Semtech Corp. (SMTC) Wednesday reported a decline in profit for the second quarter, due mainly to higher operating costs and expenses, not withstanding a double-digit growth in revenues.
The Camarillo, California-based company's second-quarter net profit was $10.02 million or $0.15 per share, compared to $27.14 million or $0.40 per share last year.
Adjusted income for the quarter was $27.46 million or $0.41 per share, compared to $33.21 million or $0.49 per share in the prior-year quarter. On average, six analysts polled by Thomson Reuters expected the company to earn $0.41per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter grew 15.7 percent to $150.70 million from $130.25 million in the prior-year quarter. Six analysts had a consensus revenue estimate of $149.56 million for the quarter.
Looking ahead, the company expects third quarter earnings in the range of $0.15 to $0.20 per share and adjusted earnings to range between $0.41 and $0.45 per share. Revenues for the third quarter are anticipated in the range of $148.0 million to $154.0 million. Analysts currently expect the company to earn $0.47 per share for the quarter, with revenues of $158.58 million.
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