CHICAGO (AP) — Littelfuse Inc. (LFUS) on Wednesday reported first-quarter net income of $37 million.
On a per-share basis, the Chicago-based company said it had profit of $1.48. Earnings, adjusted for non-recurring costs and restructuring costs, were $1.96 per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.93 per share.
The circuit protection manufacturer posted revenue of $405.5 million in the period, which did not meet Street forecasts. Four analysts surveyed by Zacks expected $406.1 million.
Littelfuse shares have increased 17% since the beginning of the year. The stock has risen nearly 8% in the last 12 months.
“We delivered a solid first quarter in line with our sales and adjusted EPS guidance,” said Dave Heinzmann, Littelfuse Chief Executive Officer. “Our teams remain focused on executing our long-term strategy while containing costs within this current environment. We continue to see good design win activity driven by the strong fundamentals of our business, and the content opportunities driven by a safer, greener and increasingly connected world. During the quarter, we initiated additional footprint and product line rationalizations. While we anticipate soft demand to persist, we continue to expect improving conditions in the second half of the year. We remain confident we will deliver exceptional value for our shareholders by executing on our five-year growth strategy.”
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LFUS at https://www.zacks.com/ap/LFUS
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