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Littelfuse Inc. (LFUS+2.50%) has submitted its 10-K filing for the fiscal year ended December 28, 2024.
The filing reports net sales of $2,190.8 million, a decrease of 7.3% from the previous year, primarily due to lower volume in the Electronics segment.
Operating income was $158.8 million, down 56.0% from the previous year, impacted by lower sales and $92.6 million of non-cash impairment charges.
Net income for the year was $100.2 million, or $4.00 per diluted share, compared to $259.5 million, or $10.34 per diluted share, in the previous year.
The company recorded a goodwill impairment charge of $36.1 million in the Industrial controls and sensors reporting unit and $8.6 million in the Automotive sensors reporting unit.
Cash and cash equivalents increased to $724.9 million, with net cash provided by operating activities totaling $367.6 million, a decrease from $457.4 million in the previous year.
Littelfuse completed the acquisition of a 200mm wafer fab in Dortmund, Germany, from Elmos Semiconductor SE, with a total purchase price of approximately 94 million Euro.
The company reported a decrease in net sales across all geographic regions, with the largest decline in Europe, which saw a 17.2% decrease.
Littelfuse's board authorized a new three-year share repurchase program of up to $300 million, replacing the expired 2021 program.
The company identified material weaknesses in its internal control over financial reporting related to inventory cycle counts and skilled personnel at certain non-U.S. manufacturing locations.
Littelfuse's effective tax rate increased to 34.0%, driven by the impact of goodwill impairments and non-U.S. losses with no related tax benefit.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Littelfuse Inc. annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.