CHICAGO — Littelfuse, Inc. today reported financial results for the third quarter ended September 28, 2019:
- Net sales of $362.0 million were down 18% versus the prior year period, and down 16% 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 23% (down 21% organically)
- Automotive sales decreased 9% (down 7% organically)
- Industrial sales increased 6% (up 7% organically)
- GAAP diluted EPS was $1.44; adjusted diluted EPS was $1.78 and includes $0.17 of benefits related to certain tax items and a non-operating mark-to-market gain that were not in the company’s original guidance
- GAAP effective tax rate was 13.9% and the adjusted effective tax rate was 15.5%
- During the quarter, the company repurchased approximately $49.5 million of common stock
- Year-to-date, cash flow from operations was $160.9 million and free cash flow was $122.5 million, representing a 105% conversion from net income
“Our performance this quarter reflects the successful execution by our global teams to actively manage costs as we continue to work through the challenging macro environment,” said Dave Heinzmann, Littelfuse President and Chief Executive Officer. “While navigating the soft demand, we achieved an adjusted EBITDA margin of 21% to deliver adjusted EPS above guidance. Beyond the current back-drop, we remain well-positioned to deliver ongoing superior value for our stakeholders.”
For the fourth quarter of 2019, the company expects:
- Net sales in the range of $333 to $345 million
- Adjusted diluted EPS in the range of $1.06 to $1.20
- Adjusted effective tax rate in the range of 19% – 20%
For the full year of 2019, the company expects:
- Adjusted effective tax rate of approximately 18%
- Free cash flow to exceed 100% of net income
Dividend
- The company will pay a cash dividend on its common stock of $0.48 per share on December 5, 2019 to shareholders of record as November 21, 2019.