Littelfuse (LFUS) Tops Q1 EPS by 4c, Revenues Miss; Offers 2Q EPS/Revenue Guidance Below Consensus

Littelfuse (NASDAQ: LFUS) reported Q1 EPS of $1.96, $0.04 better than the analyst estimate of $1.92. Revenue for the quarter came in at $405.5 million versus the consensus estimate of $407.89 million.

• Net sales of $405.5 million were in line with guidance, down 3% versus the prior year period, and down 4% organically
• Growth by segment versus the prior year period:
  • Electronics sales were flat (down 4% organically)
  • Automotive sales decreased 10% (down 7% organically)
  • Industrial sales decreased 2% (up 4% organically)
• GAAP diluted EPS was $1.48
• Adjusted diluted EPS of $1.96 was above the midpoint of guidance. As expected, EPS was unfavorably impacted by currency headwinds as well as lower volumes and associated leverage versus the prior year
• GAAP effective tax rate was 20.3% and the adjusted effective tax rate was 19.7%
• Cash flow from operations was $30.9 million and free cash flow was $16.8 million
• During the first quarter, the company repurchased 79,916 shares of common stock under its share repurchase authorization

“We delivered a solid first quarter in line with our sales and adjusted EPS guidance,” said Dave Heinzmann, Littelfuse Chief Executive Officer. “Our teams remain focused on executing our long-term strategy while containing costs within this current environment. We continue to see good design win activity driven by the strong fundamentals of our business, and the content opportunities driven by a safer, greener and increasingly connected world. During the quarter, we initiated additional footprint and product line rationalizations. While we anticipate soft demand to persist, we continue to expect improving conditions in the second half of the year. We remain confident we will deliver exceptional value for our shareholders by executing on our five-year growth strategy.”

GUIDANCE:

Littelfuse sees Q2 2019 EPS of $2.00-$2.14, versus the consensus of $2.42. Littelfuse sees Q2 2019 revenue of $409-421 million, versus the consensus of $437.8 million.

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

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