Littelfuse, Inc. (NASDAQ:LFUS) today reported sales and earnings for the first quarter of 2014.
First Quarter Highlights
- Sales for the first quarter of 2014 were $206.9 million, a 21% increase compared to the prior-year quarter. This excellent sales performance was due to the Hamlin and SymCom acquisitions as well as strong organic growth in automotive and electronics, partially offset by lower electrical sales reflecting weakness in the mining sector. Excluding acquisitions, sales increased 6% compared to the prior year.
- On a GAAP basis, first quarter 2014 earnings were $1.12 per diluted share. This included $1.2 million of special, non-cash items primarily related to the SymCom acquisition. Excluding these special items, earnings for the first quarter of 2014 were $1.16 per diluted share.
- Sales and order trends by business unit were as follows:
- Electronics sales increased 21% year over year due primarily to strong growth for semiconductor products and the addition of the Hamlin electronic sensor business. Excluding acquisitions, electronics sales increased 9% compared to the prior year.
- Automotive sales increased 39% year over year due to strong organic growth for passenger car fuses, commercial vehicle products and Accel sensors and the acquisition of Hamlin. Excluding acquisitions, automotive sales increased 18% compared to the prior year.
- Electrical sales declined 11% year over year as the decline in sales into the mining market more than offset growth in electrical fuses and the addition of SymCom. Excluding acquisitions, electrical sales declined 25% compared to the prior year.
- The electronics book-to-bill ratio for the first quarter of 2014 was 1.11 excluding Hamlin.
- Cash provided by operating activities was $11.5 million for the first quarter of 2014 compared to $16.0 million for the first quarter of 2013. These cash flows included voluntary pension contributions which reduced operating cash by $9.9 million and $5.0 million respectively. All company pension plans are now close to fully funded on an accounting basis.
- The previous share repurchase authorization expires on April 30, 2014 and has been replaced with a one million share repurchase authorization effective through April 30, 2015. No shares were repurchased during the last 12 months.
“The momentum that started to build in our automotive and electronics businesses in the second half of 2013 continued through the first quarter,” said Gordon Hunter, Chief Executive Officer. “Despite ongoing weakness in the mining sector, we had a very solid start to the year and are cautiously optimistic about the remainder of 2014.”
“For the first time since we rolled out our strategic targets in late 2012, we over-achieved on both organic and acquisition growth,” said Phil Franklin, Chief Financial Officer. “With our first quarter sales increase of 21% (15% from acquisitions and 6% organic) and strong growth expected again in the second quarter, we believe we are on track with our five-year growth plan.”
- Sales for the second quarter of 2014 are expected to be in the range of $216 to $226 million which represents 18% year-over-year growth at the midpoint.
- Earnings for the second quarter of 2014 are expected to be in the range of $1.23 to $1.37 per diluted share, excluding any special items.