Linear Technology fiscal 1Q net income rises

October 15, 2013

MILPITAS, Calif. (AP) -- NEWS: Circuit maker Linear Technology said Tuesday its fiscal first quarter net income rose 2.6 percent, boosted by revenue from its automotive and industrial clients.

DETAILS: The company said the automotive market represented about 19 percent of bookings in the first quarter. But Linear gave a week revenue forecast for the fiscal second quarter and shares fell.

NUMBERS: Net income for the three months ended Sept. 29 rose to $107.9 million, or 45 cents per share. That compares with net income of $105.2 million, or 45 cents per share. Analysts expected net income of 45 cents per share, according to FactSet. Revenue rose 1.6 percent to $340.4 million from $335.1 million last year. Analysts expected $339.2 million.

FUTURE: CEO Lothar Maier said the fiscal second quarter has traditionally been "challenging" since December is typically a slow quarter for clients. The budgeting stalemate in Congress could also hurt results, he said. He forecast revenue to be flat to down 4 percent from the fiscal first quarter, implying revenue of $326.8 million to $340.4 million. Analysts expect $343.3 million.

STOCK: Shares fell $1.53, or 3.9 percent, to $38.02 during after-hours trading, after the stock closed the day down 46 cents at $39.55.