Littelfuse (LFUS) Tops Q3 EPS by 9c, Revenues Beat; Offers 4Q EPS Outlook Below Consensus

Littelfuse (NASDAQ: LFUS) reported Q3 EPS of $2.49, $0.09 better than the analyst estimate of $2.40. Revenue for the quarter came in at $439.2 million versus the consensus estimate of $441.62 million.

• 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.”

GUIDANCE:

Littelfuse sees Q4 2018 EPS of $1.96-$2.06, versus the consensus of $2.11. Littelfuse sees Q4 2018 revenue of $408-420 million, versus the consensus of $415.42 million.

For earnings history and earnings-related data on Littelfuse (LFUS) click here.

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