Littelfuse Inc. (LFUS, Financial) filed Quarterly Report for the period ended 2012-06-30.
Littelfuse, Inc. has a market cap of $1.27 billion; its shares were traded at around $54.7 with a P/E ratio of 14.3 and P/S ratio of 1.9. The dividend yield of Littelfuse, Inc. stocks is 1.3%. 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.
Electrical sales increased $7.1 million or 25% to $34.9 million in the second quarter of 2012 compared to $27.8 million in the second quarter of 2011 due to continued strong organic growth for protection relays and custom mining products and the addition of $1.6 million in incremental sales related to Selco. The electrical segment experienced $0.8 million in unfavorable currency effects in the second quarter of 2012 primarily from sales denominated in Canadian dollars.
Net sales decreased $7.4 million or 2% to $336.4 million for the first six months of 2012 compared to $343.8 million in the first six months of 2011 primarily due to swings in distributor inventory levels in the electronics business offset by growth in the electrical business. Net sales in 2012 included an incremental $4.5 million related to the company s acquisitions. The company also experienced $5.3 million in unfavorable foreign currency effects in the first six months of 2012 as compared to the prior year. This unfavorable impact primarily resulted from sales denominated in euros and Canadian dollars.
Gross profit was $130.4 million or 39% of net sales for the first six months of 2012 compared to $134.7 million or 37% of net sales in the first six months of last year. Gross profit for the first six months of 2011 was negatively impacted by $3.7 million 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 $138.4 million or 40% of net sales for the first six months of 2011. The decline in gross margin was attributable to lower sales volume and negative currency effects in 2012.
The company started 2012 with $164.0 million of cash and cash equivalents. Net cash provided by operating activities was approximately $32.6 million for the first six months of 2012 reflecting $41.5 million in net income and $17.3 million in non-cash adjustments (primarily $15.5 million in depreciation and amortization) offset by $26.2 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 six months of 2012 consisted of net increases in accounts receivable ($21.7 million) due to higher sales in the second quarter of 2012 as compared to the fourth quarter of 2011, inventory ($2.1 million), prepaid and other assets ($0.5 million), accrued payroll ($3.2 million), and accrued expenses ($6.9 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 ($7.2 million) and increases in accrued income taxes ($1.1 million).
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Littelfuse, Inc. has a market cap of $1.27 billion; its shares were traded at around $54.7 with a P/E ratio of 14.3 and P/S ratio of 1.9. The dividend yield of Littelfuse, Inc. stocks is 1.3%. 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:
Net sales decreased $0.7 million or less than 1% to $175.9 million in the second quarter of 2012 compared to $176.6 million in the second quarter of 2011 due primarily to a decline in the company s electronics business offset by stronger electrical and automotive sales. The decline in the electronics business was primarily attributable to more normalized inventory levels in the distribution channels in 2012 compared to significant channel inventory build in 2011. Net sales in 2012 included an incremental $2.8 million related to the company s acquisitions. The company also experienced $4.1 million in unfavorable foreign currency effects in the second quarter of 2012 as compared to the second quarter of 2011. The unfavorable foreign currency impact primarily resulted from sales denominated in euros.Electrical sales increased $7.1 million or 25% to $34.9 million in the second quarter of 2012 compared to $27.8 million in the second quarter of 2011 due to continued strong organic growth for protection relays and custom mining products and the addition of $1.6 million in incremental sales related to Selco. The electrical segment experienced $0.8 million in unfavorable currency effects in the second quarter of 2012 primarily from sales denominated in Canadian dollars.
Net sales decreased $7.4 million or 2% to $336.4 million for the first six months of 2012 compared to $343.8 million in the first six months of 2011 primarily due to swings in distributor inventory levels in the electronics business offset by growth in the electrical business. Net sales in 2012 included an incremental $4.5 million related to the company s acquisitions. The company also experienced $5.3 million in unfavorable foreign currency effects in the first six months of 2012 as compared to the prior year. This unfavorable impact primarily resulted from sales denominated in euros and Canadian dollars.
Gross profit was $130.4 million or 39% of net sales for the first six months of 2012 compared to $134.7 million or 37% of net sales in the first six months of last year. Gross profit for the first six months of 2011 was negatively impacted by $3.7 million 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 $138.4 million or 40% of net sales for the first six months of 2011. The decline in gross margin was attributable to lower sales volume and negative currency effects in 2012.
The company started 2012 with $164.0 million of cash and cash equivalents. Net cash provided by operating activities was approximately $32.6 million for the first six months of 2012 reflecting $41.5 million in net income and $17.3 million in non-cash adjustments (primarily $15.5 million in depreciation and amortization) offset by $26.2 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 six months of 2012 consisted of net increases in accounts receivable ($21.7 million) due to higher sales in the second quarter of 2012 as compared to the fourth quarter of 2011, inventory ($2.1 million), prepaid and other assets ($0.5 million), accrued payroll ($3.2 million), and accrued expenses ($6.9 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 ($7.2 million) and increases in accrued income taxes ($1.1 million).
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