Littelfuse Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended October 1, 2016. For the quarter, the company reported total net sales of USD 280.331 million against USD 215.510 million a year ago. Operating income was USD 27.526 million against USD 8.584 million a year ago. Income before income taxes was USD 30.433 million against USD 12.641 million a year ago. Net income was USD 30.802 million against USD 11.324 million a year ago. Diluted earnings per share were USD 1.35 against USD 0.50 a year ago. Adjusted diluted earnings per share were USD 1.87 against USD 1.43 a year ago. Adjusted operating income was USD 49.6 million against USD 42.0 million a year ago. Adjusted EBITDA was USD 62.7 million against USD 52.4 million a year ago. Cash provided by operating activities was USD 64.7 million for the third quarter of 2016 compared to USD 51.6 million for the third quarter of 2015. Capital expenditures for the third quarter of 2016 increased to USD 14.3 million compared to USD 8.6 million in the prior year. The increase was primarily due to capital spending for new acquisitions and integration related activities. GAAP earnings included USD 17 million in pretax special charges, driven by noncash impairment charge related to the custom business within the industrial segment. Excluding the special items, adjusted earnings per share increased 31% year-over-year.

For the nine months, the company reported total net sales of USD 771.64 million against USD 647.844 million a year ago. Operating income was USD 89.656 million against USD 74.303 million a year ago. Income before income taxes was USD 91.524 million against USD 76.764 million a year ago. Net income was USD 77.243 million against USD 60.003 million a year ago. Diluted earnings per share were USD 3.41 against USD 2.64 a year ago. Net cash provided by operating activities was USD 100.015 million against USD 113.583 million a year ago. Purchases of property, plant and equipment was USD 34.501 million against USD 35.016 million a year ago. Adjusted diluted earnings per share were USD 4.69 against USD 3.84 a year ago. Adjusted operating income was USD 135 million against USD 114.1 million a year ago. Adjusted EBITDA was USD 173.2 million against USD 145.2 million a year ago.

For the third quarter, the company reported impairment of goodwill and intangible assets of USD 14.809 million.

For the fourth quarter of 2016, total sales are expected to be in the range of USD 270 million to USD 280 million. This represents approximately 24% revenue growth at the midpoint. Excluding acquisitions, the effects of the e-house business sale and the fourth quarter 2015 extra week, this represents approximately 3% revenue growth at the midpoint. Adjusted earnings are expected to be in the range of USD 1.45 to USD 1.59 per diluted share, excluding special items. This assumes an ingested effective tax rate of 18%.

For the full year of 2016, the company's adjusted effective tax rate is now projected to be 18% versus a prior estimate of 22%. Cash flow from operations this year would be a bit lower in the 12% to 14% range just with all the integration activity and some one-time things going on and CapEx levels about being in the USD 50 million to USD 55 million range.

The company plans to invest approximately USD 30 million over the next few years in its semiconductor production capabilities, including adding capacity in semiconductor fabrication locations.