Littelfuse (NASDAQ: LFUS) reported Q2 EPS of $2.10, $0.01 better than the analyst estimate of $2.09. Revenue for the quarter came in at $313.4 million versus the consensus estimate of $312.87 million.

Third Quarter 2017 Outlook

All comparisons are to the prior year period unless otherwise noted. Littelfuse provides guidance on a non-GAAP (adjusted) basis. GAAP items excluded from guidance may include the after-tax impact of items including acquisition and integration costs, impairment and severance charges, foreign exchange adjustments and unusual gains and losses. These items are uncertain, depend on various factors, and could be material to results computed in accordance with GAAP. Littelfuse is not able to forecast the excluded items in order to provide the most directly comparable GAAP financial measure without unreasonable efforts.

“While electronics order rates remain strong, they have slowed from the peak in the second quarter. We continue, however, to see robust end demand and expect the momentum in electronics sales to continue in the third quarter,” continued Heinzmann. “We also expect the automotive and industrial segments to have another solid growth quarter, including margin expansion in both businesses.”

For the third quarter of 2017:

• Sales are expected to be in the range of $311 to $323 million, up 13% on an as reported basis and up 9% organically, at the midpoint versus the prior year quarter
• Adjusted diluted earnings per share are expected to be in the range of $2.02 to $2.16

For the full year, the company expects an adjusted effective tax rate in the range of 18% – 19%.

GUIDANCE:

Littelfuse sees Q3 2017 EPS of $2.02-$2.06, versus the consensus of $2.09. Littelfuse sees Q3 2017 revenue of $311-323 million, versus the consensus of $312.87 million.

Second Quarter 2017 Highlights

• Net sales were $313.4 million, up 15% versus the prior year period. Organic revenue growth was 11%, excluding the ON portfolio acquisition, e-house business divestiture and currency effects.
• Growth by segment versus the prior year period:
  • Electronics sales increased 28% (up 16% organically)
  • Automotive sales increased 5% (up 6% organically)
  • Industrial sales decreased 3% (up 5% organically)
• GAAP diluted EPS was $2.11; Adjusted EPS of $2.10 increased 46% over last year
• The GAAP and adjusted effective tax rate were both 15.2% for the quarter. Included in the tax rate was a discrete tax benefit of $1.4 million resulting from the new stock compensation accounting guidance.
• Cash flow from operations was $70.6 million
• The electronics book-to-bill ratio for the second quarter was 1.13
• The company recently announced it had acquired the assets of U.S. Sensor Corporation, a manufacturer of temperature sensors based in Orange, California.

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