U.S. Markets closed

Fairchild Semiconductor posts small 1Q net loss

SAN JOSE, Calif. (AP) -- Fairchild Semiconductor posted a small loss Thursday, but shares advanced in morning trading because the revenue, while lower, was better than expected.

The company posted a net loss of $500,000, or a breakeven per share, in the January-March period. That compares with earnings of $1.6 million, or 1 cent per share, in the same period a year earlier.

Excluding a gain from the reversal of a previous litigation charge thanks to a court ruling, the company's adjusted net loss was $2 million, or 2 cents per share.

Revenue fell 3 percent to $343.2 million from $352.2 million.

Analysts, on average, were expecting adjusted earnings of 4 cents per share on revenue of $340.9 million, according to a poll by FactSet.

For the current quarter, Fairchild is forecasting revenue of $355 to $375 million. Analysts were expecting revenue of $359 million.

"We are excited to see a solid recovery in the industrial and appliance sector which coupled with our continued growth in mobile and automotive should enable us to accelerate sales growth in 2013,"said Mark Thompson, chairman and CEO, in a statement.

Shares of Fairchild Semiconductor International Inc. rose 51 cents, or 3.8 percent, to $13.99 in morning trading. The stock has traded in the 52-week range of $11.14 and $15.75.