CHICAGO — Littelfuse, Inc. today reported financial results for the first quarter ended March 27, 2021.
“We are off to a strong start this year, delivering double-digit revenue and EPS growth well ahead of expectations,” said Dave Heinzmann, Littelfuse President and Chief Executive Officer. “Our agile teams around the world continue to navigate through this dynamic market environment while meeting commitments to our customers. Looking ahead, we are seeing healthy demand across a number of our end markets aligned to the strategic, structural growth themes of a sustainable, connected, and safer world. We remain confident we are well-positioned for long-term profitable growth.”
Second Quarter of 2021
For the second quarter, the company expects net sales in the range of $463 to $477 million, adjusted diluted EPS in the range of $2.12 to $2.28, and an adjusted effective tax rate of approximately 17%.
Dividend and Share Repurchase Authorization
The company’s Board of Directors approved a new stock repurchase authorization to replace its previous 2020 program. The company may repurchase up to $300 million in the aggregate of shares of the company’s common stock for the period May 1, 2021 to April 30, 2024.
The company will pay a cash dividend on its common stock of $0.48 per share on June 3, 2021 to shareholders of record as of May 20, 2021.
- Net sales of $463.8 million were up 34% versus the prior year period, and up 26% organically, due to strong demand across a number of electronics, automotive and industrial end markets
- Growth by segment versus the prior year period:
- Electronics sales grew 34% (up 32% organically)
- Automotive sales grew 23% (up 17% organically)
- Industrial sales grew 80% (up 10% organically)
- GAAP diluted EPS was $2.32; adjusted diluted EPS was $2.67, a growth of 107% and includes $0.54 of benefits related to a non-operating mark-to-market gain and lower effective tax rate compared to the prior year period
- GAAP effective tax rate was 20.6% and the adjusted effective tax rate was 19.2%
- Cash flow from operations was $50.2 million and free cash flow was $35.4 million
The full earnings report can be found here.Tagged with financial results, littelfuse