Littelfuse Withdraws FY20 Outlook Amid COVID-19; Suspends Share Buyback

(RTTNews) - While reporting financial results for the first quarter on Wednesday, Littelfuse, Inc. (LFUS) said it is withdrawing its full-year 2020 financial guidance issued on January 29, due to limited visibility of COVID-19 impacts. However, the company provided net sales guidance for the second quarter.

For the second quarter, the company expects net sales to be down approximately 20% sequentially, reflecting the impact of COVID-19 on the supply chain and end demand environment.

On average, analysts polled by Thomson Reuters expect the company to report net sales of $339.66 million for the quarter.

Additionally, the company said it will pay a cash dividend on its common stock of $0.48 per share on June 4, 2020 to shareholders of record as of May 21, 2020. If the macro environment disruption intensifies or is sustained, the Board of Directors may consider a change in the dividend.

However, the company is suspending share repurchase activity for the near-term. It has also reduces the 2020 forecasted capital expenditures to $60 million for the year.