted effective tax rate of approximately 24%.

Henderson said the company continues to see demand across its end markets, including opportunities associated with industrial infrastructure and electronics.

“Looking ahead to the fourth quarter, we continue to see strong demand across our diverse market exposures, and we expect approximately +28% yr/yr revenue growth,” he said.

The company noted that its guidance is provided on an adjusted basis and excludes certain items that cannot be reliably forecast.

Quarterly Dividend Declared

Littelfuse announced a quarterly cash dividend of $0.80 per common share.

The dividend is scheduled for payment on December 3, 2026, to shareholders of record as of November 19, 2026.

Littelfuse Outlook

Littelfuse’s third-quarter performance reflected higher demand across its three operating segments, with organic revenue growth of 22% and adjusted diluted earnings per share increasing 96%.

Electronics and Industrial each reported organic sales growth of 27%, while Transportation recorded 7% growth, supported by commercial vehicle demand.

The company also reported substantial improvements in operating cash flow and free cash flow, alongside higher adjusted EBITDA margins across all segments.

For the fourth quarter, Littelfuse expects revenue of $750 million to $770 million and adjusted diluted earnings per share of $5.05 to $5.25, as it continues to benefit from demand across electronics, infrastructure and industrial markets.

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