Semtech shares jump after hours
CAMARILLO, Calif. (AP) — Semtech Corp.'s shares soared in after-hours trading Wednesday after the semiconductor company reported a better-than-expected fourth quarter and issued a strong forecast for the current period.
The company earned $13.1 million, or 19 cents per share, for its fiscal fourth quarter, which ended Jan. 27. That's compared with $12.4 million, or 19 cents per share, in the same quarter of the prior year.
After adjusting for stock-based compensation expenses and other special items, it earned 49 cents per share versus 32 cents per share in the prior-year quarter.
Semtech's total revenue jumped nearly 45 percent to $150.6 million from $104 million.
Analysts polled by FactSet were expecting the company to earn 43 cents per share on revenue of $149.1 million.
Semtech's President and CEO, Mohan Maheswaran, said that 2012 was a pivotal year for the company as it completed the 500 million Canadian dollar ($484.2 million) acquisition of Gennum Corp., its largest in company history, and posted record revenue, gross profit and cash flow.
For the full year, Semtech earned $41.9 million, or 62 cents per share, on sales of $578.8 million.
The company forecast first-quarter earnings of 17 to 24 cents per share, or 43 to 49 on an adjusted basis. It also forecast revenue in the range of $154 million to $162 million. Analysts were expecting earnings of 45 cents per share on revenue of $152.5 million, on average.
Semtech, based in Camarillo, Calif., makes analog and mixed-signal semiconductors used for high-end consumer, computing, communications and industrial equipment.
Its shares jumped nearly 12 percent to $34.27 in after-hours trading. Shares added 22 cents to close regular trading at $30.72.