5/22 SMTC (big loser $37 dwn $27) warns of 50% Q2 shortfall, sets more layoffs
NEWBURY PARK, Calif., May 22 (Reuters) - Semiconductor products maker Semtech Corp. (Nasdaq:SMTC - news) reported on Tuesday fiscal first-quarter earnings that matched expectations, but warned that results would fall short in the second quarter amid continued weak market conditions.
Semtech said its net income for the quarter ended April 29, prior to $951,000 in one-time costs, was $13.9 million, or 18 cents a diluted share. Net sales for the quarter rose 5 percent from the year-earlier quarter to $60.5 million.
Wall Street analysts expected the company, which warned last month of weaker-than-anticipated first-quarter sales, to earn 18 cents share, according to Thomson Financial/First Call.
The current First Call estimate for the company's fiscal second quarter is 15 cents, but Semtech said Tuesday it expects earnings for the current quarter of 6-7 cents a diluted share, before one-time costs, on revenue of $38-40 million.
Semtech, which reduced its total headcount by 17 percent in the first quarter, also said it anticipates reducing headcount in the second quarter by an additional 12-13 percent. The second quarter costs associated with the layoffs were estimated at $1.0 million to $1.2 million. |
