CHICAGO, Aug. 1, 2018 - Littelfuse公司 (NASDAQ: LFUS), the global leader in circuit protection with advancing platforms in power control and sensor technologies, today reported financial results for the second quarter ended 2018年6月30日:
- Net sales were $459.2 million, up 47% versus the prior year. Organic revenue growth was 11%.
- Growth by segment versus the prior year period:
- Electronics sales increased 77% (up 14% organically)
- Automotive sales increased 9% (up 5% organically)
- Industrial sales increased 19% (up 18% organically)
- GAAP diluted EPS was $1.67; this includes $26 million of after-tax charges primarily related to certain purchase accounting adjustments, acquisition and integration costs related to IXYS Corporation and non-operating foreign exchange losses
- Adjusted diluted EPS of $2.68 increased 28% over last year
- GAAP and adjusted effective tax rate were both 19.1% for the quarter
- Cash flow from operations was $71.6 million and free cash flow was $49.2 million
- During the quarter, the company exited its Custom business within its Industrial segment; this is not expected to have a material impact to the company’s future sales and earnings
- The electronics segment book-to-bill ratio exiting the second quarter was 1.02 (excluding the IXYS business)
"We are pleased with our record second quarter results driven by strong demand for our products across all segments and consistent operational performance, including the ongoing integration of the IXYS business,” said Dave Heinzmann , Littelfuse Chief Executive Officer. "With our diversified product portfolio and global presence, we are benefiting from broad-based market demand. Looking ahead, we remain well-positioned to leverage the global mega trends of a safer, greener and increasingly connected world as we execute our long-term strategy and drive double-digit sales and earnings growth."
For the third quarter of 2018*:
- Net sales are expected to be in the range of $434 to $446 million, up 38% on a reported basis and up 8% organically, at the midpoint versus the prior year quarter
- Adjusted diluted earnings per share are expected to be in the range of $2.31 to $2.45, representing 13% growth over the prior year quarter at the midpoint
- Adjusted effective tax rate is expected to be approximately 21%
For the 2018 full year, the company expects an adjusted effective tax rate in the range of 18% – 21%.
*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, certain purchase accounting adjustments, foreign exchange adjustments and significant and unusual items. 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.