Littelfuse Inc. (LFUS, Financial) filed Amended Annual Report for the period ended 2010-01-02.
Littelfuse Inc. has a market cap of $757 million; its shares were traded at around $34.54 with a P/E ratio of 20.9 and P/S ratio of 1.8. LFUS is in the portfolios of John Rogers of ARIEL CAPITAL MANAGEMENT LLC, Chuck Royce of Royce& Associates, James Barrow of Barrow, Hanley, Mewhinney & Strauss, Columbia Wanger of Columbia Wanger Asset Management, Steven Cohen of SAC Capital Advisors, Jim Simons of Renaissance Technologies LLC.
On a geographic basis, sales in the Americas decreased $35.7 million or 18% in 2009 compared to 2008 due to decreased automotive sales of $15.9 million and lower electronics sales of $25.9 million, partially offset by increased electrical sales of $6.1 million, which included Startco. Automotive and electronics sales declined due to the impact of the global recession and inventory de-stocking throughout the supply chain. The electrical sales increase was due to incremental sales from the companys Startco acquisition.
Europe sales decreased $35.2 million or 30% in 2009 compared to 2008 due to decreased automotive sales of $17.5 million and lower electronics sales of $17.7 million due to the impact of the global recession and inventory de-stocking throughout the supply chain. Current year results included unfavorable currency effects of $3.4 million reflecting a weaker euro in 2009.
Asia-Pacific sales decreased $29.9 million or 14% in 2009 compared to the prior year mainly due to lower electronics sales of $36.0 million, which was partially offset by higher automotive sales of $5.1 million and electrical sales $1.0 million, The weaker electronics sales reflected the impact of the global recession and inventory de-stocking throughout the supply chain. The increase in automotive sales reflected strong growth in the China market and gains in market share. Current year results included unfavorable currency translation effects of $0.7 million primarily due to a sharp decline in the Korean won partially offset by a favorable impact of a stronger Japanese Yen.
Gross profit was $125.4 million or 29.1% of sales in 2009, compared to $143.7 million or 27.1% of sales in 2008. The increase in gross profit margin percentage in 2009 primarily resulted from cost savings related to manufacturing plant consolidations and reductions in operating expenses. Higher restructuring and other costs related to plant transfer activities and a pension settlement charge of $5.7 million during 2008 also contributed to the margin improvement change in 2009.
Operating income was $13.7 million or 3.2% of net sales in 2009 compared to $8.5 million or 1.6% of net sales in the prior year. The increase in operating income in the current year was due primarily to the cost reductions and lower restructuring charges described above partially offset by lower sales.
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Littelfuse Inc. has a market cap of $757 million; its shares were traded at around $34.54 with a P/E ratio of 20.9 and P/S ratio of 1.8. LFUS is in the portfolios of John Rogers of ARIEL CAPITAL MANAGEMENT LLC, Chuck Royce of Royce& Associates, James Barrow of Barrow, Hanley, Mewhinney & Strauss, Columbia Wanger of Columbia Wanger Asset Management, Steven Cohen of SAC Capital Advisors, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Net sales decreased in the current year to $430.1 million compared to $530.9 million in 2008. These results reflected sales declines in the Automotive segment of $28.4 million or 22% to $98.5 million, along with a decrease in sales in the Electronics segment of $79.5 million or 23% to $263.0 million, partially offset by an increase in sales in the Electrical segment of $7.1 million or 12% to $68.6 million. The Electrical segment sales included a full year of sales ($23.7 million) in 2009 from the acquisition of Startco Engineering Ltd. (Startco), which was acquired in the fourth quarter of 2008.On a geographic basis, sales in the Americas decreased $35.7 million or 18% in 2009 compared to 2008 due to decreased automotive sales of $15.9 million and lower electronics sales of $25.9 million, partially offset by increased electrical sales of $6.1 million, which included Startco. Automotive and electronics sales declined due to the impact of the global recession and inventory de-stocking throughout the supply chain. The electrical sales increase was due to incremental sales from the companys Startco acquisition.
Europe sales decreased $35.2 million or 30% in 2009 compared to 2008 due to decreased automotive sales of $17.5 million and lower electronics sales of $17.7 million due to the impact of the global recession and inventory de-stocking throughout the supply chain. Current year results included unfavorable currency effects of $3.4 million reflecting a weaker euro in 2009.
Asia-Pacific sales decreased $29.9 million or 14% in 2009 compared to the prior year mainly due to lower electronics sales of $36.0 million, which was partially offset by higher automotive sales of $5.1 million and electrical sales $1.0 million, The weaker electronics sales reflected the impact of the global recession and inventory de-stocking throughout the supply chain. The increase in automotive sales reflected strong growth in the China market and gains in market share. Current year results included unfavorable currency translation effects of $0.7 million primarily due to a sharp decline in the Korean won partially offset by a favorable impact of a stronger Japanese Yen.
Gross profit was $125.4 million or 29.1% of sales in 2009, compared to $143.7 million or 27.1% of sales in 2008. The increase in gross profit margin percentage in 2009 primarily resulted from cost savings related to manufacturing plant consolidations and reductions in operating expenses. Higher restructuring and other costs related to plant transfer activities and a pension settlement charge of $5.7 million during 2008 also contributed to the margin improvement change in 2009.
Operating income was $13.7 million or 3.2% of net sales in 2009 compared to $8.5 million or 1.6% of net sales in the prior year. The increase in operating income in the current year was due primarily to the cost reductions and lower restructuring charges described above partially offset by lower sales.
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