Littelfuse Third-Quarter Organic Growth Reaches 22% After Two Slower Quarters

The Tip Desk · November 2, 2026 · 3 min read

Record third-quarter 2026 net sales of $767 million reflected a $28.5 million reduction for a Dortmund fee, and the company expects about 28% year-over-year revenue growth in the fourth quarter.

Littelfuse, Inc. (LFUS), a maker of electrical protection and power-transfer components, reported record net sales of $767 million for the third quarter ended September 26, 2026, up 23% from a year earlier. Organic growth contributed 22%, after 14% in the second quarter and 9% in the first.

The reported total included a $28.5 million one-time Dortmund contract amendment fee recorded as a reduction of semiconductor net sales, which the company said reduced semiconductor sales growth by 16 percentage points. Organic growth of 22% was the company’s organic contribution after that fee and a 6% contribution from the Basler Electric Company acquisition.

GAAP diluted earnings were $4.49 a share, up 62% from a year earlier. Adjusted diluted earnings were a record $5.79 a share, up 96%. GAAP operating margin expanded to 20.0% from 15.6% a year earlier. Adjusted EBITDA margin, calculated on adjusted net sales that exclude the Dortmund fee, rose to 28.4% from 21.5%.

Cash flow from operations was $230 million, up 57% from a year earlier, and free cash flow was $216 million, up 64%. Cash and cash equivalents were $824.8 million at quarter-end. Net debt was $437.3 million. The company announced a quarterly cash dividend of $0.80 a share, payable December 3, 2026.

Electronics, the largest reportable segment, posted net sales of $426 million. Organic sales rose 27%, after 20% in the second quarter and 15% in the first. Passive products and sensors grew 30% organically, and semiconductor products grew 24% organically, which the company attributed to increased protection and power semiconductor volumes. Electronics adjusted EBITDA margin rose to 33.1% from 24.0% a year earlier, which the company said reflected volume leverage, operational execution, and favorable price and product mix.

Transportation net sales were $183 million, up 7% both reported and organic, after 1% organic growth in each of the two prior quarters. Commercial vehicle products rose 20% organically, which the company said benefited from truck, data center, material handling, construction, and agricultural equipment demand. Passenger vehicle organic sales declined 5%, which the company said reflected lower global passenger car builds and auto sensor product declines. Transportation adjusted EBITDA margin rose to 19.6% from 16.8% a year earlier.

Industrial net sales were $158 million, up 65% reported and 27% organic. The Basler acquisition contributed 38% to growth. Organic sales rose 27%, after 16% in the second quarter, which the company attributed to data center, grid and utility infrastructure, HVAC, industrial automation, and construction demand. Industrial adjusted EBITDA margin rose to 25.2% from 20.7% a year earlier.

President and Chief Executive Officer Greg Henderson said the company delivered results reflecting broad-based demand strength and continued momentum across the portfolio, and that teams drove growth across segments with margin expansion and cash generation.

For the fourth quarter of 2026, Littelfuse expects net sales of $750 million to $770 million, adjusted diluted earnings of $5.05 to $5.25 a share, and an adjusted effective tax rate of approximately 24%. Henderson said the company continues to see strong demand across its diverse market exposures and expects approximately 28% year-over-year revenue growth.