RF Micro Devices Inc. (RFMD), a provider of radio frequency components for mobile communications, Friday said it continues to expect a GAAP net loss in the second quarter of 2009. On an adjusted basis, the company still expects to report earnings, which is in line with analysts' estimate.
Greensboro, North Carolina-based RF Micro said it continues to expect a GAAP net loss in the range of $0.03 per share to $0.05 per share for the second quarter.
Excluding estimated restructuring charges of $15 million - 20 million, share-based compensation expenses and amortization of intangibles, the company expects to report non-GAAP net earnings of $0.05 per share for the quarter. On average 17, analysts polled by First Call/Thomson Financial expect the company to report earnings of $0.05 per share for the second quarter.
Revenue for the quarter is still estimated to be in the range of $250 million to $260 million. Analysts expect revenues of $256.09 million for the quarter.
Further, the company said it continues to expect second-quarter Cellular Products Group revenue to increase, helped by handset unit volume growth, share gains at targeted accounts, new handset launches and improved order visibility.
RF Micro still expects to achieve 10% non-GAAP operating income in the December quarter. The company said it is tracking at or ahead of schedule in its previously announced expense-reduction initiatives.
For the first quarter, RF Micro reported a net loss compared to profit last year, primarily hurt by hefty restructuring charges. Without the charges, the company reported a double-digit growth in profits on higher revenues.
Shares of RFMD are currently trading at $3.52, down $0.34 or 8.94%, on a volume of about 11.91 million.
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