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Non-Tech : Littelfuse, Inc. (NasdaqNM:LFUS)

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From: JakeStraw	5/5/2011 8:22:56 AM
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Littelfuse Reports First Quarter Results finance.yahoo.com First Quarter Highlights * Sales for the first quarter of 2011 were $167.2 million, a 16% increase compared to the first quarter of 2010. o 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. o The book-to-bill ratio for electronics for the first quarter of 2011 was 1.13. o 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. o 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. Outlook * Sales for the second quarter are expected to be in the range of $173 to $183 million, which represents 10% to 16% growth over the second quarter of 2010. * Earnings for the second quarter of 2011 are expected to be in the range of $1.10 to $1.25 per diluted share.

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