Chip maker Linear Technology Corp. (LLTC) said Tuesday after the markets closed that its second quarter profit rose from last year on higher revenues.
The company's quarterly earnings per share, excluding items, came in above analysts' expectations, but its quarterly revenues fell short of analysts' forecast. At the same time, the company gave a downbeat revenue outlook for the current quarter.
Linear Technology shares are currently losing 0.14% after closing the day's regular trading session at $35.55, down 24 cents. The shares trade in a 52-week range of $28.28 to $36.41.
The Milpitas, California-based company reported net income for the second quarter of $88.8 million or $0.38 per share, compared to $87.9 million or $0.38 per share for the year-ago quarter.
Excluding items, adjusted net income for the second quarter was $104.3 million or $0.44 per share, compared to $104.9 million or $0.45 per share in the prior year quarter.
On average, 17 analysts polled by Thomson Reuters expected the company to earn $0.40 per share for the second quarter. Analysts' estimates typically exclude special items.
Revenues for the second quarter rose 3.7% to $305.28 million from $294.33 million in the same quarter last year. Second quarter revenues fell 8.9% sequentially. Twenty-three analysts had a consensus revenue estimate of $310.52 million for the second quarter.
Linear Technology CEO Lothar Maier said, "We expected a difficult second fiscal quarter given the tough economic climate existing domestically and globally. Revenue declined 9% compared to the preceding quarter. This was within our guidance, though at the low end, as bookings continued to be weak throughout the first two months of the quarter."
However, the company said it saw stronger bookings momentum exiting the quarter and the same has continued through the early stage of the current quarter.
As a result, the company expects third quarter revenues to grow 1% to 4% sequentially, implying revenue of $308.33 million to $317.49 million. Analysts currently expect the company to post revenue of $321.39 million for the third quarter.
by RTT Staff Writer
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