CHICAGO — Littelfuse, Inc. today reported financial results for the third quarter ended September 26, 2020:
- Net sales of $391.6 million were up 8% versus the prior year period, and up 7% organically; sequentially, net sales were up 27% largely due to higher than expected demand in automotive end markets, and strength in several electronics and industrial end markets
- Segment performance versus the prior year period:
- Electronics sales grew 12% (up 13% organically)
- Automotive sales were flat (down 2% organically)
- Industrial sales grew 5% (down 3% organically)
- GAAP diluted EPS was $2.25; adjusted diluted EPS was $2.16, which benefited from a lower effective tax rate versus the forecasted rate equating to approximately $0.22 in EPS
- GAAP effective tax rate was 17.9% and the adjusted effective tax rate was 15.7%
- Year-to-date, cash flow from operations was $164.3 million and free cash flow was $122.7 million
“I am extremely proud of the extraordinary leadership demonstrated by our global associates and business partners amidst these challenging times,” said Dave Heinzmann, Littelfuse President and Chief Executive Officer. “Our commitment to operational execution enabled us to meet stronger than expected demand from our customers, driving year-over-year growth. We continued to capitalize on robust design activity with several strategic wins in high-growth industrial, electronics and transportation applications. As we near the end of 2020, we are confident the actions we have taken this year position us well for sustained profitable growth.”
Fourth Quarter of 2020 Outlook
The company expects year-over-year sales growth of 7% to 10%, with an adjusted operating income flow-through of approximately 40%. The forecast assumes no new material disruptions from the pandemic
Dividend
The company will pay a cash dividend on its common stock of $0.48 per share on December 3, 2020 to shareholders of record as of November 19, 2020.