Littelfuse (LFUS) 2026 年第三季法說會：營收與每股盈餘創新高，第四季展望強勁

Littelfuse (NASDAQ: LFUS) 在廣泛需求、營運槓桿以及產品組合改善的支撐下，公布 2026 年第三季銷售額與調整後稀釋每股盈餘 (EPS) 均創歷史新高。多特蒙德 (Dortmund) 合約修訂的一次性費用使半導體銷售額減少 2,850 萬美元。

重點摘要

• 淨銷售額達到創紀錄的 7.67 億美元，有機成長率為 22%。收購 Basler 帶來約 6% 的貢獻，外匯影響則為中性。
• 調整後稀釋每股盈餘 (EPS) 年增 96%，達到公司歷史新高的 5.79 美元。調整後 EBITDA 為 2.26 億美元，利潤率為 28.4%。
• 單季自由現金流成長 64% 至 2.16 億美元。年初至今自由現金流成長 66% 至 4.09 億美元。
• 資料中心為最主要的成長動力。管理層同時指出電網基礎設施、工業自動化、暖通空調 (HVAC)、醫療、航太與國防以及商用車領域表現強勁。
• 創紀錄的新增訂單以及遠高於 1.0 的訂單出貨比（B/B ratio），支撐管理層對第四季銷售額 7.5 億至 7.7 億美元、調整後稀釋每股盈餘 5.05 至 5.25 美元的展望。
• 管理層重申其 2030 年目標：營收達到 45 億美元、調整後 EBITDA 達到 11 億美元，以及年度自由現金流超過 6 億美元。

關鍵財務數據

業務與營運績效

電子產品事業部

電子產品銷售額為 4.26 億美元，其中包含 2,850 萬美元的多特蒙德合約修訂費用。有機銷售額成長 27%，被動元件產品成長 30%，半導體產品成長 24%。

成長廣泛來自資料中心、多元工業與交通運輸應用。保護半導體產品創下營收與獲利新高，功率半導體需求與利潤率亦有所改善。

若扣除該筆一次性修訂費用，該部門調整後 EBITDA 利潤率為 33.1%，上升 910 個基點。管理層將利潤率擴張歸因於銷量槓桿效益、定價策略、優良的產品組合以及營運執行力。

多特蒙德合約修訂加速了合約出貨量的交付，並排除了限制條款。管理層表示，此變更改善了該資產的基礎經濟效益，並在 Littelfuse 評估其更廣泛的功率半導體佈局時提供更大彈性。

交通運輸產品事業部

交通運輸銷售額在報告基礎及有機基礎上均成長 7%，達到 1.83 億美元。受重型卡車、資料中心和農業設備需求的推動，商用車有機銷售額成長 20%。

乘用車有機銷售額下降 5%，反映出全球汽車產量下降以及公司計畫退出低利潤的舊型感測器產品線。由於商用車銷量槓桿效益與營運執行力抵消了乘用車需求的疲軟，調整後 EBITDA 利潤率上升 280 個基點至 19.6%。

工業產品事業部

工業產品銷售額成長 65% 至 1.58 億美元。在資料中心與電網基礎設施、暖通空調以及工業自動化需求的支撐下，有機成長率為 27%。Basler 對該部門的成長貢獻了約 38%。

調整後 EBITDA 利潤率上升 450 個基點至 25.2%，反映出銷量槓桿效益、營運效率、定價策略及產品組合優化。

資料中心與其他高成長市場

資料中心仍是公司最大的成長貢獻來源。目前的出貨仍主要集中於低壓系統，高壓平台則開始貢獻少量出貨。

管理層指出，高壓系統在新增訂單、在手訂單及新設計導入 (design wins) 中所占比例有所提高。第三季資料中心的新設計導入金額是去年同期的兩倍。

Littelfuse 同時關注電網與公用事業基礎設施以及航太與國防領域。航太與國防銷售額成長高於公司平均水準，新設計導入項目包括用於國防飛行控制系統的高可靠度功率半導體模組，以及用於商業太空客戶的專用開關解決方案。

Basler 整合進展

管理層表示，Basler 正持續強化 Littelfuse 在電網基礎設施與資料中心領域的地位。Littelfuse 與超大型雲端業者 (hyperscalers) 的合作關係為 Basler 產品創造了新機會，而 Basler 與公用事業機構的關係則為 Littelfuse 的傳統保護解決方案擴大了市場管道。

公司將 Basler 全年營收預期從 1.3 億至 1.35 億美元上調至 1.35 億至 1.4 億美元。預期全年每股盈餘 (EPS) 增益由 0.10 至 0.15 美元提高至約 0.25 至 0.30 美元，反映出綜效發揮超前進度。

管理層展望

管理層表示，該展望基於多個主要市場持續健康的需求假設，並獲得強勁的在手訂單與客戶合作關係支撐。

長期而言，Littelfuse 持續以 7%-9% 的有機成長率以及 24%-26% 的調整後 EBITDA 利潤率為目標。公司亦預計 2026 年透過卓越營運計畫實現約 500 萬美元的常態化年化成本節約，並預期在 2027 年迎來更多機會，邁向 2030 年達到 5,000 萬美元的優化目標。

風險與關注事項

• 大宗商品、運費與燃料的通膨仍是影響因素。管理層打算在 2026 年透過產品定價、附加費與工廠生產力提升，維持價格與成本的中性平衡。
• 由於全球汽車產量下降以及公司計畫退出低利潤的感測器產品，乘用車需求持續承壓。
• 管理層承認正常的商業週期性波動，但預期市場佔有率提升、高價值產品以及投資組合優化將有助於改善跨景氣週期的業績表現。
• 客戶下單的排程進一步拉長，部分原因係生態系統中其他環節存在零星的供應鏈瓶頸。Littelfuse 表示其本身的交期總體保持正常。
• 管理層表示，目前未看到客戶出現廣泛囤積庫存的情況，經銷商的零售端 (POS) 趨勢依然維持健康。

分析師問答亮點

半導體業務成長：管理層將成長加速歸因於需求改善以及公司採取的特定措施。半導體有機成長率從第一季的 8% 提升至第二季的 15%，第三季更達到 24%。保護產品受惠於廣泛需求與市占率提升，功率半導體則得益於出貨量成長、製造優化以及產品組合合理化。

電子產品利潤率永續性：管理層指出，被動元件與保護半導體強勁的營運槓桿效益，加上功率半導體的重組，是驅動利潤率成長的主因。公司正優先發展高電壓、高功率與高價值的應用，同時逐步減少對缺乏差異化優勢產品的投入。

訂單能見度：新增訂單再創新高，且訂單出貨比持續遠高於 1.0。管理層表示，與客戶的直接合作關係覆蓋了約三分之二的營收來源，這提高了對終端市場平台與需求的能見度。

資料中心電壓轉型：當前的營收成長主要來自低壓系統。然而，管理層表示，高壓架構對未來的新增訂單、在手訂單與新設計導入的貢獻正在增加，支持未來單機價值的潛在提升。

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完整財報電話會議逐字稿

管理層陳述

Operator

Good day, everyone, and welcome to the Littelfuse Third Quarter 2026 Earnings Conference Call. Today's call is being recorded. At this time, I will turn the call over to the Vice President of Investor Relations, David Kelley. Please proceed.

David Kelley

Good morning, and welcome to the Littelfuse Third Quarter 2026 Earnings Conference Call. With me today are Greg Henderson, President and CEO; and Abhi Khandelwal, Executive Vice President and CFO. This morning, we reported results for our third quarter, and a copy of our earnings release and slide presentation is available on 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 our disclaimers. Our discussions today will include forward-looking statements. These forward-looking statements may involve significant risks and uncertainties. Please review today'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 in the Investor Relations section of our website. I will now turn the call over to Greg.

Gregory Henderson

Thank you, David, and thank you to everyone for joining us today. This morning, I'll provide details on our third quarter results, including performance highlights across our end markets. I'll then share progress against our strategic priorities before turning the call over to Abhi to review our segment financials and fourth quarter outlook.

Turning to the quarter. We delivered record net sales of $767 million. Our Q3 results were impacted by a onetime Dortmund contract amendment fee that reduced semiconductor sales by $28.5 million, which we will discuss in more detail shortly. Organic revenue growth accelerated to 22% year-over-year, driven by execution on our strategic priorities and demand strength across our markets. We also delivered significant margin expansion and 96% year-over-year earnings growth in the third quarter. This culminated in an adjusted earnings of $5.79, a record for the company. Finally, I wanted to highlight our free cash flow performance, which is up 66% year-to-date, reinforcing our strong execution.

Turning to performance across our end market exposures. Computing, Communications and Diversified Industrials, or CCDI, delivered another quarter of strong growth. Data center was again a leading contributor as we continue to capitalize on our unique grid-to-chip capability and customer-focused go-to-market model. Our data center backlog is expanding, and we see traction in our opportunity pipeline and design wins. Across diversified industrials, we delivered broad-based growth, led by demand for medical and aerospace and defense applications. We also continue to execute on strong orders from our broad market channel partners as end customer POS remains very healthy across geographies and applications.

Turning to Energy and Industrial Infrastructure, or EII, we saw broad-based demand momentum and Basler Electric continues to perform well. Within Industrial Infrastructure, growth was led by industrial automation, heavy construction and HVAC demand recovery. Within energy infrastructure, grid modernization and utility investment drove increased demand for our market-leading protection solutions. Battery energy storage served as another key growth engine where we are developing market-leading protection architectures to support rapid power scaling.

In Transportation and Logistics, or T&L, commercial vehicle demand strengthened in the quarter. This was driven by our proactive go-to-market engagement and a market recovery across heavy truck, agriculture and material handling equipment. In passenger vehicles, revenue increased driven by strong execution as our teams are delivering content and market share gains despite lower global vehicle production. Overall, our third quarter performance reinforces the strength of our end market diversity and technology positioning. Our growth also reflects our sharpened focus on high-growth opportunities and our go-to-market shift as we continue to outperform our end markets.

Heading into the fourth quarter, we are well positioned to maintain our operational momentum. Bookings were again a record in Q3, driven by growth across our businesses, and our book-to-bill remained well north of 1.0.

Now let me update you on the progress we're making across our strategic priorities. Starting with go-to-market, we continue to see strong customer engagement translate into a larger, higher-value new business funnel. By engaging customers earlier in the design cycle with more of our multi-technology solutions, we are increasing both the breadth and value of our opportunity pipeline. As evidence of our traction year-to-date, the average dollar value per new business opportunity has increased by more than 20%, while third quarter design wins again grew double digits year-over-year. Together, these results reinforce our confidence in our long-term organic growth targets.

Now let's turn to our high-growth opportunities or HGOs. While early, we also believe our sharpened focus on our 3 HGOs, data center, grid and utility infrastructure and aerospace and defense is beginning to deliver tangible returns. Today, I wanted to specifically highlight our expanding aerospace and defense or A&D opportunity. While this high-growth market represents a small portion of revenue today, sales growth outpaced company average in Q3. A&D is an ideal market for our technology, given its mission-critical requirements and rapid transition towards high-voltage DC architectures. During the quarter, we secured several key A&D design wins, including high reliability power semiconductor modules for defense flight control system and specialized switching solutions for a commercial space customer. Long term, we believe a focused A&D growth strategy will diversify our market exposure while providing strong and resilient profit contribution.

Finally, turning to operational excellence. At our May Investor Day, we highlighted semiconductor products and transportation, where we see opportunities to enhance our long-term growth while optimizing our portfolio and driving long-term profitability enhancements. While early, we're seeing evidence of our progress towards our 2030 goals. Starting with semiconductors. We delivered significant revenue growth and improved profitability in the quarter. This was led by our protection franchise, which delivered record revenue and profitability, while we see continued strong bookings momentum into year-end. Long term, protection remains well positioned as a market leader and key enabler of the long-term electrification megatrend across our markets.

In power semiconductors, organic growth accelerated alongside improved margins. While early, we are executing our more focused power semiconductor strategy around higher power and higher value opportunities. We are delivering for our customers as our orders have accelerated. We remain disciplined in balancing power semi growth opportunities with active portfolio rationalization and footprint optimization. During the third quarter, we executed an amendment to a commercial supply agreement for our Dortmund facility. In exchange for a onetime payment, this amendment accelerates the delivery of contracted volumes while eliminating restrictive covenants. This step materially improves the underlying economics of the Dortmund asset and grants us significant strategic flexibility and optionality as we evaluate our broader power semiconductor footprint. Over time, we remain committed to better positioning our power semiconductor franchise for sustainable growth, structural margin expansion and enhanced long-term returns.

Turning to Transportation. Our sharpened focus on our market-leading customers, efficiencies and scale is driving solid growth, while we're seeing continued margin expansion as we scale our operations and simplify our cost structure. We believe our enhancements position us well to drive structural margin expansion in a muted underlying market environment.

Taking a step back, we are encouraged by our third quarter results. Our teams are executing against attractive market demand, converting and expanding customer opportunity pipeline and driving profitability enhancements across the portfolio. I want to thank our teams for their dedication to serving our customers and delivering value. With that, I'll turn the call over to Abhi.

Abhishek Khandelwal

Thank you, Greg, and good morning, everyone. Today, I will walk you through our third quarter financial performance before reviewing our fourth quarter outlook. Please turn to Slide 6 for details on our third quarter performance. All comparisons are versus the prior year unless noted otherwise.

Reported net sales in the third quarter were a record $767 million, reflecting the $28.5 million onetime Dortmund customer amendment fee, which was not contemplated in our previous guidance. Organic growth contributed 22%. The Basler acquisition contributed approximately 6% and foreign exchange was neutral. Adjusted EBITDA was $226 million, while adjusted EBITDA margin finished at 28.4%, up 690 basis points. Adjusted diluted earnings per share were $5.79, up 96% versus the prior year and a record for the company. The improvement reflects strong volume leverage, favorable mix, pricing and operational execution.

As a result of our operational excellence initiative, we expect to realize approximately $5 million in 2026 run rate savings. We continue to deliver progress towards our 2030 optimization goal of $50 million and see further opportunities into 2027. Operating cash flow was $230 million and free cash flow was $216 million, up 64%. Year-to-date, free cash flow was $409 million, up 66% as we continue to drive strong conversion. We ended the quarter with $825 million of cash on hand and a consolidated net leverage ratio of 0.7x. We also returned $20 million to shareholders through our third quarter dividend.

Please turn to Slide 8 for our segment highlights, starting with the Electronics Products segment. Reported electronics sales were $426 million, reflecting the $28.5 million onetime Dortmund customer amendment fee. Organic sales increased 27%, with passive products up 30% and semiconductor products up 24%. Growth was broad-based across data center, diversified industrial and transportation applications. Within semiconductor products, we observed continued strong protection demand and improved power demand. Excluding the onetime amendment fee, adjusted EBITDA margin for the Electronics segment was 33.1%, up 910 basis points versus the prior year, reflecting volume leverage, favorable price, product mix and operational execution. While early, we are seeing the benefits of our more focused power semiconductor strategy. Looking ahead, we will continue to pair healthy end market demand with disciplined portfolio and footprint actions in our power semiconductor franchise with the goal of driving improved long-term profitability and returns.

Moving to our Transportation Products segment on Slide 9. Sales were $183 million, up 7%, both on a reported basis and organically. Commercial vehicle organic sales expanded 20%, fueled by strong demand in heavy truck, data center and agricultural equipment. Passenger vehicle organic sales declined 5%, reflecting lower global auto production and planned exits of legacy lower-margin sensor lines. Adjusted EBITDA margin was 19.6%, up 280 basis points. Strong commercial vehicle volume leverage and operational execution more than offset the impact of softer passenger vehicle demand.

Turning to Slide 10. Industrial segment sales were $158 million, up 65%. Organic growth was 27%, supported by strong data center and grid infrastructure, HVAC and industrial automation demand. The Basler acquisition contributed approximately 38% to growth. Adjusted EBITDA margin was 25.2%, up 450 basis points, reflecting favorable volume leverage, operational efficiencies, price and mix.

Turning to our outlook for the fourth quarter on Slide 11. We expect continued healthy demand across several of our key markets supported by strong backlog and customer engagement. Based on current market conditions, we expect fourth quarter net sales in the range of $750 million to $770 million. At the midpoint, this represents approximately 28% growth versus the prior year and better than typical seasonal sales. We expect fourth quarter adjusted diluted EPS to be in the range of $5.05 to $5.25 per share. Our guidance assumes an adjusted effective tax rate of approximately 24%.

We remain focused on executing the value creation playbook we outlined at Investor Day, driving 7% to 9% organic growth over time, expanding adjusted EBITDA margin towards 24% to 26%, generating strong free cash flow and deploying capital with discipline. Our third quarter performance reinforces our confidence in the strategic path toward our 2030 targets of $4.5 billion in revenue, $1.1 billion in adjusted EBITDA and more than $600 million of annual free cash flow. Thank you to the Littelfuse teams for their continued execution and commitment to our customers. With that, operator, please open the call for Q&A.

Operator

Your first question comes from the line of David Williams with Needham.

分析師問答

David Williams

So maybe first, just kind of thinking about the mechanics of the semi growth and you kind of walked through some of that. But can you help us understand how much of this is maybe cyclical versus demand and perhaps maybe the repositioning of what you've done within those power semis? I'm just trying to understand how much of this is really demand versus the operational changes that you've made within that business.

Gregory Henderson

Yes. Thank you, David. Yes. So look, semiconductors as part of our Electronics segment had strong performance in the quarter. You start with our protection semiconductor franchise. We had record revenue and profitability from this segment, and this is a very model profitability segment for us in general. And I would say 2 things.

One, we do have good market momentum. We actually had broad-based growth in our protection semiconductor business across our markets. And second, I would say we also are taking share. So we have some opportunities to take share. For example, in transportation, we outperformed the market in the passenger car, and a lot of that was driven by some of that anyway significant part of it was driven by our protection semiconductor business. We have other franchises like our passives as well that we're doing well in that business. So I would say that's the thing about protection semiconductor.

And then in power semiconductors, we had also good performance. We do have volume growth. So we do see volume growth and momentum. And that is driving, obviously, volume in this business with a high fixed cost is driving good profitability improvement. But we're also starting to see benefits from our manufacturing optimization and our portfolio optimization. So it's early, but we have more focus. Like we've said, we're focused much more now on high-voltage, high-power, high-value applications, and we're deemphasizing parts of the portfolio where we have less value and differentiation. And it's early in the progress, but we are seeing some of that momentum. So power semiconductor revenue and profitability growth did deliver also materially to the Electronics segment profitability growth in the quarter.

Abhishek Khandelwal

Yes. And David, just to add to a couple of things. So if you think about it at the highest level and kind of think about the year and the way the year played out, for Q1, we saw an organic growth of 9% in Q2 was 14%. And in Q3, we just posted 22% organic, okay? So that's point one.

Point two, I'd say is if I just think about our semiconductor business or semiconductor products, right, if I think about the organic progression throughout the year, in Q1, we posted 8%, Q2 was 15% and then Q3 is 24%. So you're seeing sequential improvement based on kind of what Greg was saying, which is the demand has improved and has improved sequentially throughout the year.

Gregory Henderson

And one other thing because you asked a little bit about the cycle, just to add that. We see broad-based demand across our markets. We talked about diversified industrials, industrials. We're seeing broad-based demand across our markets. And also, we're very focused on making sure that channel inventory is normal. We have strong POS growth in our channel as well. So we feel that there is still just broad-based strength across the markets.

David Williams

Okay. Fantastic. And then maybe just secondly, on the kind of the pricing and the lead times. Any color there on what you're seeing in terms of being able to raise pricing? And how are your lead times as we kind of seem to be getting into a more constrained environment here?

Gregory Henderson

Yes, sure. Thank you. So look, we continue to be in an inflationary environment. I think we all know that where commodities, freight, fuel costs, et cetera. So we continue to be in an inflationary environment. And we're working to manage that as best as we can. It is an environment where we are passing price increases along to our customers as we need to based on that so that we can maintain our business conditions. We also have a lot of productivity activities to improve our cost structure as well. So I would say that that's the environment that we continue to be in from that perspective.

Abhishek Khandelwal

And David, I'll just say this, we said this in '25, we made a commitment. We delivered on our commitment, same thing in '26, which is our intent is to be price/cost neutral, okay? At the end of the day, I mean, to Greg's point, we're in an inflationary environment, whether you think about pricing, whether you do it through surcharges, driving productivity in the factory, but our intent for 2026 is to be price/cost neutral in an effort to manage inflation.

Gregory Henderson

And then to the second part of your question on lead times, I would say our lead times are pretty normal across our business. But one thing we are seeing is customers booking further out. So it's -- they're now booking outside of lead time. And so we have more bookings into next year, for example, at this time than we would normally. So we see customers booking further out. But as of now, lead times are materially normal, I would say, in our business.

Operator

Your next question comes from the line of Christopher Glynn with Oppenheimer.

Christopher Glynn

I wanted to ask -- build off the comment on sort of kind of customer dictated lead times there booking a little further out. Just in terms of them being more proactive about securing supply, is there any view they need to -- on their part, you think they need to get in line before others?

Gregory Henderson

Yes. Thank you, Chris. Look, I think from our perspective, our lead times are broadly normal. So we don't have a challenge, right, that they're needing to get in line, and we have this backlog. But I will say we're just seeing a customer behavior where they're tending to book farther out. I think the whole ecosystem is planning a little more now because there's been a lot of growth, and they continue to see a lot of growth.

I think we do all hear about in the supply chain, some constraints here and there. We're not largely having constraints in our supply chain, but I think there are some constraints in the supply chain that's making people book out. So from our perspective, it's not for our business, we don't have people needing to get in line, but they are tending to book further out. And I think that's just maybe a little bit of a different customer behavior. The other thing I'll say is that where bookings are good across our markets. So we are seeing broad strength across our markets and all of our markets have kind of a strong kind of bookings. That's the other thing I would add.

Christopher Glynn

Yes, that makes sense. And I realize you have very crisp book-to-bill visibility at the distributor level. But maybe it's a little more [ opaque ] as you kind of think about the end customers' inventories and what they're pulling through distribution. So I think that's a little more of an art as you try to evaluate that dynamic. Just curious how you think about that, just given the fact that we're just stacking quarter after quarter of really robust and expanding book-to-bill.

Gregory Henderson

So one thing I'll just -- Chris, on the question, I think to be clear, in our new go-to-market model, one of the value propositions we have of our new go-to-market model is that we call on 2/3 of our revenue customer direct. So we talked about this, about 1,000 customers is about 2/3 of our revenue, and we call on those customers direct. Now some of those customers choose to buy through distribution, but we call on them direct, which means we're talking to the end customer about their end demand, and so we understand their platforms and what's going on. So this puts us in a better position that actually 2/3 of our revenue, we talk directly to the customer about the platforms we're in.

And then there's the 1/3 that's kind of the broad market through the channel where, yes, it's more -- you have less visibility to the individual customers. So talking to that first top 2/3, I would say we don't see broadly a customer hoarding inventory or building inventory either. There is a planning further out but we don't see kind of an inventory building phase broadly in the ecosystem. In the bottom 1/3, we talk to our channel partners, and they also see breadth to the market. I mean one important thing we look in the bottom 1/3 is number of new customers, breadth of customers, number of design wins, and that also seems to be very healthy. So that's what I would say. So we don't see that as much. And one of the changes in our go-to-market model is we're closer to more of our customers directly to understand what's going on. We think that's going to help us as we all navigate through this up cycle.

Christopher Glynn

Great. Just going a little deeper and move to [indiscernible]. How should we think about the fixed cost savings with that? Was there any impact to adjusted EPS from this action in the [indiscernible] and kind of adjust of this structural move has -- is it one and done?

Abhishek Khandelwal

No. Chris, this is not. So if you kind of think about the Investor Day and what we laid out, we had said, hey, we're going to walk away from 1 to 2 points of revenue as we look over the next 5 years in terms of product rationalization and then that should generate about $50 million of incremental EBITDA over the next 5 years. So, so far, what we have identified in 2026 is a $5 million savings in connection to that $50 million. We expect more to come through in 2027. And as we get more clarity in 2027, we'll be transparent and lay it out for you.

Operator

Your next question comes from the line of Luke Junk with Baird.

Luke Junk

I apologize if any of these are repeat juggling a lot of calls today. Greg, maybe to start with, just it'd be great if you can help us understand some of the factors animating your data center growth right now in terms of maybe seeing some initial high-voltage uptake or maybe more interestingly, if you could talk through some of the impacts that you're seeing relative to all the work that you've done to align with customers from a co-engineering standpoint. Are you seeing some benefits in the low-voltage portfolio today of all the work that you're doing to position into those high-voltage sockets into the future?

Gregory Henderson

Yes. Thanks, Luke, and thank you for the question. Yes. So first, starting -- I think just starting with data center. We are continuing to see large -- significant growth in data center. Data center was the leading growth driver for our performance in the quarter. And so that continues to be good. The vast majority of the revenue we ship today is still in the low-voltage shipments. We're starting to see, I would call it, small volume of the higher voltage platforms, but that's really yet to ramp meaningfully from our perspective. So I would say the growth we've had so far is all in the low-voltage systems.

Now if you go and look at our bookings and our backlog, we have strong backlog going into the next quarter. And like I talked about previously, we have backlog into next year. And bookings and backlog and design wins have more contribution from the higher voltage systems. So we continue to have momentum actually in both. I would say we have an increasing number of design wins around high-voltage systems. We talked about the content expansion we have. So we expect that to continue to accelerate, but we continue to have design wins in both, and we continue to have revenue in both.

And so for us, it's really -- I know there's a lot of questions in the market about how fast that's going to really go and what percent will actually evolve. For us, we consider that we're going to continue to have strong growth either way. And for example, design wins, again, in the third quarter were 2x last year. And so we continue to see good momentum across that. I'll also just emphasize as well that our growth -- data center is a strong growth driver, but our growth in this electrification megatrend is broad. So we are seeing breadth across the other markets, which also gives us a strong view into next year.

Luke Junk

And then for my follow-up, maybe, Greg or Abhi, you could both comment on this. Just thinking out loud here, comparing and contrasting now with electronic adjusted operating margins reaching the high 20s in the third quarter today, just thinking through some of the underlying dynamics versus what prior peak margin dynamics were like in this business. Just maybe some of the key drivers behind incremental margins in electronics and importantly, how sustainable you think those drivers are going forward?

Abhishek Khandelwal

Absolutely. Thanks, Luke. Thanks for the question. So first of all, if you kind of think about the performance in the quarter tied to our Electronics segment, right, we saw a 27% organic growth in electronics. Then if you kind of peel the onion a little bit, passive was up 30%. And as you would imagine, passive products when they have organic growth of 30%, you will see your flow-through and operating leverage in that business is super strong. Greg mentioned it, protection had the highest quarter in terms of revenue and profitability that also played a big role in the electronics margin expansion of 910 basis points, right?

And then lastly, if I think about power semi, right, I just highlighted the $5 million of the $50 million that played out in the year so far between transportation and power semi. So as we start to streamline that, drive more operational execution there, start to look at more product line rationalization, footprint optimization, you're going to see margin expansion in electronics over the longer haul. Okay? So that's how I would think about it. But at the highest level, if you think about Q3, it's volume leverage, it's operational execution. And when protection and passives grow, the operating leverage in that business is really, really strong.

Luke Junk

Yes. Maybe, Greg, I'd be curious to get you to chime in here as well because I think maybe there's a little bit of concern relative to where margins have been in this business in the past, high 20s to 30 margins, electronics were kind of a little bit of a cyclical high previously. It feels like this has more undergrading towards it. Can you maybe just talk about qualitatively your margin expectations in this business, especially as you bring on that incremental high-voltage content and think through some of these mix factors, especially?

Gregory Henderson

Yes. Look, I think what's important, I think, is that we're increasingly focused on strategically capturing more value at our customers and more share at our customers. And also our new go-to-market model is also very focused about making sure that we're optimizing across all the markets that we're in. Obviously, there's a lot of momentum right now in data center, but there's a lot of other good markets, too. And we mentioned, for example, in the -- earlier that the content, the dollar content per opportunity in our design wins is up 20% versus a year before. And our design wins are also broadly across all of our markets up double digits.

So I do think that we're making progress on our relative market and share position, which is going to improve our relative performance as we go through the cycle. So there's always going to be cycles in the business, right? But our view is that our goal is to be much more market focused and to outperform the markets and also make sure we're investing in the markets that are growing. So that's why having focused on the high-growth markets. That's why we focus on markets that also have a lot of resilience like aerospace and defense, for example, that have a little bit of different resilience than the normal cycle.

So I think we feel strong about our 2030 model we put out there. We feel like we're making a lot of progress on the 2030 model, both from a top line and the bottom line performance. And to me, the most significant thing is we will be able to get more share at a top line and also have higher value solutions and higher voltage. So there's a lot of -- I would call them tailwinds in those directions. But in addition, like Abhi mentioned, we have a lot of focus on the bottom line as well. So I think our goal is to have improved performance as we go through whatever cycles the business is.

Operator

Your next question comes from the line of David Williams with Needham.

David Williams

Just wanted to ask quickly on Basler, and that seems to be performing very well. But just curious if you're seeing the benefits of the synergies that you thought you might have in that business? Or is this mainly just the recovery and demand dynamics within that business? And maybe what are the opportunities for growth there, maybe to outpace what your original expectations were when you made the acquisition?

Gregory Henderson

Yes. Thank you. So I'll kind of start with kind of the strategic point of view and where we are and then Abhi can fill in some of the kind of details. But I would say we're seeing significant benefit from Basler in our market position, especially in the grid infrastructure and grid and data center, and those were 2 of our strong growth markets -- those are 2 our strong growth organic markets, but also Basler significantly contributed to growth.

So our new go-to-market model is actually benefiting us, and there's actually in 2 ways, right? So one, I would say that we are seeing more opportunity for Basler products in data center due to the relationships that Littelfuse has at the hyperscalers, leveraging some of Basler's technology like their protective relay technology for next-generation architectures. So we're talking to data center customers now about, call it, N+2 architectures leveraging the Basler technology. Our go-to-market is benefiting us there.

On the flip side, kind of the other way around, Basler had a good go-to-market in utility and grid space where Littelfuse did not have any direct sales coverage. And we are actually seeing good traction now for some Littelfuse product -- some legacy Littelfuse product opportunities like arc fault protection solutions through to utility customers or some of our grid scale protection solutions into the grid where we didn't have the customer relationship. So it's early, but we're seeing traction already from, I would call it, a customer opportunity pipeline perspective that hasn't followed through to revenue yet, but will. And Abhi can maybe give a little bit more on the details of the synergies.

Abhishek Khandelwal

Yes. And David, as you kind of then think about what that all means in terms of what Greg just described. So when we came out with the Basler guide the first time around, we said, hey, look, our top line is going to be in the $130 million to $135 million range. Clearly, we're ahead of our synergy realization. And so our latest view for the year is $135 million to $140 million in top line.

Then if you kind of think about the bottom line, when we announced Basler, we said, hey, we expect $0.10 to $0.15 of accretion. And our current view for the year is about $0.25 to $0.30. So just kind of building off of what Greg is saying, our synergy realization is ahead of schedule, and we feel really good about the asset and the acquisition that we did, both in the top line and the bottom line.

Operator

There are no further questions at this time. I will now turn the call back to CEO, Greg Henderson, for closing remarks.

Gregory Henderson

Okay. Thank you, and thank you all for joining us today. I'd just like to, in closing, thank our global teams for a strong third quarter. We have good market momentum, but also strong execution across the business, and we feel confident on the progress we're making to our 2030 targets. So thank you very much.

Operator

This concludes today's call. Thank you for attending. You may now disconnect.