Programmable chipmaker Xilinx Inc. (XLNX) said Wednesday after the markets closed that its fourth quarter profit rose 7% from last year, as better expense control helped offset a 5% decline in revenue.
The company's quarterly earnings per share also came in above analysts' expectations as did its quarterly revenue. At the same time, the company gave a down-beat revenue forecast for the current quarter.
"During fiscal 2013, Xilinx completed the rollout of the PLD industry's broadest 28-nm product portfolio. Sales from these products exceeded $40 million during the quarter, significantly exceeding our expectations," said Moshe Gavrielov, Xilinx President and Chief Executive Officer.
Xilinx shares are currently gaining 1.18% in after hours trading after closing the day's regular trading session at $36.50, down 5 cents. The shares trade in a 52-week range of $30.25 to $39.43.
For the fourth quarter ended March 30, 2013, the San Jose, California-based company reported net income for the fourth quarter of $130.6 million or $0.47 per share, compared to $122.4 million or $0.44 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 fourth quarter.
Gross margin for the quarter improved to 66.1% from 66.4% a year earlier, while operating margin for the quarter improved to 27.7% from 26.3% in the prior year quarter.
Net revenue for the fourth quarter fell 5% to $532.17 million from $558.97 million in the same quarter last year. Fourth quarter net revenue rose 4% sequentially. Twenty-five analysts had a consensus revenue estimate of $529.69 million for the fourth quarter.
Thirty four percent of the company's third quarter revenue came from the Asia-Pacific region, which saw revenue growth of 3%. However, the company saw revenue drop in Europe, Japan and North America.
Xilinx last month increased its quarterly dividend $0.03 per share to $0.25 per share.
Looking forward, the company said it expects first quarter sales to be up 1% to 5% sequentially., implying sales of $537.49 million to $558.78 million. Analysts currently expect the company to post revenue of $555.71 million for the first quarter.
Gross margin for the first quarter is expected to be about 66% to 67%.
Another programmable chip maker Altera Corp. (ALTR) is scheduled to report its first quarter results on Thursday. Analysts currently expect the company to earn $0.33 per share on revenue of $413.75 million for the first quarter.
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