CHICAGO, 2019年1月30日 - Littelfuse, Inc. (NASDAQ: LFUS), a global manufacturer of leading technologies in circuit protection, power control and sensing, today reported financial results for the fourth quarter and full year ended December 29, 2018:
Fourth Quarter 2018 Highlights
- Net sales were $402.3 million, up 32% versus the prior year period. Organic revenue growth was 4%
- Growth by segment versus the prior year:
- Electronics sales increased 62% (up 7% organically)
- Automotive sales decreased 3% on global auto production decline of 4% (down 1% organically)
- Industrial sales decreased 3% due to the exit of the Custom business in 2018 (up 11% organically)
- GAAP diluted EPS was $1.29, up from a loss of $0.48 in the prior year, and includes $14.7 million of after-tax charges primarily related to certain purchase accounting adjustments and integration costs for the IXYS business, and non-operating foreign exchange losses
- Adjusted diluted EPS of $1.87 increased 3% over the prior year
- GAAP effective tax rate was 17.9% and the adjusted effective tax rate was 14.6%
- Cash flow from operations was $79.7 million and free cash flow was $60.9 million
- During the fourth quarter and as of 2019年1月29日, the company repurchased approximately 392,000 and 67,000 shares of common stock, respectively, under its share repurchase authorization
Full Year 2018 Highlights
- Net sales were $1.72 billion, up 41% versus the prior year period, and up 8% organically
- Growth by segment versus the prior year:
- Electronics sales increased 70% (up 11% organically)
- Automotive sales increased 6% on a small decline in global auto production (up 4% organically)
- Industrial sales increased 8% (up 13% organically)
- GAAP diluted EPS was $6.52, up 25% versus the prior year
- Adjusted diluted EPS of $9.44 increased 22% versus the prior year
- GAAP effective tax rate was 19.7% and the adjusted effective tax rate was 18.9%
- Cash flow from operations was $331.8 million and free cash flow was $257.0 million, both records for the company
“2018 was an exceptional year for us," said
Dave Heinzmann
, リテルヒューズ Chief Executive Officer. "Full year organic sales growth of 8% and adjusted EPS growth of 22% reflects the strong execution of our strategy despite softening demand during the fourth quarter. During the year, we made significant progress integrating the company's largest acquisition, IXYS コーポレーション, and are seeing the benefits of our expanded portfolio and combined global teams. Across our segments, we captured many strategic wins in our target end markets. We remain confident that our leading technologies, global footprint, close customer relationships, and talented associates position us for continued content growth in excess of the markets we serve."
For the first quarter of 2019*:
- Net sales are expected to be in the range of $404 to $416 million, down 2% on an as reported basis and down 4% organically, at the midpoint versus the prior year quarter
- Adjusted diluted earnings per share are expected to be in the range of $1.86 to $2.00
- Adjusted effective tax rate is expected to be in the range of 19% - 21%
For the 2019 full year*:
- Adjusted effective tax rate is expected to be in the range of 18% - 20%
- Capital expenditures are expected to be in the range of $90 - $95 million
*リテルヒューズ provides guidance on a non-GAAP (adjusted) basis. GAAP items excluded from guidance may include the after-tax impact of items including acquisition and integration costs, restructuring, impairment and other charges, certain purchase accounting adjustments, non-operating foreign exchange adjustments and significant and unusual items. These items are uncertain, depend on various factors, and could be material to results computed in accordance with GAAP. リテルヒューズ is not able to forecast the excluded items in order to provide the most directly comparable GAAP financial measure without unreasonable efforts.
Dividend
The company will pay a cash dividend on its common stock of $0.43 per share on March 7, 2019 to shareholders of record as of February 21, 2019.
電話会議およびウェブキャスト情報
リテルヒューズ will host a conference call today, 2019年1月30日（水）, at 9:00 a.m. Central Time to discuss the results. The call will be broadcast live and available for replay at Littelfuse.com.
リテルヒューズ について
リテルヒューズ （NASDAQ : LFUS）は、回路保護、電力制御、センサーの分野において優れた技術の製品を手がける世界的メーカーです。 Sold in over 150 countries, our products are found in automotive and commercial vehicles, industrial applications, data and telecommunications, medical devices, consumer electronics and appliances.当社が世界各地に抱える 12,000 名もの従業員は、より安全で環境にやさしい世界、常時接続化が進む世界に対応すべく、お客様と協力して革新的で高品質のソリューションを設計、製造、提供しています。 Learn more at Littelfuse.com.
1995年私募証券訴訟改革法の「セーフハーバー」条項
本プレスリリースに記載されている内容は歴史的な事実ではなく、PSLRA のセーフハーバー条項に該当する「将来の見通しに関する記述」の構成を目的としています。 These statements may involve risks and uncertainties, including, but not limited to, risks relating to product demand and market acceptance; economic conditions; the impact of competitive products and pricing; product quality problems or product recalls; capacity and supply difficulties or constraints; coal mining exposures reserves; failure of an indemnification for environmental liability; exchange rate fluctuations; commodity price fluctuations; the effect of Littelfuse, Inc.'s ("Littelfuse" or the "Company") accounting policies; labor disputes; restructuring costs in excess of expectations; pension plan asset returns less than assumed; uncertainties related to political or regulatory changes; the integration of the recently acquired business of IXYS コーポレーション ("IXYS") and the risk that expected benefits, synergies and growth prospects of the acquisition of IXYS may not be achieved in a timely manner, or at all; and other risks which may be detailed in the company's Securities and Exchange Commission filings. Should one or more of these risks or uncertainties materialize or should the underlying assumptions prove incorrect, actual results and outcomes may differ materially from those indicated or implied in the forward-looking statements. This release should be read in conjunction with information provided in the financial statements appearing in the company's Annual Report on Form 10-K for the year ended December 30, 2017. For a further discussion of the risk factors of the company, please see Item 1A. "Risk Factors" to the company's Annual Report on Form 10-K for the year ended December 30, 2017.
Non-GAAP Financial Measures
The information included in this press release includes the non-GAAP financial measures of organic revenue growth, adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted diluted earnings per share, adjusted effective tax rate and free cash flow. Many of these non-GAAP financial measures exclude the effect of certain expenses and income not related directly to the underlying performance of our fundamental business operations. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is set forth in the attached schedules.
The company believes that organic revenue growth, adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted diluted earnings per share, and adjusted effective tax rate provide useful information to investors regarding its operational performance because they enhance an investor's overall understanding of our core financial performance and facilitate comparisons to historical results of operations, by excluding items that are not related directly to the underlying performance of our fundamental business operations or were not part of our business operations during a comparable period. The company believes free cash flow is a useful measure of its ability to generate cash. The company believes that all of these non-GAAP financial measures are commonly used by financial analysts and others in the industries in which we operate, and thus further provide useful information to investors. Management additionally uses these measures when assessing the performance of the business and for business planning purposes. Note that our definitions of these non-GAAP financial measures may differ from those terms as defined or used by other companies.