By Tiernan Ray
Shares of programmable chip maker Lattice Semiconductor (LSCC) are down 39 cents, or almost 8%, at $4.90 in late trading after the company this afternoon reported Q1 revenue that beat slightly, and earnings per share a penny below consensus, but handily beat expectations with its revenue view for Q2.
Revenue in the three months ended in March fell 0.7%, year over year, and rose 8% from Q4′s level, to $71.2 million, yielding EPS of 2 cents a share, a reversal of the year-earlier 7-cent-per-share net loss.
Analysts had been modeling $70.6 million and 3 cents a share.
Gross margin declined from 55.1% a year earlier, and 54.2% in the prior quarter, to 53.6%, the company said.
CEO Darin Billerback noted the company’s return to profitability on stronger performance by products in theconsumer market:
Revenue for the first quarter of 2013 came in at the high end of upwardly revised guidance and well above our original guidance. The strong revenue growth directly reflects expansion into the consumer market along with some strengthening in the communications market. Importantly, we returned to profitability in the first quarter, which is the ultimate validation of our market strategy and operations execution. We are pleased by the traction we are seeing with our low density, low power programmable devices especially in applications where long battery life is crucial.
For the current quarter, the company sees revenue in a range of up 15% to up 20% from last quarter’s level, or $81.9 million to $85.4 million, above the consensus of $71.5 million. Gross margin is expected to come in
at 49% to 53%.
Cannot understand why LSCC is trading lower in AH when current quarter revenue is well above consensus..., Notably, margins are lower due to product mix, but not terrible enough to send LSCC below $5.
Other companies could only wish for 15%-20% sequential growth, and LSCC is taking it on the chin ??
you might have noticed that the stock finished the day up a whopping 10% in an otherwise dismal market as earnings were obviously leaked. So given the trading price of around $4.70 before the buying spree the stock is still up sizeably in after hours.