This Day On The Street
Continue to site
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

Littelfuse Reports First Quarter Results

Littelfuse, Inc. (NASDAQ:LFUS) today reported sales and earnings for the first quarter of 2012.

First Quarter Highlights
  • Sales for the first quarter of 2012 increased 9% sequentially to $160.6 million but declined 4% compared to the first quarter of 2011. The electronics inventory correction was primarily responsible for the year-over-year decline, while all businesses contributed to the sequential improvement.
  • Diluted earnings per share for the first quarter of 2012 were $0.81. This exceeded the company’s first quarter guidance of $0.68 to $0.78, but was below first quarter 2011 diluted earnings of $0.96 per share due primarily to lower sales and the effects of a weaker euro.
  • Sales and order trends by business unit were as follows:
    • Electronics sales declined 12% year over year primarily due to inventory swings in the supply chain. In the first quarter of 2011, distributors were building inventories and in the most recent quarter, distributors were reducing inventories. Electronics sales in the first quarter of 2012 increased 6% sequentially as the effects of the inventory correction subsided as the quarter progressed.
    • Automotive sales increased 15% sequentially but declined 2% compared to a strong first quarter of 2011. The year-over-year decline was due to one-time aftermarket sales in the first quarter of 2011 and a weaker euro partially offset by increased Cole Hersee sales.
    • Electrical sales increased 19% year over year due to continued strong growth in relays and custom products. Excluding Selco (acquired in August 2011), electrical sales increased 13% year-over-year.
    • The electronics book-to-bill ratio for the first quarter of 2012 improved to 1.16 from 0.96 for the fourth quarter of 2011.
  • Cash provided by operating activities was $7.9 million for the first quarter of 2012 compared to $13.7 million for the first quarter of 2011 primarily due to a $5.0 million contribution to the U.S. pension plan. Capital expenditures for the first quarter of 2012 were $3.2 million compared to $4.6 million for the first quarter of 2011.
  • In April, the company made an additional $10.0 million investment in Shocking Technologies, a start-up company that manufactures specialty polymer materials which are embedded in printed circuit boards to provide electrostatic discharge protection. Littelfuse has now invested $16.0 million in Shocking Technologies for an ownership stake of approximately 18%.
  • The previous share repurchase authorization expired on April 30, 2012 and was replaced with a one million share repurchase authorization effective through April 2013.

“The first quarter showed improvements in all key areas compared to the fourth quarter,” said Gordon Hunter, Chief Executive Officer. “Sales were higher for all three businesses and margins increased consistent with these higher sales levels. It appears that the electronics inventory correction is now behind us as evidenced by further reductions in distributor inventories, increasing shipments to distributors and a strong book-to-bill ratio.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.24 -0.41%
FB $117.81 -0.21%
GOOG $701.43 0.82%
TSLA $211.53 -4.96%
YHOO $36.94 2.61%


Chart of I:DJI
DOW 17,660.71 +9.45 0.05%
S&P 500 2,050.63 -0.49 -0.02%
NASDAQ 4,717.0940 -8.5450 -0.18%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs