CHICAGO — Littelfuse, Inc. today reported financial results for the fourth quarter and full year ended December 26, 2020:
Fourth Quarter 2020 Results
- Net sales of $400.7 million were up 18% versus the prior year period, and up 16% organically, led by higher than expected demand across a number of automotive, electronics and industrial end markets
- Segment performance versus the prior year period:
- Electronics sales grew 17% (up 16% organically)
- Automotive sales grew 22% (up 18% organically)
- Industrial sales grew 13% (up 5% organically)
- GAAP diluted EPS was $2.39; adjusted diluted EPS was $2.23, which benefited from a lower effective tax rate versus the forecasted rate equating to approximately $0.14 in EPS
- GAAP effective tax rate was 14.4% and the adjusted effective tax rate was 15.3%
- On January 28, the company completed the acquisition of Hartland Controls, a manufacturer and leading supplier of electrical components used primarily in HVAC and other industrial applications, with annualized sales of approximately $70 million
Full Year 2020 Results
- Net sales of $1.45 billion were down 4% in total and organically versus the prior year
- Segment performance versus the prior year:
- Electronics sales decreased 2% in total and organically
- Automotive sales decreased 8% (down 9% organically)
- Industrial sales decreased 2% (down 5% organically)
- GAAP diluted EPS was $5.29; adjusted diluted EPS was $6.40
- GAAP effective tax rate was 19.4% and the adjusted effective tax rate was 18.3%
- Cash flow from operations was $258.0 million and free cash flow was $201.8 million, representing a 155% conversion from net income
“We finished the year with our fourth quarter well ahead of expectations, with double-digit sales growth across all of our segments,” said Dave Heinzmann, Littelfuse President and Chief Executive Officer. “While 2020 was a challenging year, we continued to meet our customer commitments while advancing our strategic growth initiatives. Building on this momentum, we are seeing a strong start to 2021, which positions us for long-term growth and improved profitability.”
First Quarter of 2021
For the first quarter, the company expects net sales in the range of $418 to $432 million, adjusted diluted EPS in the range of $1.76 to $1.92 and an adjusted effective tax rate of approximately 21%.
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