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Non-Tech : EARNINGS REPORTING - surprises, misses & more
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To: 2MAR$ who wrote (27)4/23/2000 2:54:00 AM
From: 2MAR$  Read Replies (1) of 762
 
PMC-Sierra tops views Better-than-expected earnings, sales double
cbs.marketwatch.com

By Brenon Daly, CBS MarketWatch
Last Update: 10:42 AM ET Apr 14, 2000 Pulse Report

FOSTER CITY, Calif. (CBS.MW) -- Shares of PMC-Sierra bucked a weak technology market Friday after the chip company reported better-than-expected earnings and an analyst ratched up his earnings projections.




The company (PMCS: news, msgs) said it earned $28.2 million, or 17 cents per share, on a pro-forma basis in the first quarter. That's up from $9.4 million, or 6 cents per share, in the same quarter last year.

Analysts surveyed by First Call expected PMC-Sierra to earn 16 cents per share.

Shares rose 3 15/16 to 129 1/2 in recent trading. The stock peaked at 255 1/2 a month ago.

Following the report, Chase H&Q analyst Jeff Lipton raised his earnings outlook on PMC-Sierra, adding he expects a "significant number" of product introductions over the rest of the year. Lipton bumped up his earnings projection for this fiscal year to 79 cents per share from 72 cents and upped his expectation for next fiscal year to $1.15 per share from $1.04.

First-quarter revenue jumped 103 percent to $102.8 million, led by an increase in sales of its networking semiconductors.

Separately, PMC-Sierra said James Diller will turn over the position of chairman of the board to current chief executive Robert Bailey. Diller will remain a director.

PMC-Sierra, Inc. Announces Completion of Extreme Packet Devices and AANetcom Acquisitions
biz.yahoo.com
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