Littelfuse Reports Third Quarter Results

CHICAGO — Littelfuse, Inc. today reported financial results for the third quarter ended September 29, 2018:

  • Net sales were $439.2 million, up 38% versus the prior year. Organic revenue growth was 8%.
  • Revenue by segment versus the prior year period:
    • Electronics sales increased 69% (up 12% organically)
    • Automotive sales increased 1% on flat global auto build (up 1% organically)
    • Industrial sales were flat due to the exit of the Custom business this year (up 10% organically)
  • GAAP diluted EPS was $2.10, up 12% versus the prior year
  • Adjusted diluted EPS of $2.49 increased 17% over last year
  • GAAP effective tax rate was 21.5% and the adjusted effective tax rate was 21.0%
  • Cash flow from operations was $111.2 million and free cash flow was $95.6 million
  • The electronics segment book-to-bill ratio exiting the third quarter was 0.91 (excluding the IXYS business)
  • During October, the company completed its acquisition of Monolith Semiconductor and now owns 100% of the company
  • During October, the company purchased approximately 200,000 shares of common stock under its share repurchase program

“Sustained momentum in our Electronics and Industrial segments drove solid third quarter results,” said Dave Heinzmann, Littelfuse Chief Executive Officer. “We delivered a 20% adjusted operating margin and 17% adjusted earnings growth. During the quarter, we continued to capture design wins across a broad range of transportation, telecom and industrial electronics end markets, and we remain on track with the integration of the IXYS business. While we expect seasonally softer sales in our fourth quarter, our end markets continue to show long-term growth and content opportunities. We remain well positioned to deliver on our five-year double-digit sales and earnings growth strategy.”

For the fourth quarter of 2018:

  • Net sales are expected to be in the range of $408 to $420 million, up 36% on a reported basis and up 6% organically, at the midpoint versus the prior year quarter
  • Adjusted diluted earnings per share are expected to be in the range of $1.92 to $2.06, representing 10% growth over the prior year quarter at the midpoint
  • Adjusted effective tax rate is expected to be in the range of 20% – 21%

For the 2018 full year, the company expects an adjusted effective tax rate of approximately 20%.

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