Littelfuse, Inc. (NASDAQ:LFUS) Q3 2023 Earnings Conference Call November 1, 2023 10:00 AM ET

Company Participants

David Kelley - Head, IR

David Heinzmann - President and CEO

Meenal Sethna - EVP and CFO

Conference Call Participants

Luke Junk - Robert W. Baird

Matthew Sheerin - Stifel

David Williams - The Benchmark Company

David Silver - CL King & Associates

Joshua Buchalter - TD Cowen

Operator

Good morning, ladies and gentlemen. Welcome to the Littelfuse Third Quarter 2023 Earnings Conference Call. [Operator Instructions]

And now at this time, I would like to turn the call over to the Head of Investor Relations, Mr. David Kelley. Please go ahead, sir.

David Kelley

Good morning, everyone, and welcome to the Littelfuse Third Quarter 2023 Earnings Conference Call. With me today are Dave Heinzmann, President and CEO; and Meenal Sethna, Executive Vice President and CFO.

Yesterday, we reported results for our third quarter, and a copy of our earnings release and slide presentation is available in the Investor Relations section of our website. A webcast of today's conference call will also be available on our website.

Please advance to Slide 2 for disclaimers. Our discussions today will include forward-looking statements. These forward-looking statements may involve significant risks and uncertainties. Please review yesterday's press release and our Forms 10-K and 10-Q for more detail about important risks that could cause actual results to differ materially from our expectations. We assume no obligation to update any of this forward-looking information.

Also, our remarks today refer to non-GAAP financial measures. A reconciliation of these non-GAAP financial measures to the most comparable GAAP measure is provided in our earnings release available on the Investor Relations section of our website.

I will now turn the call over to Dave.

David Heinzmann

Thank you, David. Good morning, and thanks for joining us today. Before I begin, I would like to welcome our new Head of Investor Relations, David Kelley. I expect many of you already know David from his prior role in equity research at Jefferies, where we were part of a sell-side coverage.

David brings a strong understanding of our business and industry and we'll continue fostering strong relationships with our investors and delivering valuable insights as we continue to drive the growth in shareholder value. Please join us in extending a warm welcome to David.

With that, let's start with a summary, Slide 4. Our global teams delivered solid Q3 results as both sales and earnings exceeded our prior guidance. Our performance reflects strong execution, ongoing diversification and favorable content momentum within a continued challenging macro environment. We're pleased with our overall performance, yielding strong year-to-date profitability, despite the ongoing channel destocking and pockets of end-market softness were significantly improved, our financial performance versus past market cycles.