XLNX (Bounce~off $47 @$53) Earnings Miss Estimates by a Cent
SAN JOSE, Calif. (Reuters) - Specialty semiconductor maker Xilinx, Inc. (NasdaqNM:XLNX - news) on Wednesday reported third-quarter earnings that missed Wall Street's forecast by a penny.
For the quarter ended Dec. 31, the San Jose, Calif.-based company reported pro forma net income of $109.3 million, or 31 cents per diluted share, compared with $68.5 million, or 20 cents per share in the year-ago period.
Wall Street analysts had, on average, expected the company to earn 32 cents per share in the third quarter, according to First Call/Thomson Financial.
Xilinx was down in after-hours Instinet trade on the news to $46-3/8 from its regular Nasdaq close of $48-5/16. In regular trade it lost 1/8.
Revenues rose to $450.1 million for the third quarter, up 70 percent from $264.3 million a year ago and up 3 percent from the second quarter.
The company announced a month ago that it would post lower- than-expected growth for the just completed quarter, citing swelling inventories at end users who subsequently trimmed orders.
``The December quarter was impacted by the well-publicized inventory correction taking place at several of our global communications customers,'' Wim Roelandts, Xilinx's president and chief executive officer, said in a statement.
Xilinx's chief competitor, Altera Corp. (NasdaqNM:ALTR - news), which is scheduled to report earnings Thursday, also warned of disappointing revenues due to its key customers' rising inventories. Altera shares closed up $1-5/16 to $31-3/16. |
