Semtech Exceeds Expectations in Q2

Semtech Corp. beat Wall Street estimates on revenue and adjusted earnings for the fiscal second quarter. The Camarillo semiconductor manufacturer on Wednesday reported adjusted net income of $37.6 million (55 cents a share) for the quarter ending July 29. That’s well up from income of $30.2 million (45 cents) in the same period a year earlier. Analysts on average expected earnings of 54 cents a share, according to Thomson Financial Network. Revenue in the second quarter was $163.2 million, up from $153.1 million in the same quarter last year. Analysts expected $161.2 million. Chief Executive Mohan Maheswaran said he was pleased with a quarter that exceeded expectation and showed healthy growth from the Internet of Things, mobile and data center markets. “Bookings and design wins remained strong and we entered our third fiscal quarter with record starting backlog,” Maheswaran said in a statement. Semtech announced its earnings after the market close. Shares (SMTC) closed flat at $49.90 on the Nasdaq.