Littelfuse Lifts 3Q Adjusted Earnings Forecast

CHICAGO (AP) — Littelfuse Inc., which makes circuit protection products, boosted its third-quarter earnings outlook Wednesday on better-than-expected automotive and electronics sales.

CEO Gordon Hunter said in a statement that automotive incentive programs and low inventories at electronics distributors were also helping its performance.

The company's stock jumped $2.99, or 12.2 percent, to $27.48 in morning trading.

Littelfuse now expects an adjusted profit of 27 cents to 32 cents per share for the quarter, up from a prior forecast of 14 cents to 21 cents per share.

The adjusted results exclude a 4 cents-per share asset impairment charge and a 9 cents-per-share tax benefit.

The company anticipates quarterly sales of $113 million to $116 million, which is an 11 percent to 14 percent increase from its second quarter's results. Littelfuse previously said it expected a 3 percent to 7 percent sales increase.

Analysts surveyed by Thomson Reuters predict third-quarter net income of 18 cents per share on sales of $106.5 million. Analysts' estimates typically exclude one-time items.