MSCC ($67-$52) P/E 62 Beats by 1 cent, Revs light,guides down current quarter.
Microsemi warns -- stock plunges
By Lisa Sanders, CBS.MarketWatch.com
Last Update: 5:42 PM ET July 24, 2001
IRVINE, Calif. (CBS.MW) -- Shares of Microsemi plunged more than $10 in post-market trading Tuesday after the specialty chipmaker warned that it expects flat sales in the current quarter.
Microsemi also posted a fiscal third-quarter profit of $4.4 million, or 30 cents a share, vs. $2.8 million, or 22 cents a share in the same period a year ago. Excluding the sale of some business operations and goodwill, Microsemi posted a profit of $4.9 million, or 33 cents a share, vs. $3.5 million, or 27 cents a share. Analysts polled by First Call/Thomson Financial expected the company to earn 32 cents a share in the quarter.
In after-hours dealings, Microsemi (MSCC: news, chart, profile) shares lost $10.49 to $56.51. The stock closed the regular session at $67, up 55 cents.
Microsemi said its third-quarter results were in line with original forecasts. The Irvine, Calif.-based company said revenue totaled $60.1 million, but sales from continuing businesses were $59.5 million, down from $59.9 million a year ago.
"Based on current backlog and forecasts from customers, we are expecting our fourth quarter sales to again buck the current trend in an industry which has announced significant declines," said James Peterson, president and chief executive, in a statement. He cited the company's diverse customer base as the driver behind results.
However, Microsemi predicted sales would be flat sequentially in the fourth quarter -- about $57 million to $61 million.
"We plan to maintain our stance of cautious optimism for the near term ..." Peterson said. "We remain optimistic about our long-term outlook."
Lisa Sanders is a Dallas-based reporter for CBS.MarketWatch.com. |
