Littelfuse Third Quarter Results for 2020

Littelfuse logo 400

Nov 2, 2020

Littelfuse reported financial results for the third quarter ending on 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 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

*Littelfuse provides an estimate regarding operating income on a non-GAAP (adjusted) basis. GAAP items excluded may include the after-tax impact of items including acquisition and integration costs, restructuring, impairment and other charges, certain purchase accounting adjustments, non-operating foreign exchange adjustments and significant and unusual items. These items are uncertain, depend on various factors, and could be material to results computed in accordance with GAAP.  Littelfuse  is not able to estimate the excluded items in order to provide the most directly comparable GAAP financial measure without unreasonable efforts.

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

Source

Related Articles


Changing Scene

  • Westburne Announces Katherine Forsythe as Divisional Industrial Sales Manager

    Westburne Announces Katherine Forsythe as Divisional Industrial Sales Manager

    Westburne is delighted to welcome Katherine Forsythe as its new Divisional Industrial Sales Manager. Katherine, who brings a wealth of industry experience and a strong educational background, will be responsible for leading, supporting and developing the company’s Automation business as well as its Industrial Projects Team. Read More…

  • Westburne Announces Andrew McCririck as Divisional Pricing Manager

    Westburne Announces Andrew McCririck as Divisional Pricing Manager

    Westburne is pleased to welcome Andrew McCririck as its Divisional Pricing Manager. Andrew has worked with Westburne’s sister company, Rexel Utility, where he further honed his skills and gained valuable industry experience. The company looks forward to his leadership driving its pricing strategies, optimizing profitability, and enhancing the competitive edge in the market. Read More…


Peers & Profiles

  • Taken from Graybar Canada Linkedin Post Enjoy a glimpse of the wonderful moments from Graybar Canada’s recent customer appreciation BBQs! The company was grateful for the smiles and connections made with our amazing customers and vendors. They are looking forward to the next gathering! Source Read More…

  • Article taken from Linkedin Post Electrozad is thrilled to spotlight their Chatham Branch and recognize their exceptional efforts in cleaning up their community. The team took time to coordinate a community clean-up around their branch. This is a commendable initiative that not only helps maintain the cleanliness and hygiene around the branch but also contributes… Read More…