Programmable chipmaker Xilinx Inc. (XLNX: Quote) said Wednesday after the markets closed that its first 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. At the same time, the company gave a weak revenue outlook for the second quarter.
Xilinx shares lost 0.97% in after hours trading after closing the day's regular trading session at $32.01, up $1.12 or 3.63%. The shares trade in a 52-week range of $26.55 to $37.74.
For the first quarter ended June, 2012, the San Jose, California-based company reported net income of $129.8 million or $0.47 per share, compared to $154.4 million or $0.56 per share for the year-ago quarter.
On average, 28 analysts polled by Thomson Reuters expected the company to earn $0.45 per share for the first quarter.
Gross margin for the quarter improved to 66.0% from 63.7% a year earlier, while operating margin for the quarter shrank to 28.2% from 30.6% in the prior year quarter.
Net revenue for the first quarter fell 5% to $582.78 million from $615.46 million in the same quarter last year. First quarter net revenue rose 4% sequentially. Twenty-six analysts had a consensus revenue estimate of $574.98 million for the first quarter.
Thirty five percent of the company's first quarter revenue came from the Asia-Pacific region. However, the company saw revenue declines in all geographic regions.
Xilinx also announced a quarterly cash dividend of $0.22 per share, payable on August 29 to all shareholders of record on August 8.
Looking forward, the company said it expects second quarter revenue to be down 4% to 8% sequentially, implying second quarter revenue of $536.16 million to $559.47 million. Analysts currently expect the company to post revenue of $587.55 million for the second quarter.
The company also said it expects second quarter gross margin to be about 66%.
Another programmable chip maker Altera Corp. (ALTR) is scheduled to report its second quarter results on July 24. Analysts currently expect the company to earn $0.39 per share on revenue of $445.34 million for the second quarter.
Last month, Altera said it continued to expects second quarter revenue to grow 14% to 18% from the first quarter level. Based on the company's first quarter revenue of $383.75 million, the guidance implies second quarter revenue in the range of $437.38 million to $452.83 million. The company had revenue of $548.38 million for the second quarter of last year.
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by RTT Staff Writer
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