Shares of Littelfuse Inc. jumped Wednesday after the fuse maker said its first-quarter profit declined on charges, but adjusted earnings and the company's sales forecast surpassed Wall Street's expectations.
For the three months ended March 29, the maker of fuses and circuit breakers earned $4.1 million, or 19 cents per share, down from a profit of $6.2 million, or 28 cents per share, in the same period a year earlier. Excluding items, the latest quarter's profit was $7.9 million, or 36 cents per share.
Revenue climbed 1 percent to $133.7 million from $131.8 million.
Analysts, on average, had expected a profit of 35 cents per share, excluding items, on sales of $136.2 million, according to a poll by Thomson Financial.
The company said its automotive segment performed well despite the slowdown in the North American market.
Littelfuse forecast second-quarter earnings of 42 to 48 cents per share on sales of $142 million to $147 million.
Analysts are predicting a profit of 43 cents per share on sales of $138.1 million.
Shares rose $2.24, or 6.2 percent, to $38.35 in midday trading. In the past 52 weeks, the stock has traded between $26.90 and $44.99.
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