Littelfuse Q3 Profit Down

(RTTNews) - Littelfuse Inc. (LFUS), an industrial technology manufacturing company empowering a sustainable, connected, and safer world, reported a third quarter net income of $75.47 million or $3.02 per share down from $92.05 million or $3.69 per share in the prior year.

Adjusted earnings per share were $4.28 compared to $3.95 last year.

Net sales of $658.9 million were up 22% versus the prior year period, and up 8% organically.

Analysts polled by Thomson Reuters expected the company to report earnings of $3.79 per share and revenues of $636.71 million for the third quarter. Analysts' estimates typically exclude special items.

For the fourth quarter the company expects adjusted earnings per share to be in the range of $3.14 to $3.34; the midpoint of which represents 11% growth over the prior year when excluding last year's combined $0.25 benefit from a tax holiday and "14th week".

Net sales for the fourth quarter are expected to be in the range of $603 million to $623 million, the midpoint of which represents 11% growth over the prior year and 4% organic growth; includes an about 700 basis point year-over-year sales headwind from foreign exchange and last year's extra "14th week." Analysts expect the company to report earnings of $3.46 per share and revenues of $626.51 million for the fourth quarter.

The company will pay a cash dividend on its common stock of $0.60 per share on December 8, 2022, to shareholders of record as of November 24, 2022.

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