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Technology Stocks : Linear Tech (LLTC)

LLTC 65.00

0.0%

Mar 20 5:00 PM EST

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To: pass pass who started this subject	4/14/2004 2:30:34 PM
From: 2sigma	of 2

www.briefing.com 14-Apr-04 13:50 ET Linear Technology (LLTC): 39.90 +0.66 Linear Technology posted Q3 results after the close on Tuesday. The designer and manufacturer of standard high performance linear integrated circuits for communications, computing, consumer electronics, industrial and networking applications printed EPS of $0.27 on revenue of $209.133MM (+36.0% Y/Y) vs. consensus at $0.25 on $203.74MM. Bookings increased across all sectors, driven by communications and industrial customers. Communications account for 39% of sales (Handsets 18%; Infrastructure 10%; Networking 11%); Industrial 31%; Computing 19%; High-end Consumer 5%; Automotive 4% and Other 2%. Demand was strong across geographies. Asia-Pacific/ROW accounts for 39% of sales; U.S. 30%; Europe 16%; and Japan 15%. Gross margin increased 286 bps Y/Y to 77.2%. Operating margin increased 536 bps Y/Y to 54.7%. Company is experiencing strong demand in all geographies, from most sectors and for all product categories. Guided for Q4 revenue of $223.772-225.864MM (+35.0-36.3% Y/Y). Reuters Research prints consensus EPS at $0.27 on $217.25MM. LLTC shares are, based on our inverted EVA / DCF model, priced for sustained upper 20% to 30% revenue growth assuming mid to upper 50% operating margin.

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