Littelfuse Says Slowing Automotive Market to Hurt Fourth Quarter

Littelfuse(LFUS Quote), a circuit protection products maker, said its earnings for the fourth quarter will fall short of analysts' expectations, and the company paid for the revelation in recent morning trading.

Shares of Littelfuse lately fell $6.94, or 21.4%, to $25.50 on the Nasdaq.

The company, which is based in Des Plaines, Ill., attributed the lowered revision to a slowdown in the automotive market and moderating growth in the telecommunications and computer markets.

Littelfuse expects to earn 31 cents to 33 cents a share for the fourth quarter, lower than the 35 cents it earned in the year-ago period. Seven analysts polled by First Call/Thomson Financial are calling for the company to earn 37 cents for the quarter. The company also expects fourth-quarter sales to be "comparable" to the top line of $82 million in the same period a year ago.

The company indicated that it expects 2001 to start off slower than previously forecast. Three analysts are expecting Littelfuse to earn 51 cents in the first quarter of 2001.