CHICAGO — Littelfuse, Inc. reported financial results for the first quarter ended April 1, 2023:
- Net sales of $609.8 million were down 2% versus the prior year period, and down 8% organically.
- GAAP diluted EPS was $3.54; adjusted diluted EPS was $3.64.
- Cash flow from operations was $53.4 million, up 3% from the prior year period, and free cash flow was $27.7 million, up 26% from the prior year period.
- On February 3, the company completed the acquisition of Western Automation Research and Development Limited, a designer and manufacturer of electrical shock protection devices used across a broad range of high-growth end markets, including e-Mobility off-board charging infrastructure, industrial safety and renewables.
“Our global teams delivered strong first quarter results, above our sales and adjusted EPS guidance, within a tougher electronics environment,” said Dave Heinzmann, Littelfuse President and Chief Executive Officer. “The continued resiliency of our business model and the strength of our execution drove strong overall profitability. During the quarter, we made significant progress integrating our strategy-led acquisitions and securing meaningful new business wins within the global structural themes of sustainability, connectivity, and safety. As we continue to manage through some near-term market challenges, our execution, diversification and strategic investments for growth will deliver sustained long-term value for all of our stakeholders.”
Second Quarter of 2023*
Based on current market conditions, for the second quarter the company expects:
- Net sales in the range of $607 to $633 million, adjusted diluted EPS in the range of $3.20 to $3.45 and an adjusted effective tax rate of approximately 16%.
Dividend
- The company will pay a cash dividend on its common stock of $0.60 per share on June 8, 2023, to shareholders of record as of May 25, 2023