Semtech Jumps Despite Missing 4Q Earnings EstimateThursday, March 7, 2013
Semiconductor manufacturer Semtech Corp. beat analyst forecasts for revenue but fell short of earnings per share in the fourth quarter.
The Camarillo-based company, which makes semiconductors for computers and industrial equipment, reported net income of $13.1 million (19 cents a share) for the quarter ending Jan. 27 compared with $12.4 million (19 cents) in the same period a year ago. Revenue rose 45 percent to nearly $151 million.
Analysts forecast earnings of 43 cents a share and revenue of $149 million, according to Thomson Financial Network.
For the full fiscal year, Semtech reported net income of $41.9 million (62 cents a share) compared with $89.1 million ($1.32) for the previous fiscal year. Revenue rose 20 percent to $579 million.
Semtech President and Chief Executive Mohan Maheswaran called fiscal 2013 a pivotal year for the company by having reached high levels of revenue and completing the largest acquisition in its history with the purchase of Gennum Corp. in Toronto.
“Our innovative product platforms, strategic customer relationships and fiscal discipline have positioned Semtech to benefit from the continuing improvement in the economy and ongoing strength in the high-growth markets we are targeting,” Maheswaran said in a prepared statement.
The company announced its results after the market closed Wednesday. On Thursday, shares closed at $33.03, a gain of $2.31 or 7.5 percent in trading on the Nasdaq.