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Littelfuse Reports Second Quarter Results.

Article Excerpt
DES PLAINES, Ill. -- Littelfuse, Inc. (NASDAQ/NMS:LFUS) today reported sales and earnings for the second quarter of 2004.

Sales for the second quarter of 2004 were $128.8 million, a 77% increase from sales of $72.8 million in the second quarter of 2003. The recent acquisitions of Teccor Electronics and Heinrich Industrie accounted for approximately $40 million of the increase from the prior year quarter. Excluding these acquisitions, sales for the second quarter of 2004 increased approximately 22% compared to the prior year quarter. Diluted earnings per share were $0.46 in the second quarter of 2004 compared to earnings of $0.18 per diluted share for the second quarter of 2003. Earnings for the second quarter of 2004 include $1.3 million of pre-tax restructuring charges related to manufacturing transfers and plant downsizing activities. The Heinrich business acquired on May 6, 2004 was accretive to earnings by $0.01 per share for the second quarter.

Sales for the first six months of 2004 were $240.2 million, a 68% increase compared to the prior year period. Diluted earnings per share through the first six months of 2004 were $0.89 compared to earnings of $0.32 per diluted share for the first six months of 2003.

"Strength in each of our key markets continued through the second quarter," said Howard B. Witt, Chairman, President and Chief Executive Officer. "These improving markets, combined with early successes from our solution-selling strategy and the addition of Teccor and Heinrich, resulted in record top-line growth."

By geographic segment and excluding Heinrich, sales for the second quarter of 2004 increased 52% in the Americas, 33% in Europe and 82% in Asia, compared to...