Corrects to show that the company provided guidance for the second quarter and not ifacal year 2013:
Semtech Corp. (SMTC) Wednesday said first-quarter profit surged to $14.77 million or $0.22 per share from $2.21 million or $0.03 per share in the same period last year.
Adjusted earnings for the quarter was $31.3 million or $0.46 per share. On average, eight analysts polled by Thomson Reuters expected the company to earn $0.46 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues totaled $162.41 million, up from $116.64 million last year. Analysts expected revenues of $158.73 million.
Looking ahead to the second quarter, the company expects to report earnings in the range of $0.21 to $0.29 per share, with adjusted earnings ranging between $0.50 to $0.56 per share.
Revenues for the second quarter are projected in the range of $164.0 million to $172.0 million. Analysts currently expect the company to earn $0.53 per share on revenues of $167.22 million.
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