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Littelfuse Reports Q1

CHICAGO, Ill. — Littelfuse, Inc. (NASDAQ:LFUS) today reported sales and earnings for the first quarter of 2011.

First Quarter Highlights

  • Sales for the first quarter of 2011 were $167.2 million, a 16% increase compared to the first quarter of 2010.
    • Electronics sales increased 4% year over year due to increased end-market demand across all geographies partially offset by some inventory reduction in the distribution channels.
    • The book-to-bill ratio for electronics for the first quarter of 2011 was 1.13.
    • Excluding Cole Hersee (acquired on December 17, 2010), automotive sales increased 11% due to further recovery in North America and Europe and continued strong growth in Asia. Cole Hersee added approximately $13 million in the seasonally strong first quarter.
    • Electrical sales increased 12% year over year due to continued growth in protection relays and custom mining products and recovery in the industrial fuse market. This was partially offset by a pause in the high-growth solar market.
  • On a GAAP basis, diluted earnings per share for the first quarter of 2011 increased to $0.96 from $0.69 in the first quarter of 2010 due primarily to higher sales and an improved cost structure.
  • Adjusted diluted earnings per share were $1.08 (see Supplemental Information on page 8). The adjustment to GAAP earnings was to remove a $3.7 million non-cash charge related to the sale of Cole Hersee inventory that had been stepped-up to fair value as required by purchase accounting rules.
  • Cash provided by operating activities was $13.7 million for the first quarter of 2011 compared to $6.9 million for the first quarter of 2010. Cash flow for the first quarter of 2011 was impacted by a $13.2 million payout for 2010 incentive compensation. Cash flow for the first quarter of 2010 was impacted by a $6.0 million pension contribution.

“In the first quarter we made progress on our growth initiatives while continuing to control costs and drive manufacturing improvements,” said Gordon Hunter, Chief Executive Officer. “Our automotive business achieved record performance as a result of strong organic growth and a solid start for Cole Hersee. The Electrical business continues to grow with protection relays and custom products leading the way. The Electronics business posted only modest growth in the first quarter, but the order rate has been increasing and backlog is building.”

“The ability to exceed a 20% operating margin (excluding special charges) in the first quarter, which traditionally has been one of our weaker quarters, is a testament to our new, leaner business model,” said Phil Franklin, Chief Financial Officer.

Read the full press release.

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