Business
Littelfuse Reports First Quarter Results For 2020
Company prioritizes global associates, customers and long-term financial health of the business in response to the COVID-19 pandemic CHICAGO--(BUSINESS
About this update from Littelfuse, Inc.
[{"type":"text","content":"\nCompany prioritizes global associates, customers and long-term financial health of the business in response to the COVID-19 pandemic\n\n CHICAGO--(BUSINESS WIRE)--\nLittelfuse, Inc. (NASDAQ: LFUS), a global manufacturer of leading technologies in circuit protection, power control and sensing, today reported financial results for the first quarter ended March 28, 2020:\n\n\n\nNet sales of $346.1 million were down 15% versus the prior year period, and down 13% organically, primarily due to electronics inventory rebalancing and production and demand impacts related to the COVID-19 pandemic\n\n\nGrowth by segment versus the prior year period:\n\n\nElectronics sales decreased 19% (down 18% organically)\n\n\nAutomotive sales decreased 8% (down 6% organically)\n\n\nIndustrial sales increased 2% (up 2% organically)\n\n\n\n\nGAAP diluted EPS was $1.00; adjusted diluted EPS was $1.29\n\n\nGAAP effective tax rate was 30.6% and the adjusted effective tax rate was 26.5%\n\n\nCash flow from operations was $45.3 million and free cash flow was $28.7 million\n\n\n\nLiquidity and Capital Allocation\n\n\n\nAs of the end of the first quarter, the company had $621 million of cash and $774 million of debt\n\n\nThe company repurchased approximately $23 million of its shares in the quarter\n\n\nThe company borrowed $100 million from its credit facility in the quarter to preserve financial flexibility and enhance liquidity\n\n\nOn April 3, the company amended and extended its $700 million senior unsecured revolving credit facility, providing additional flexibility and reducing costs\n\n\nThe company’s current share repurchase authorization expires on April 30, 2020, which will be replaced with a new one million share authorization effective through April 30, 2021. The company is suspending share repurchase activity for the near-term.\n\n\nThe company will pay a cash dividend on its common stock of $0.48 per share on June 4, 2020 to shareholders of record as of May 21, 2020. If the macro environment disruption intensifies or is sustained, the Board of Directors may consider a change in the dividend.\n\n\n2020 forecasted capital expenditures have been reduced to $60 million for the year\n\n\n\n“These are challenging times and our company is doing its part to help flatten the curve in response to the COVID-19 pandemic,” said Dave Heinzmann, Littelfuse Pr...