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Semtech Q2 Profit Rises

Semiconductor company Semtech Corp. (SMTC) reported second-quarter profit of $32.9 million or $0.50 per share, up from $16.1 million or $0.24 per share last year.

Adjusted earnings for the quarter were $0.65 per share, up from $0.43 per share last year. Analysts polled by Thomson Reuters expected earnings of $0.62 per share for the quarter. Analysts' estimates typically exclude one-time items.

Net sales for the second quarter rose 29 percent to $185.0 million from $143.7 million last year. Analysts had a consensus revenue estimate of $182.87 million for the quarter.

Semtech said it generated record Wireless and Sensing products sales driven by LoRa and proximity sensing sales. Signal Integrity products sales driven by record Tri-Edge and 10G PON sales.

Looking forward to the third quarter, Semtech expects adjusted earnings of $0.68 to $0.76 per share and revenues of $188.0 million to $198.0 million. Analysts had a consensus revenue estimate of $0.67 per share on revenues of $189.67 million.

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