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DES PLAINES, Ill. - Littelfuse Inc., which makes circuit protection products used across a range of industries, on Wednesday said its third-quarter profit plunged 72 percent as freight charges and other costs rose.
For the three months ended Sept. 27, Littelfuse earned $4 million, or 18 cents per share, compared with $14.3 million, or 64 cents per share, in the same quarter last year. The per-share figures reflect an approximately 3 percent reduction in the number of outstanding shares year over year.
The latest quarter's results included $6 million in charges, mostly related to the settlement of a pension plan in Ireland. Excluding the one-time charges, adjusted earnings were 35 cents per share.
Sales edged up to $141.5 million from $140.2 million.
Analysts polled by Thomson Reuters, on average, expected a profit of 32 cents per share, on revenue of $140.2 million. Analyst estimates typically exclude one-time items.
Littelfuse said its cost of sales rose 12.4 percent to $105.5 million, while research and development spending jumped 11 percent to $6.3 million. Selling, general and administrative expenses dipped 4 percent to $26.6 million.
The company posted a sales gain of 21 percent to $16.8 million in its electrical segment. In its electronics segment, sales grew 4 percent to $95.8 million. But sales in its automotive business fell 15 percent to $28.9, reflecting sharp reductions in global car production.
The company also gave a fourth-quarter forecast well below Wall Street expectations, and said it expects sales to fall in 2009 due to continued weakness in the auto and electronics markets. The electrical market could also weaken if commercial construction declines farther, Littelfuse said.
In midday trading, Littelfuse shares fell $1.95, or 8.9 percent, to $19.88. Earlier, the stock hit $17.80, its lowest price in nearly six years.
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