Littelfuse Q3 results beat the Street

By Reuters
Posted Nov. 4, 2010 at 11:17 a.m.

Circuit protection products maker Littelfuse Inc. posted quarterly results that beat Street expectations, helped by the strong performance of its electronics unit, but said it saw sales slowing down in the fourth quarter.

The Chicago-based company expects fourth-quarter earnings of 75-85 cents a share, on revenue of $138-$145 million.

Analysts were expecting earnings of 79 cents a share, on sales of $149.1 million, according to Thomson Reuters I/B/E/S.

“With our much leaner cost structure, an improving organic growth model and potential acquisitions in the pipeline, we are optimistic about the future,” the company said.

Littelfuse supplies to companies like Motorola Inc., Alcatel-Lucent, Hewlett-Packard Co., Nokia Corp. and IBM.

For the third quarter ended Oct. 2, the company posted net income of $23.3 million, or $1.04 a share, up from $8.1 million, or 37 cents a share, a year ago.

On an adjusted basis, it earned $1.13 a share.

Revenue rose to $163.5 million from $116.4 million. Sales at its electronics unit jumped 52 percent to $108.2 million.

Analyst were expecting the company to earn 96 cents a share, before special items, on revenue of $161.2 million.

Shares of Littlefuse closed at $43.85 Wednesday on Nasdaq. They have lost 3 percent of their value since touching a year-high in October.

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