Circuit protection products provider Littelfuse, Inc. (LFUS) Tuesday said profit in the first quarter declined from the prior year, hit by a hefty charge.
Net income for the first quarter declined to $14.79 million from $17.56 million in the prior year. Earnings per share declined to $0.66 from $0.80.
The latest results included a non-cash charge of $0.29 per share to write off the remaining equity investment and loan balance for Shocking Technologies, which is in Chapter 7 bankruptcy.
On average, 4 analysts polled by Thomson Reuters expected earnings of $0.94 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales increased to $170.92 million from $160.58 million. Analysts expected revenues of $169.52 million.
The company plans to pay a cash dividend of $0.20 per common share on June 6 to shareholders of record on May 20.
Gordon Hunter, CEO, said, "The broad-based sales increase in the first quarter coupled with improving book-to-bill is encouraging. Although several of our end markets are still relatively weak, we are becoming more confident in our belief that the second and third quarters will show normal seasonal strength."
Looking ahead to the second quarter, earnings are expected in the range of $1.03 to $1.18 per share. Sales are estimated to be in the range of $177 to $187 million. Analysts expect earnings of $1.10 per share on revenues of $183.96 million.
The guidance excludes the recently announced acquisition of Hamlin. If the Hamlin transaction closes on schedule at the end of May, it is expected to add $7 million to sales and be slightly accretive to earnings for the second quarter, excluding acquisition-related costs.
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