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Littelfuse Reports Strong Q4, Issues Upbeat Q1 Guidance, Expects Inventory Burn Down In Late 2021

  • Littelfuse, Inc. (NASDAQ: LFUSreported net sales growth of 18% year-on-year to $400.7 million, led by a 16% organic growth for the fourth quarter of FY20, beating estimates by $27.84 million.
  • Electronic, automotive, and industrial sales rose 17%, 22%, and 13%, respectively, aided by a 16%, 18%, and 5% organic growth, respectively.
  • EPS rose by 91% to $2.23, aided by a lower tax rate, exceeding analyst estimates by $0.67. The free cash flow increased by 30% to $79.1 million.
  • Littelfuse acquired electrical component manufacturer Hartland Controls on January 28.
  • Revenue outlook for the first quarter of FY21 stands between $418 and $432 million, higher than the analyst consensus of $385.55 million.
  • The EPS guidance lies between $1.76 and $1.92 versus the consensus estimate of $1.72.
  • "We expect our sales later in 2021 to be unfavorably impacted by potential inventory burn down at OEMs and Tier 1s. While car builds are nearing and returned to 2019 levels, the ongoing trajectory will depend on the economic recovery and shortages of components," President & CEO Dave Heinzmann said on the company conference call.
  • Price action: LFUS shares are down by 0.95% at $260 on the last check Wednesday.

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