logo
Share SHARE
FONT-SIZE Plus   Neg

Microsemi Shares Down As Q1 Results Miss Estimates; Expects Q2 EPS Below View

Shares of Microsemi Corp. (MSCC) declined around 9 percent in Thursday's after-hours trading on Nasdaq after the provider of analog and mixed-signal semiconductor solutions reported first-quarter adjusted earnings and sales below Wall Street analysts' estimates. Including items, the company recorded a profit, compared to last year's loss. Looking ahead, the company issed second-quarter earnings forecast, much below analysts' estimates.

For its first quarter, net income was $14.2 million or $0.16 per share, compared with a loss of $44.6 million or $0.52 per share in the year-ago quarter.

Adjusted net income, which excluded certain items, was $45.0 million or $0.50 per share, 28.2 percent higher than last year's $33.6 million or $0.39 per share.

On average, nine analysts polled by Thomson Reuters expected earnings of $0.52 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter rose 2.8 percent to $247.6 million from $240.9 million last year, while analysts estimated revenues of $252.11 million .

Gross margin improved 540 basis points to 57.6 percent, and adjusted gross margin improved 290 basis points to 57.6 percent.

President and CEO James Peterson said, "We continue to execute on our long term strategy. In a difficult environment, Microsemi delivered results within guidance and continued to lay the foundation for future revenue and profitability growth by improving product mix and gross margins, paying down our term loan, and implementing a disciplined cost control program."

Looking forward to the second quarter, Microsemi expects adjusted earnings of $0.37 to $0.43 per share and net sales to decline by 4 percent to 8 percent, sequentially. Analysts currently expect earnings of $0.53 per share on revenues of $254.00 million

Peterson added, "As we look toward expected recovery in 2013, we will continue to see accelerating success of Microsemi's total solution approach in the marketplace."

Microsemi shares closed Thursday's regular trading at $20.24, up $0.17 or 0.85 percent. In the after-hours trading, shares fell $1.74 or 8.60 percent to $18.50.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Cable-cutters have now one more reason to do so as live television streaming will be available on YouTube TV in 14 more markets in the U.S. Facebook Chief Operating Officer Sheryl Sandberg has donated nearly $100 million in Facebook shares to charity. This is her second charitable donation within a year. A document was filed on Thursday with the Security and Exchange Commission, which shows that Sandberg transferred shares to a special fund she uses for charitable donations. Ford Motor Co.'s new CEO Jim Hackett has taken a more cautious approach to the automaker's plans for rolling out autonomous vehicles. Ford is currently undertaking a 100-day review of its operations and Hackett indicated at delays to the company's plans to launch a fully-autonomous vehicle by 2021.
comments powered by Disqus
Follow RTT