Littelfuse, Inc. (NASDAQ:LFUS) today reported sales and earnings for the second quarter of 2012.
Second Quarter Highlights
- Sales for the second quarter of 2012 increased 10% sequentially to $175.9 million consistent with second quarter guidance and within $1 million of last year’s record second quarter despite over $4 million of unfavorable currency effects related primarily to the weaker euro.
- Diluted earnings per share for the second quarter of 2012 were $1.07. This exceeded second quarter guidance but was below second quarter 2011 earnings of $1.11 per share due to unfavorable currency effects related to the weaker euro and stronger Philippine peso.
- Sales and order trends by business unit were as follows:
- Electronics sales increased 16% sequentially but declined 9% year-over-year primarily due to swings in distributor inventory levels. The strong sequential growth resulted from a normalization of channel inventories after a weak first quarter, which was negatively impacted by inventory de-stocking. The year-over-year decline was primarily the result of a significant channel inventory build in the second quarter of 2011.
- Automotive sales increased 2% year-over-year due to strong commercial vehicle products sales, growth in automotive fuse sales in the U.S. and Asia and $1.3 million of sales from the recently-completed Accel acquisition. This was partially offset by $2 million of currency effects from the weaker euro in addition to weaker European demand.
- Electrical sales increased 25% year-over-year due to continued growth in protection relays and custom products reflecting strong demand from the mining sector.
- The electronics book-to-bill ratio for the second quarter of 2012 was 1.02.
- Cash provided by operating activities was $24.7 million for the second quarter of 2012. Capital expenditures for the second quarter of 2012 were $3.5 million.
- As previously announced, the company acquired Accel AB, a European-based automotive switch and sensor business on May 31, 2012.
“It was a solid quarter for us,” said Gordon Hunter, Chief Executive Officer. “The electronics business returned to more normal sales and margin levels; the electrical business continued its strong growth trajectory; and the automotive business was able to offset weakness in Europe with growth in the other geographies and strong Cole Hersee performance.”