Chip segment weighs raft of reports
Motorola, Novellus, Fairchild among firms issuing results
By August Cole, CBS.MarketWatch.com
Last Update: 5:52 PM ET Jan. 22, 2002
marketwatch.com
NEW YORK (CBS.MW) -- A series of quarterly reports late Tuesday gave a snapshot of how the semiconductor industry closed out one of its toughest years ever.
The reception in after-hours trading was a warm one even as many of the big-name players reported losses for the final quarter of calendar year 2001. See After Hours.
Applied Micro Circuits
Applied Micro Circuits (AMCC: news, chart, profile) stayed in line with analyst estimates by reporting a third-quarter loss of $13.1 million, or 4 cents a share. Company officials said they still were trying to work through excess inventory at a time where there is little demand. Applied Micro's revenue was $40.2 million, down 72 percent from $143.3 million a year ago. At that time the company earned $48.1 million, or 16 cents a share. See full story.
Alliance Semiconductor
Alliance Semiconductor said it lost $11 million, or 27 cents a share, during the third quarter. In the year-ago period, the company earned $10.9 million, or 26 cents a share. The chip firm reported revenue came in at $6.3 million -- down 90 percent from last year. Shares (ALSC: news, chart, profile) ended the day off 19 cents to $11.22.
Altera
Altera Corp. said Tuesday it lost 9 cents a share, or $34.4 million, in the fourth quarter. On a pro forma basis, the company earned $12.57 million, or 3 cents a share, matching the consensus profit target from Thomson Financial/First Call. In the year-ago period, Altera's pro forma income was $102.72 million, or 25 cents a share. Revenue came in at $162.53 million, down from $367.95 million in the year-ago quarter. Shares (ALTR: news, chart, profile) ended the day down $1.01 to $22.
Fairchild Semiconductor
Fairchild Semiconductor said it lost 16 cents a share, or $16.2 million, in the fourth quarter though last year it earned 92 cents, or $93.7 million. That figure includes a $11.2 million charge. On a pro forma basis, the chip firm broke even in the fourth-quarter. Analysts polled by First Call had forecast a per-share loss of 4 cents a share. Last year, the company earned 76 cents a share, or $76.9 million. Revenue came in at $324.6 million, down from $468.8 million last year. Shares (FCS: news, chart, profile) lost $1.76 to $23.79.
Motorola
Motorola (MOT: news, chart, profile) lost money in the fourth quarter as sales fell 25 percent, but the company reiterated its previous prediction that it will return to profitability in the second half of 2002. The giant manufacturer of wireless phone and communications chips said it lost $1.2 billion, or 55 cents a share, compared with net income of 362 million, or 16 cents, a year earlier. Revenue was $7.3 billion compared with $9.8 billion. The loss excluding one-time items was 4 cents a share, a penny better than analysts had expected.
Novellus
Chip equipment maker Novellus (NVLS: news, chart, profile) reported fourth-quarter net income of $17.2 million, or 12 cents a share, on revenue of $200 million. During the same quarter last year, net income was $93.9 million, or 64 cents a share, on revenue of $442.7 million. Novellus was expected to earn 11 cents a share on revenue of $201 million, according to the average estimate of analysts surveyed by First Call. Shipments declined 15.8 percent sequentially to $162.4 million and deferred revenue fell 23 percent sequentially to $140 million. Shares fell $1.61, or 4.3 percent, to $36.23. See full story.
Vitesse Semiconductor
Vitesse Semiconductor said Tuesday it lost $106.9 million, or 54 cents a share, including charges, while last year the company brought in a profit of 15 cents a share. On a pro forma basis, Vitesse lost $24.3 million, or 12 cents a share in the first quarter, 1 cent a share less than analysts had forecast, according to First Call. Revenue came in at $39.1 million, down 76 percent compared with $165.1 million in the year-ago quarter. In the year-ago period, the company (VTSS: news, chart, profile) earned $47.6 million, or 26 cents a share. |
