Business
Littelfuse Reports Fourth Quarter and Full Year Results For 2019
CHICAGO--(BUSINESS WIRE)-- Littelfuse, Inc. (NASDAQ: LFUS), a global manufacturer of leading technologies in circuit protection, power control and sensing,
About this update from Littelfuse, Inc.
[{"type":"text","content":" 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 fourth quarter and full year ended December 28, 2019:\n\n\nFourth Quarter 2019 Results\n\n\n\nNet sales of $338.5 million were down 16% versus the prior year period, and down 14% organically, primarily due to ongoing global trade uncertainties, excess electronics channel inventories and declines in global auto production\n\n\nSegment performance versus the prior year period:\n\n\nElectronics sales decreased 21% (down 19% organically)\n\n\nAutomotive sales decreased 9% (down 8% organically)\n\n\nIndustrial sales increased 7% (up 7% organically)\n\n\n\n\nGAAP diluted EPS was $0.92; adjusted diluted EPS was $1.17, which included an $0.11 benefit related to a lower effective tax rate versus the forecasted rate, partially offset by a $0.06 currency headwind\n\n\n\nFull Year 2019 Results\n\n\n\nNet sales of $1.50 billion were down 13% versus the prior year period, and down 11% organically\n\n\nSegment performance versus the prior year:\n\n\nElectronics sales decreased 15% (down 14% organically)\n\n\nAutomotive sales decreased 11% (down 8% organically)\n\n\nIndustrial sales were flat (up 4% organically)\n\n\n\n\nGAAP diluted EPS was $5.60; adjusted diluted EPS was $6.82\n\n\nGAAP effective tax rate was 16.2% and the adjusted effective tax rate was 16.7%\n\n\nDuring the year, the company repurchased approximately $95.0 million of common stock\n\n\nCash flow from operations was $245.3 million and free cash flow was $183.4 million, representing a 132% conversion from net income\n\n\n\n“Our global teams remained focused on driving long-term growth, profitability and cash generation within a challenging 2019 macro environment,\" said Dave Heinzmann, Littelfuse President and Chief Executive Officer. \"We actively managed costs to align to business conditions and advanced several strategic initiatives across the end markets we serve. Looking ahead, we remain confident that our leading technologies, global footprint, close customer relationships, and talented associates position our company for profitable growth through the course of 2020.”\n\n\nGuidance excludes potential business impacts from the coronavirus beyond the company's known specific im...