Shares of Littelfuse (NASDAQ:LFUS) jumped on Wednesday after the circuit protection products provider reported its second-quarter results. While revenue and earnings were down substantially due to the coronavirus pandemic, the numbers were better than analysts were expecting. The stock rose nearly 12% early in the session, but as of 11:25 a.m. EDT, shares had settled to a 6.8% gain.
Littelfuse reported second-quarter revenue of $307.3 million, down 23% year over year but $32 million higher than the average analyst estimate. Sales declined due to production and demand impacts related to the pandemic.
The automotive segment was the hardest hit, with sales tumbling 43% year over year. Electronics sales slumped 14%, and industrial sales fell 26%. Non-GAAP (adjusted) earnings per share came in at $0.71, down from $1.91 in the prior-year period but $0.32 higher than analysts were expecting. GAAP EPS was just $0.37, driven down by a non-cash goodwill impairment charge.
Despite the steep profit decline, Littelfuse maintained its quarterly dividend of $0.48 per share. The next dividend is payable on Sept. 3 to shareholders of record on Aug. 20.
Looking ahead, Littelfuse expects to see some improvements in the third quarter. The company guided for Q3 revenue to increase compared to the second quarter by between 12% and 15%. This guidance assumes that all production facilities continue to operate normally.
Wednesday's rally brings Littelfuse stock closer to fully recovering from the pandemic-driven sell-off: The stock is now just 6.6% below its 52-week high.