This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Littelfuse Reports Fourth Quarter And Full Year Results

Littelfuse, Inc. (NASDAQ:LFUS) today reported sales and earnings for the fourth quarter and full year of 2011.

Fourth Quarter Highlights

  • Sales were $147.2 million for the fourth quarter of 2011, a 3% increase compared to the fourth quarter of 2010. Excluding the Cole Hersee and Selco acquisitions, sales declined 6% year over year due primarily to inventory de-stocking in the electronics supply chain.
  • On a GAAP basis, diluted earnings per share for the fourth quarter of 2011 were $0.70 compared to $0.88 in the fourth quarter of 2010.
  • Adjusted (non-GAAP) earnings for the fourth quarter were $0.67 per share (see Supplemental Schedule on page 8). The adjustments to GAAP earnings were to remove a $1.7 million tax benefit and a $0.7 million pre-tax purchase accounting charge related to the Selco acquisition.
  • Sales and order trends by business unit were as follows:
    • Automotive sales increased 37% year over year. Cole Hersee contributed $10.9 million for the quarter. Excluding Cole Hersee, automotive sales increased 4% driven by growth in the U.S. and Asia.
    • Electrical sales increased 27% year over year due to double digit organic growth across all product lines and the addition of $2.2 million of Selco sales.
    • Electronics sales declined 16% year over year and 25% sequentially due to channel inventory de-stocking in addition to slowing end demand.
    • The electronics book-to-bill ratio for the fourth quarter was 0.96 and is running significantly above 1.0 so far for the first quarter of 2012.
  • Cash provided by operating activities was $36.8 million for the fourth quarter of 2011, while capital expenditures were $5.2 million.

Full Year Highlights

  • Sales were $665.0 million for 2011, a 9% increase compared to sales of $608.0 million for 2010. Excluding the acquisitions of Cole Hersee and Selco, sales increased by 1% year over year, as strong organic growth in electrical (15%) and automotive (8%) was mostly offset by a 5% decline in electronics. Electrical growth in 2011 was driven primarily by protection relays and custom products which grew 69% and 29% respectively. All regions contributed to the growth in automotive. While electronics sales grew in the first half of 2011, sales in the second half were impacted by the channel inventory correction.
  • On a GAAP basis, diluted earnings per share for 2011 increased 11% to $3.90 compared to $3.52 in 2010.
  • Cash provided by operating activities was $120.8 million for 2011 compared to $104.1 million in 2010.
  • Capital expenditures were $17.6 million in 2011 compared to $22.4 million in 2010.

“The fourth quarter came in consistent with our guidance with weak electronics sales, solid automotive performance and continued strong growth in electrical,” said Gordon Hunter, Chief Executive Officer. “Notwithstanding the slow finish to the year, we were encouraged by our performance in 2011 and proud of achieving a second consecutive year of record sales, earnings and cash flow. We made good progress on our growth initiatives, executed well operationally and the integrations of Cole Hersee and Selco are on track.”

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,039.49 +60.36 0.36%
S&P 500 1,992.37 +5.86 0.30%
NASDAQ 4,532.1040 +5.6220 0.12%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs