- Sales for the third quarter of 2012 were $172.7 million. This was a 1% decline year over year and 2% sequentially and consistent with third quarter guidance.
- Diluted earnings per share for the third quarter of 2012 were $1.08. This included $1.5 million of acquisition-related expenses and impairment charges which reduced earnings by $.05 per share.
- Sales and order trends by business unit were as follows:
- Electronics sales declined 9% year over year and 2% sequentially due to sluggish end markets globally and tight inventory management by distributors. The order rate softened during the quarter with the book-to-bill ratio ending the quarter at .89.
- Automotive sales increased 9% year over year due primarily to $5.1 million of sales from the recently-completed Accel acquisition. Excluding Accel, automotive sales declined 2% due to the effects of a weaker euro and slowing commercial vehicle sales partially offset by modest growth in passenger vehicles.
- Electrical sales increased 10% year over year due to continued growth in protection relays and custom products and an upturn in solar sales reflecting the success of new products.
- The effective tax rate dropped to 22.6% resulting from favorable book-to-provision adjustments and more income earned in low-tax jurisdictions.
- Cash provided by operating activities was $43.5 million for the third quarter of 2012 compared to $37.9 million for the third quarter of 2011. Through nine months of 2012 operating cash flow was $76.1 million and capital expenditures were $12.8 million.
- The company acquired the assets of Terra Power LLC on September 26, 2012. Terra Power provides power distribution and switching products to the commercial vehicle market and has a growing revenue base of approximately $7 million. It will be managed as part of the Cole Hersee business.
Littelfuse Reports Third Quarter Results
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