By Mary Ellen Podmolik | Shares of Littelfuse Inc., rose almost 10 percent in mid-day trading
Monday, after the Chicago-based maker of circuit protection systems
beat its own fourth-quarter earnings guidance.
Littelfuse Inc., reported fourth-quarter net income of $11.7 million,
or 53 cents a diluted share, compared with a loss of $9.2 million, or
42 cents a share, in the year-ago period. Sales totaled $127.9 million,
a 21 percent increase from the year-ago period, although the quarter included
14 weeks instead of the 13 weeks included in 2008’s fourth quarter.
For the year, Littelfuse reported net earnings of $9.4 million, or 43 cents a diluted share, compared with earnings of $8 million, or 37 cents a share, in 2008.
Annual sales totaled $430.1 million, down 19 percent from 2008, as a result of “declines in all market segments and all geographies reflecting the global economic downturn compounded by distributor de-stocking,” the company said in its earnings release.
Shares were trading at around $32 a share at 12:30 p.m. on Nasdaq Monday. Friday, the company’s shares closed at $29.19 a share. Its 52-week high is $34.92 a share
The Chicago-based maker of circuit protection systems attributed the results to a strong balance sheet, reduced cost structure and greater demand for its products in the latter part of the year. The company said its first-quarter earnings should be in the range of 50 cents per diluted share to 62 cents, assuming a 29 percent tax rate.
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