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Littelfuse Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 2, 2012 11:03AM
Littelfuse Inc. (LFUS) filed Quarterly Report for the period ended 2012-09-29. Littelfuse Inc. has a market cap of $1.16 billion; its shares were traded at around $53.69 with a P/E ratio of 14.2 and P/S ratio of 1.7. The dividend yield of Littelfuse Inc. stocks is 1.5%. Littelfuse Inc. had an annual average earning growth of 10.6% over the past 10 years. GuruFocus rated Littelfuse Inc. the business predictability rank of 2-star.
Highlight of Business Operations:Automotive sales increased $4.2 million or 9% to $51.9 million in the third quarter of 2012 compared to $47.7 million in the third quarter of 2011 due primarily to an incremental $5.1 million in sales related to Accel. Excluding Accel, automotive net sales decreased $0.9 million or 2% in the third quarter of 2012 as compared to the prior year's quarter. The automotive segment experienced $1.9 million in unfavorable currency effects primarily from sales denominated in euros.
Total operating expense was $37.7 million or 22% of net sales for the third quarter of 2012 compared to $38.9 million or 22% of net sales for the same quarter in 2011. The decrease in operating expenses primarily reflects operating expenses from impairment charges of $2.3 million recorded during the third quarter of 2011 versus impairment charges of $0.5 million in the third quarter of 2012 as discussed in Note 10.
Gross profit was $199.1 million or 39% of net sales for the first nine months of 2012 compared to $203.2 million or 39% of net sales in the first nine months of last year. Gross profit for the first nine months of 2011 was negatively impacted by a $3.7 million charge which was the additional cost of goods sold for Cole Hersee inventory which had been stepped-up to fair value at the acquisition date as required by purchase accounting rules. Excluding the impact of this adjustment, gross profit was $206.9 million or 40% of net sales for the first nine months of 2011. The decline in gross margin was attributable to lower sales volume and negative currency effects in 2012.
Total operating expense was $110.2 million or 22% of net sales for the first nine months of 2012 compared to $107.4 million or 21% of net sales for the first nine months in 2011. The increase in operating expense for 2012 primarily reflects incremental operating expenses of $5.3 million from business acquisitions. Excluding the impact of acquisitions, operating expense was $104.9 million or 21% of net sales for the first nine months of 2012.
The company started 2012 with $164.0 million of cash and cash equivalents. Net cash provided by operating activities was approximately $76.1 million for the first nine months of 2012 reflecting $65.5 million in net income and $27.8 million in non-cash adjustments (primarily $23.5 million in depreciation and amortization) offset by $17.1 million in net changes to various operating assets and liabilities. Changes in various operating assets and liabilities (including short-term and long-term items) that impacted cash flows negatively for the first nine months of 2012 consisted of net increases in accounts receivable ($12.8 million) due to higher sales in the third quarter of 2012 as compared to the fourth quarter of 2011, prepaid and other assets ($0.7 million), accrued payroll ($4.6 million), and accrued expenses ($5.2 million). The decrease in accrued expenses was due primarily to a $5.0 million pension contribution made during the first quarter of 2012. Changes that had a positive impact on cash flows were increases in accounts payable ($5.6 million), increases in accrued income taxes ($0.5 million) and decreases in inventory (less than $0.1 million).
Stocks Discussed: LFUS,