By Julie Wernau | Sales soared in the
first quarter for Chicago-based Littelfuse, and the company said it is
making good progress toward climbing back to its revenue levels from before the
downturn. Littelfuse manufactures circuit protection components for products that use electrical energy, including automobiles,
computers and handheld devices. The company said it is benefiting from a steady
recovery in those markets.
Sales for the first quarter of 2010
were $144.4 million, a 71 percent increase over the first quarter of
2009 and a 13 percent increase over the previous quarter. The company
saw higher-than-expected operating expenses as higher consumer demand
increased freight costs, Littelfuse said.
The company said it expects electronics sales to continue to grow at a steady rate. Sales in that market increased 73 percent over last year for Littelfuse, and automotive sales increased 88 percent year-over-year. But the company said it expects growth in the automotive sector to decline, and also expects electrical sales, which increased 42 percent over the prior year, to remain flat going forward.
Diluted earnings per share for the first quarter were 69 cents, compared to 36 cents per share in the first quarter of 2009, due mostly to higher sales and an improved cost structure.
A conference call will broadcast live at 10 a.m. CST at www.littelfuse.com.
