Conexant sees Q3 earnings beating estimates
NEWPORT BEACH, Calif., June 8 (Reuters) - Semiconductor and chip maker Conexant Systems Inc. said on Tuesday it
expects earnings for its third quarter to ''significantly'' top consensus estimates on strong demand for products for the wireless,
network access and personal imaging sectors.
The company, which was spun off last year from Rockwell International Corp. (NYSE:ROK - news), forecast its revenue for the
quarter ending June 30 to be about 15 percent higher than the previous three months. For the second quarter, Conexant recorded
$316.9 million in sales.
Conexant is expected to earn 11 cents per share for the third quarter, according to consensus analyst estimates compiled by the research firm First Call Corp.
Conexant said it was seeing strong growth in demand for its wireless, network access, and personal imaging areas.
Steady growth in shipments of personal computer modems was coupled with firmer prices than earlier anticipated, the Newport Beach, Calif.-based company said.
''As a result, the company expects earnings for the quarter ... to significantly exceed consensus analyst expectations,'' it said but gave no further details.
The company's stock fell $1.06 to $45.31 a share in trading on the Nasdaq stock trading system on Tuesday. |
