SMTC ($29 -$31.50) P/E 42 ..pro forma Q2 earnings down more than 50 pct , but see's meeting next qtrs targets
NEWBURY PARK, Calif., Aug. 21 (Reuters) - Semiconductor products maker Semtech Corp. (NasdaqNM:SMTC - news) said on Tuesday that second fiscal quarter pro forma net income fell by more than half from a year ago, but forecast sequential sales growth of 3 percent to 5 percent in the third quarter.
Newbury Park, California-based Semtech reported second-quarter pro forma net income of $6.1 million or 8 cents a diluted share, compared with $13.7 million, or 18 cents a share, a year ago. Quarterly net sales fell to $40.5 million from $60.6 million a year ago. Including one-time costs, the company reported a net loss of $5.1 million, or 7 cents a share.
The consensus second-quarter earnings estimate among analysts polled by Thomson Financial/First Call was 7 cents.
Based on beginning backlog and a conservative assumption for turns orders, Semtech forecast third-quarter sales of $41.7 million to $42.6 million, or sequential growth of 3 percent to 5 percent. It said it expects third quarter earnings of 8 cents to 9 cents a share. The consensus forecast is 8 cents. |
