> ## Content Index
> Fetch the complete content index at: https://www.bullished.co/llms.txt
> Use this file to discover other available public pages before exploring further.

# Littelfuse's Data Center Boom Is Still Low-Voltage, CEO Says — The Higher-Voltage Ramp Is Ahead
- URL: https://www.bullished.co/littelfuses-data-center-boom-is-still-low-voltage-ceo-says-the-higher-voltage-ramp-is-20e86ac0/
- Published: 2026-10-28T14:12:02.000Z
- Updated: 2026-10-28T14:12:02.000Z
- Description: CEO Greg Henderson says customers are booking past normal lead times, while an analyst pressed on whether electronics margins can last.
- Author: Matteo Parrino
- Tags: Earnings, LFUS, Industry: Industrials

Nearly all the data center revenue [Littelfuse](https://www.bullished.co/tag/lfus/) ships today is low-voltage, CEO Greg Henderson told analysts on the company's third-quarter earnings call Wednesday, with higher-voltage platforms "yet to ramp meaningfully." Littelfuse, which makes circuit-protection and power-control components such as fuses, relays, sensors and power semiconductors, posted [record net sales of $767 million](https://finance.yahoo.com/markets/stocks/articles/littelfuse-lfus-beats-q3-earnings-113505619.html?.tsrc=rss&ref=bullished.co) for the quarter.

## Low voltage now, high voltage booked

Henderson said data center was the leading growth driver in the quarter. "The vast majority of the revenue we ship today is still in the low voltage shipments," he told a Baird analyst, adding that only a small volume of higher-voltage platforms has shipped so far.

Bookings, backlog and design wins lean more toward higher-voltage systems, he said, and third-quarter design wins were 2x last year. Across all markets, he said, design wins grew double digits and the average dollar value per new business opportunity is up more than 20% year to date.

The quarter itself: organic growth of 22%, [adjusted earnings of $5.79 a share](https://finance.yahoo.com/markets/stocks/articles/littelfuse-lfus-beats-q3-earnings-113505619.html?.tsrc=rss&ref=bullished.co), up 96%, and adjusted EBITDA of $226 million at a 28.4% margin, CFO Abhishek Khandelwal said. A one-time Dortmund contract amendment fee of $28.5 million reduced semiconductor sales, and free cash flow was $216 million.

## Booking beyond lead times

Lead times are normal, Henderson said, but customers are booking outside them, leaving Littelfuse with more bookings into next year than it would usually hold at this point. Bookings were a record in the quarter and book-to-bill stayed well above 1.0, he said.

Asked by an Oppenheimer analyst whether buyers are hoarding, Henderson said management sees no broad inventory build. He cited direct contact with about 1,000 customers that make up roughly two-thirds of revenue.

## Are electronics margins a peak?

A Baird analyst noted that electronics margins in the high 20s had been a cyclical high in the past and asked how sustainable they are. Khandelwal credited volume leverage and execution, and said protection and passive products carry strong operating leverage. Excluding the Dortmund fee, the segment's adjusted EBITDA margin was 33.1%.

Henderson said cycles will come, but pointed to dollar content per design-win opportunity up 20% from a year earlier and to progress toward the company's 2030 targets of $4.5 billion in revenue and $1.1 billion in adjusted EBITDA.

## Bassler running ahead of plan

Khandelwal said the company now expects the Bassler acquisition to add $135 million to $140 million of revenue this year, up from the $130 million to $135 million first given. Earnings accretion is now seen at about $0.25 to $0.30 a share, against the $0.10 to $0.15 originally projected.

For the fourth quarter, Littelfuse guided to net sales of $750 million to $770 million and adjusted EPS of $5.05 to $5.25.

Henderson said the bookings already extend into next year, which gives the higher-voltage ramp a visible test in 2027.

### Sources

- [Littelfuse (LFUS) Beats Q3 Earnings Estimates](https://finance.yahoo.com/markets/stocks/articles/littelfuse-lfus-beats-q3-earnings-113505619.html?.tsrc=rss&ref=bullished.co) — Yahoo Finance
- [Littelfuse Non-GAAP EPS of $5.79 beats by $0.81, revenue of $767M misses by $27.66M (LFUS:NASDAQ)](https://seekingalpha.com/news/4658761-littelfuse-non-gaap-eps-of-5%5F79-beats-by-0%5F81-revenue-of-767m-misses-by-27%5F66m?ref=bullished.co) — seekingalpha.com
- [リテルヒューズ、超低クランプ電圧と超低キャパシタンスを両立したTVSダイオードアレイを発表 - ZDNET Japan](https://japan.zdnet.com/release/31218265/?ref=bullished.co) — japan.zdnet.com

### More on Littelfuse

- [Littelfuse Books A $28.5 Million One-Time Dortmund Fee, Says It Opens Power Chip Options](https://www.bullished.co/littelfuse-books-a-28-5-million-one-time-dortmund-fee-says-it-opens-power-chip-options-11adab80/)
- [Littelfuse Adjusted EPS Jumps 96% To A Record $5.79 On Data Center And Grid Demand](https://www.bullished.co/littelfuse-adjusted-eps-jumps-96-to-a-record-5-79-on-data-center-and-grid-demand-47bbacc6/)

[All Littelfuse (LFUS) coverage →](https://www.bullished.co/tag/lfus/)