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Mar 28, 2020
Littelfuse Q1 2020 Earnings Report
Littelfuse's first quarter results for 2020 were reported, with the company prioritizing global associates, customers, and long-term financial health in response to the COVID-19 pandemic.
Key Takeaways
Littelfuse reported a 15% decrease in net sales compared to the prior year, primarily due to electronics inventory rebalancing and COVID-19 impacts. GAAP diluted EPS was $1.00, while adjusted diluted EPS was $1.29. The company had $621 million in cash and $774 million in debt at the end of the quarter.
Net sales were $346.1 million, down 15% year-over-year.
GAAP diluted EPS was $1.00; adjusted diluted EPS was $1.29.
Cash flow from operations was $45.3 million and free cash flow was $28.7 million.
The company is suspending share repurchase activity for the near-term.
Littelfuse
Littelfuse
Littelfuse Revenue by Segment
Revenue by Segment
Electronics Revenue
CapyFin.comIndustrial Revenue
CapyFin.com Forward Guidance
For the second quarter of 2020, the company expects net sales to be down approximately 20% sequentially, with an approximately 45% adjusted operating income fall through, reflecting the impact of COVID-19 on the supply chain and end demand environment. The company is withdrawing its full year 2020 guidance issued on January 29 due to limited visibility of COVID-19 impacts.
Challenges Ahead
- Net sales are expected to be down approximately 20% sequentially.
- Adjusted operating income is expected to fall through approximately 45%.
- Guidance is impacted by COVID-19 on the supply chain.
- Guidance is impacted by COVID-19 on the end demand environment.
- The company is withdrawing its full year 2020 guidance due to limited visibility of COVID-19 impacts.
Revenue & Expenses
Visualization of income flow from segment revenue to net income