CHICAGO — Littelfuse, Inc. today reported financial results for the second quarter ended June 27, 2020.
“The perseverance and hard work of our highly skilled global associates, along with our strong operational execution, enabled us to achieve performance exceeding our expectations within an ongoing challenging environment,” said Dave Heinzmann, Littelfuse President and Chief Executive Officer. “During these uncertain times, we remain highly focused and collaborative with our customers and suppliers, enabling us to manage through pandemic related disruptions and come out stronger on the other side of this challenge. New product introduction and design-in activity remains strong and we continue to capture a wide range of new business wins across the industrial, electronics and transportation end markets we serve. Looking ahead, we are proactively preparing for multiple potential scenarios while continuing to prioritize our associates, customers and long-term financial health.”
Highlights:
- Net sales of $307.3 million were down 23% versus the prior year period, and down 22% organically, primarily due to production and demand impacts related to the COVID-19 pandemic
- Segment performance versus the prior year period:
- Electronics sales decreased 14% (down 13% organically)
- Automotive sales decreased 43% (down 42% organically)
- Industrial sales decreased 26% (down 25% organically)
- GAAP diluted loss per share was $0.37 which includes a $33.8 million non-cash goodwill impairment charge; adjusted diluted EPS was $0.71
- GAAP effective tax rate was 15.1% and the adjusted effective tax rate was 18.2%
- Cash flow from operations was $56.0 million and free cash flow was $43.1 million, ending the quarter with $652 million of cash
- The company’s Board of Directors approved keeping the quarterly cash dividend flat, at $0.48 per share, equating to an annualized dividend of $1.92 per share. The dividend will be paid on September 3, 2020 to shareholders of record as of August 20, 2020
Third Quarter of 2020 Outlook
The company expects sequential sales growth of 12% – 15%, with a sequential adjusted operating income drop through of approximately 40%. The forecast assumes all of its production facilities continue operations to meet demand levels
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