Semtech Reports Mixed Third QuarterWednesday, November 28, 2012
Semtech Corp. beat analyst revenue estimates for its fiscal third quarter, but the Camarillo semiconductor manufacturer fell short of forecast earnings.
Semtech reported net income of $16.6 million (25 cents a share) for the quarter ended Oct. 28, compared with $27 million (40 cents) in the same period a year earlier. Revenue rose nearly 30 percent to $161 million.
Analysts estimated earnings of 43 cents a share on revenue of about $151 million, according to the Thomson Financial Network.
A highlight of the quarter were record orders and revenue at Gennum Corp., a Canadian company acquired by Semtech in February, said Chief Executive Mohan Maheswaran.
“The integration of Gennum continues to progress quite well,” said Maheswaran, in a prepared statement. “Our relentless focus on identifying growth opportunities and executing well continues to yield positive results for the company.”
The acquisition created opportunity for Semtech in the video and data communication markets, including fiber optic to homes, storage networks and cloud computing.
Shares lost 1 cent to close at $24.92 on the Nasdaq.