Littelfuse Reports Second-Quarter 2003 Results
Littelfuse Inc. (Des Plaines, IL) reported sales and earnings for the second quarter of 2003. Sales for the second quarter of 2003 were $72.8 million, a 2% decrease from sales of $73.9 million in the second quarter of 2002. Diluted earnings per share were $0.18 in the second quarter of 2003, compared with $0.18 in the prior-year period.
Sales for the first six months of 2003 were $142.8 million, up 3% compared to the prior-year period. Diluted earnings per share through six months of 2003 were $0.32 compared to $0.15 for the prior year period, which included $0.11 of restructuring charges.
"The second quarter sales decline compared to the year-ago quarter reflected reduced automotive vehicle build rates and a weaker electrical market. On the positive side, we have started to see some improvement in our electronic markets," said Howard Witt, chairman, president and chief executive officer.