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Xilinx Profit Falls Yet Tops Estimate

Xilinx Profit Falls Yet Tops Estimate
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4/25/2012 5:21 PM ET

Programmable chipmaker Xilinx Inc. (XLNX: Quote) said Wednesday after the markets closed that its fourth quarter profit fell 16% from last year, hurt by lower sales and higher provision for income tax.

However, the company's quarterly earnings per share came in above analysts' expectations as did its quarterly revenue. The company also gave an upbeat revenue forecast for the first quarter.

"Fiscal 2012 was highlighted by robust growth from our 40-nm product families and an aggressive introduction of our 28-nm product families. Design win momentum for these product families continues to be strong, giving me confidence that Xilinx will continue to gain PLD share in the new fiscal year," said Moshe Gavrielov, Xilinx President and Chief Executive Officer.

Xilinx shares are currently gaining 7.06% in after hours trading after closing the day's regular trading session at $34.33, up 2.37%. The shares trade in a 52-week range of $26.55 to $37.74.

For the fourth quarter, the company's North America revenue rose 13% year-over-year, while Japan revenue grew 12%. However, revenue from both Asia Pacific and Europe fell 14%.

For the fourth quarter ended March 31, 2012, the San Jose, California-based company reported net income of $134.1 million or $0.49 per share, compared to $160.1 million or $0.59 per share for the year-ago quarter.

On average, 28 analysts polled by Thomson Reuters expected the company to earn $0.41 per share for the fourth quarter.

Gross margin for the quarter improved to 66.4% from 65.3% a year earlier, while operating margin for the quarter shrank to 29.1% from 30.8% in the prior year quarter.

Net revenue for the fourth quarter fell 5% to $558.97 million from $587.85 million in the same quarter last year. Fourth quarter net revenue rose 9% sequentially. Twenty-six analysts had a consensus revenue estimate of $531.59 million for the fourth quarter.

Looking forward, the company said it expects first quarter revenue to be up 1% to 5% sequentially, implying first quarter revenue of $564.56 million to $586.92 million. Analysts currently expect the company to post revenue of $552.64 million for the first quarter.

The company also said it expects first quarter gross margin to be about 65% to 66%.

Last week, another programmable chip maker Altera Corp. (ALTR) reported first quarter profit that fell 48% from last year, as sales declined in all its geographies and vertical markets. The company's quarterly earnings per share also came in below analysts' expectations as did its quarterly sales.

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by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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