Total Revenue

+3.6%

Total revenue increased to USD 554.31M in Q1 2025, with improved performance driven by stronger gains in key segments such as Industrial (+15%) and Electronics (+5.5%), which helped offset a decline in Transportation (–5%). This growth reflects a rebound in favorable market conditions and improved product mix compared to Q1 2024. " " "

Electronics Revenue

+5.5% (from USD 291.1M to USD 307.2M)

Electronics revenue grew by 5.5% YoY, benefitting from higher volume and demand for electronics products, which contrasts with previous periods marked by semiconductor headwinds. The improvement indicates successful execution in business strategies that helped reverse earlier soft volumes. " " "

Transportation Revenue

–5.0% (from USD 170.4M to USD 161.9M)

Transportation revenue declined by 5% YoY, primarily reflecting continued challenges such as lower automotive sensor volume and a strategic exit from lower-margin products—a trend that was seen in prior periods but has now resulted in a negative revenue impact despite margin improvements. This indicates that while cost reduction initiatives boosted operating income, revenue pressures remained. " " "

Industrial Revenue

+15% (from USD 73.9M to USD 85.2M)

Industrial segment revenue increased by 15% YoY, driven by robust demand in areas like renewable energy, data centers, and HVAC systems. This substantial improvement over the previous period reflects both strong market dynamics and successful pricing and product mix strategies. " " "

Asia-Pacific Revenue

+5.9% (from USD 193.7M to USD 205.28M)

The Asia-Pacific region saw a 5.9% YoY increase in revenue, buoyed by higher net sales from electronics products and passenger car as well as commercial vehicle businesses. This marks a turnaround from earlier pressures in the region, indicating improving market sentiment and recovery in demand. " " "

Gross Profit

+10.4% (from USD 187.8M to USD 207.26M)

Gross profit expanded by 10.4% YoY despite cost of sales remaining largely steady, driven primarily by higher volumes and favorable pricing strategies across Electronics and Industrial segments. This improvement, coming on the back of previous softer margins, underscores a better overall mix and operational leverage. " "

Operating Income

+27.6% (from USD 54.95M to USD 70.15M)

Operating income increased by approximately 27.6% YoY, reflecting strong volume leverage and margin expansion predominantly in the Electronics and Industrial segments. Although restructuring, impairment, and other charges jumped by around 178%, the underlying earnings improved significantly compared to the previous period. " "

Net Income & Basic EPS

Net Income down 10.1%; Basic EPS down 9%

Net income contracted by about 10.1% YoY and Basic EPS fell 9% (from USD 1.95 to USD 1.76), indicating that lower operating profitability was partly offset by higher non-operational charges. Despite operational improvements, increased expenses such as restructuring and impairment charges, along with possibly higher effective tax rates, negatively impacted the bottom line compared to Q1 2024. " " "

Operating Cash Flow

+15% (from USD 57,150K to USD 65,758K)

Operating cash flow increased by 15% YoY, driven by higher cash earnings and reductions in working capital compared to Q1 2024. This stronger cash flow performance underscores improved operational efficiency and liquidity relative to the prior period. " " " "

Cash and Cash Equivalents

+10% (from USD 562,153K to USD 618,687K)

Cash and cash equivalents grew by 10% YoY, a result of robust operating cash flows combined with lower net cash used in investing and financing activities. Improved balance sheet management compared to the previous period helped drive this increase despite ongoing market and investment challenges. " " " "

Sales

Q2 2025

$520 million to $550 million "

$565 million to $595 million "

raised

EPS

Q2 2025

$1.70 to $1.90 "

$2.10 to $2.40 "

raised

FX and Commodity Impact

Q2 2025

$0.11 benefit to EPS "

$0.15 benefit to EPS "

raised

Tax Rate

Q2 2025

no prior guidance

23% to 25% "

no prior guidance

Stock Compensation Expense

Q2 2025

no prior guidance

unfavorable $0.10 EPS impact and -50 bps effect "

no prior guidance

Sales Growth

FY 2025

Approximately 2% total sales growth "

2% total sales growth "

no change

EPS Impact from Capacity Sharing Arrangement

FY 2025

neutral EPS impact "

neutral impact "

no change

FX and Commodities Impact

FY 2025

1% headwind to sales and $0.22 benefit to EPS "

1% tailwind to sales and $0.40 benefit to EPS "

raised

Amortization Expense

FY 2025

$59 million "

$58 million "

lowered

Interest Expense

FY 2025

$35 million "

$35 million "

no change

Tax Rate

FY 2025

23% to 25% "

23% to 25% "

no change

Capital Expenditures

FY 2025

$90 million to $95 million "

$90 million to $95 million "

no change

Order Backlog & Book-to-Bill Momentum

Q2-Q4 discussions noted cautious order patterns and moderated book-to-bill ratios with segments like power semiconductors lagging, while passive and protection products mostly stayed above 1 " " " "

Q1 2025 featured strong momentum across all segments with a robust order backlog and book-to-bill ratios above 1, instilling confidence in future guidance " " "

Improved momentum and stronger order indicators – the current period shows a shift to robust order activity compared to cautious patterns earlier.

Tariffs, Global Trade Uncertainty & Geopolitical Risks

In Q4 2024, the focus was on mitigating tariff impacts through manufacturing footprint alignment, while Q3 mentioned geopolitical dynamics in Europe and Q2 had minimal detail " " "

Q1 2025 deepened the discussion with active mitigation strategies, customer collaboration, and diversified sourcing to address tariffs and global trade uncertainties, along with customer anxiety in sensitive submarkets " " " "

Increased emphasis and proactive management – the topic remains critical with more detailed operational responses and continued focus on uncertainty management.

Strong Balance Sheet & Strategic Capital Allocation

Q2-Q4 earnings consistently highlighted strong cash positions, low net debt-to-EBITDA ratios, free cash flow conversion, and a balanced approach between capital returns and acquisitions " " " "

Q1 2025 reaffirmed financial strength with robust cash on hand, disciplined capital allocation, and an emphasis on strategic M&A to spur future growth " " "

Consistent robust financial health – the company continues to leverage its strong balance sheet to support growth initiatives and strategic acquisitions.

Margin Trends

Q2-Q4 discussions detailed margin improvements—especially in operating and EBITDA margins—in various segments despite pressures from inventory, FX, and commodity volatility " " " "

Q1 2025 reported continued margin expansion in electronics, industrial, and transportation segments, though acknowledging pressures from commodity costs and stock compensation " " "

Ongoing margin expansion with minor headwinds – strong operational performance persists despite some pressures, reflecting overall positive sentiment.

Demand Trends in Key Segments

Q2-Q4 calls revealed mixed demand trends: steady passive electronics and industrial safety growth, softness in industrial equipment and automotive segments, with regional variances (Europe weakness, North America stability) " " " " "

Q1 2025 showed solid sequential growth in passive electronics and industrial segments with strong demand in data centers, while maintaining caution in automotive and personal electronics " " " " "

Recovery in key segments amid continued caution in certain markets – demand is rebounding in industrial and electronics but sentiment remains guarded for automotive and personal electronics.

Automotive & Vehicle Electrification Trends

Q2-Q4 discussions focused on evolving high-voltage systems, design wins in low-voltage fuse applications, and challenges in traditional passenger car sales, with significant EV growth in China " " " "

Q1 2025 emphasized leveraging high-voltage architectures from automotive in data center applications and highlighted EV content growth despite a 6% decline in passenger car sales, indicating both challenges and new opportunities " " "

Balanced outlook with innovation and enduring challenges – the company is capitalizing on electrification trends while managing declining traditional vehicle sales.

Industrial & Semiconductor Market Dynamics

Q2-Q4 calls described soft demand in industrial equipment and power semiconductors, with some stabilization in protection products and mixed performance across geographies, including an impairment in Q4 " " " "

Q1 2025 reported 16% organic growth in industrial products and a modest 5% decline in semiconductor sales, reflecting strong industrial performance contrasted with continuing softness in power semiconductor areas " " "

Divergence within segments – industrial markets show robust growth, while semiconductor (especially power) challenges persist; the overall picture remains mixed.

Supply Chain Resilience & Inventory Normalization

Q2-Q4 discussions highlighted normalization of passive electronics inventory (with weeks of inventory back to pre-COVID levels), replenishment in certain regions, and a well-managed supply chain strategy enhancing resilience " " " "

Q1 2025 did not explicitly reference destocking but emphasized strong book-to-bill ratios across segments, implying effective inventory management and resilience in the supply chain " " "

Transition from destocking to growth – having normalized inventories earlier, current focus is on robust order intake and maintaining supply chain flexibility.

M&A and Strategic Acquisitions

Q2-Q4 earnings consistently noted a robust pipeline of acquisitions, disciplined selection criteria, and significant deals like the Dortmund fab acquisition in Q4 " " " " "

Q1 2025 reaffirmed the strategic importance of M&A, with leadership emphasizing the sharpening of the M&A funnel to drive organic and inorganic growth aligned with evolving technology trends " " "

Continued strategic focus and refinement – the company remains committed to M&A as a key growth lever, with ongoing emphasis on targeted acquisitions.

Pricing Power & Stability

In Q2-Q4 earnings, Littelfuse highlighted resilient pricing from previous increases, tailored pricing actions in transportation, and overall stability despite competitive challenges " " " "

Q1 2025 continued the narrative of strong pricing power with adaptive strategies (including tariff-related pricing actions) supporting margin expansion across segments " " " "

Steady and adaptable pricing strategy – pricing remains a stable attribute, effectively countering cost pressures and supporting profitability.

Rising Commodity Costs & FX Headwinds

Q2-Q4 calls detailed rising input costs for metals and associated FX impacts, quantifying headwinds (often in basis points) while noting contract clauses to pass through cost increases " " " "

Q1 2025 reiterated the challenge with spiking commodity costs balanced by a significant FX tailwind, indicating a nuanced impact on margins and earnings " " "

Persistent cost challenges offset by favorable FX – the dynamics remain similar, with commodity headwinds being carefully managed alongside beneficial FX movements.

Asset Impairments & EV Charging Infrastructure

Q4 2024 reported a $93 million impairment related to weak EV charging infrastructure trends; Q3 and Q2 mentioned softness in demand for EV charging without major impairments " " " "

Q1 2025 did not mention asset impairments or EV charging infrastructure, suggesting a deprioritization or an absence of recent developments in this area [document not available in Q1]

Diminished focus in current period – after significant discussion in Q4, the absence in Q1 may indicate a lower priority or resolution of previous concerns.

Passive Electronics Inventory Destocking

Q2-Q4 earnings discussed extensive destocking, normalization of channel inventory back to pre-COVID levels, and strong book-to-bill ratios in passive products, with recovery signs in various regions " " " "

Q1 2025 did not explicitly mention destocking, though strong order growth in passive electronics implies that normalization has been achieved and focus has shifted to capturing demand " "

Transition from destocking to demand focus – the issue appears resolved with normalized inventories, shifting the conversation toward growth and demand recovery.