Q3 2023 revenue growth of 11% compared to Q3 2022 and 1% compared to Q2 2023
Gross Margin expands to 70.0% / 70.6% for Q3 2023 on a GAAP / Non-GAAP basis
Net Income improves to $0.38 / $0.53 per diluted share for Q3 2023 on a GAAP / Non-GAAP basis
Operating profit of 29.6% on a GAAP basis and 40.3% on a non-GAAP basis for Q3 2023
On October 30, 2023, Lattice Semiconductor Corp (NASDAQ:LSCC) announced its financial results for the fiscal third quarter ended September 30, 2023. The company reported an 11% year-over-year increase in revenue, with Q3 2023 revenue reaching $192.169 million compared to $172.509 million in Q3 2022. The gross margin expanded to 70.0% on a GAAP basis and 70.6% on a Non-GAAP basis, compared to 68.8% and 69.5% respectively for Q3 2022. Net income per diluted share improved to $0.38 on a GAAP basis and $0.53 on a Non-GAAP basis, compared to $0.33 and $0.48 respectively for Q3 2022.
Company Performance and Financial Highlights
Jim Anderson, president and CEO, commented on the company's performance,
We delivered another quarter of solid growth, with Q3 2023 revenue and net income increasing 11% on a year-over-year basis. Today Lattice has the strongest product portfolio in our 40-year history and we continue to rapidly expand our product lineup."
Sherri Luther, CFO, added,
We achieved Q3 2023 operating profit of 29.6% on a GAAP basis and 40.3% on a non-GAAP basis, with gross margin expansion of 120 basis points on a GAAP basis and 110 basis points on a non-GAAP basis compared to Q3 2022. We drove record cash generation, increased our free cash flow to 40%, and continued our share repurchase program for the twelfth consecutive quarter."
Financial Tables Summary
The GAAP financial results for Q3 2023 showed a 1.1% quarter-over-quarter and 11.4% year-over-year increase in revenue. The gross margin percentage increased by 30 basis points quarter-over-quarter and 120 basis points year-over-year. Net income increased by 6.2% quarter-over-quarter and 16.0% year-over-year. The Non-GAAP financial results for Q3 2023 showed similar trends.
For the fourth quarter of 2023, Lattice Semiconductor Corp (NASDAQ:LSCC) expects revenue to be between $166 million and $186 million. The gross margin percentage is expected to be 70.5% plus or minus 1% on a non-GAAP basis. Total operating expenses are expected to be between $57 million and $59 million on a non-GAAP basis.
About Lattice Semiconductor Corp (NASDAQ:LSCC)
Lattice Semiconductor (NASDAQ: LSCC) is the low power programmable leader. The company solves customer problems across the network, from the Edge to the Cloud, in the growing communications, computing, industrial, automotive, and consumer markets. For more information about Lattice, please visit www.latticesemi.com.
Explore the complete 8-K earnings release (here) from Lattice Semiconductor Corp for further details.
This article first appeared on GuruFocus.