Littelfuse (NASDAQ: LFUS) stock fell significantly in morning trading on Wednesday, and was down 11% as of noon E.T. compared to a 1% drop in the S 500. Yet shares of the industrial tech manufacturer are still beating the market so far in 2023, up over 20% so far on the year.

Wednesday's decline was partly due to a broader downturn that pushed most tech stocks lower. But the more direct factor was Littelfuse's second-quarter report, which arrived before the market opened.

Sales fell 1% through July 1, and were down by 8% after adjusting for exchange rate shifts and the impacts of recent acquisitions. Those results were slightly below Wall Street's consensus expectations and reflected continued demand pressures on the electronics manufacturing industry. For context, Littelfuse's organic sales were down by the same 8% in its fiscal Q1.

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Source Fool.com