Semtech Beats Q1 Expectations

Semtech Corp. beat Wall Street expectation on adjusted earnings and revenue in the fiscal first quarter. The Camarillo semiconductor manufacturer reported on Wednesday adjusted net income of $32 million (47 cents a share) on adjusted revenue of nearly $152 million for the quarter ending April 29. That compares with adjusted net income of $29.3. million (44 cents) on adjusted revenue of $149 million in the same period a year earlier. Analysts on average expected earnings of 46 cents on revenue of $150 million, according to Thomson Financial Network. Chief Executive Mohan Maheswaran credited the company’s products for the datacenter, mobile and Internet of Things markets with producing solid results in the quarter. “Led by record results from our LoRa business, we are off to a very encouraging start to the year and, with record bookings in Q1, we anticipate that fiscal year 2019 should be another record year for the company,” Maheswaran said in a statement. The results were released after the market closed. Shares of Semtech (SMTC) closed up 50 cents, or just more than 1 percent, to $45.30 on the Nasdaq.