CHICAGO — Littelfuse, Inc. today reported financial results for the fourth quarter and full year ended December 28, 2019:
Fourth Quarter 2019 Results
- Net sales of $338.5 million were down 16% versus the prior year period, and down 14% organically, primarily due to ongoing global trade uncertainties, excess electronics channel inventories and declines in global auto production
- Segment performance versus the prior year period:
- Electronics sales decreased 21% (down 19% organically)
- Automotive sales decreased 9% (down 8% organically)
- Industrial sales increased 7% (up 7% organically)
- GAAP diluted EPS was $0.92; adjusted diluted EPS was $1.17, which included an $0.11 benefit related to a lower effective tax rate versus the forecasted rate, partially offset by a $0.06 currency headwind
Full Year 2019 Results
- Net sales of $1.50 billion were down 13% versus the prior year period, and down 11% organically
- Segment performance versus the prior year:
- Electronics sales decreased 15% (down 14% organically)
- Automotive sales decreased 11% (down 8% organically)
- Industrial sales were flat (up 4% organically)
- GAAP diluted EPS was $5.60; adjusted diluted EPS was $6.82
- GAAP effective tax rate was 16.2% and the adjusted effective tax rate was 16.7%
- During the year, the company repurchased approximately $95.0 million of common stock
- Cash flow from operations was $245.3 million and free cash flow was $183.4 million, representing a 132% conversion from net income
“Our global teams remained focused on driving long-term growth, profitability and cash generation within a challenging 2019 macro environment,” said Dave Heinzmann, Littelfuse President and Chief Executive Officer. “We actively managed costs to align to business conditions and advanced several strategic initiatives across the end markets we serve. Looking ahead, we remain confident that our leading technologies, global footprint, close customer relationships, and talented associates position our company for profitable growth through the course of 2020.”
Guidance excludes potential business impacts from the coronavirus beyond the company’s known specific impacts.
For the first quarter of 2020*, the company expects:
- Net sales in the range of $352 to $364 million
- Adjusted diluted EPS in the range of $1.21 to $1.35
- Adjusted effective tax rate in the range of 18.5% – 19.5%
*Littelfuse provides guidance on a non-GAAP (adjusted) basis. GAAP items excluded from guidance may include the after-tax impact of items including acquisition and integration costs, restructuring, impairment and other charges, certain purchase accounting adjustments, non-operating foreign exchange adjustments and significant and unusual items. These items are uncertain, depend on various factors, and could be material to results computed in accordance with GAAP. Littelfuse is not able to forecast the excluded items in order to provide the most directly comparable GAAP financial measure without unreasonable efforts.
Dividend
- The company will pay a cash dividend on its common stock of $0.48 per share on March 5, 2020 to shareholders of record as of February 20, 2020