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Semtech tops Street 4Q forecasts

CAMARILLO, Calif. (AP) _ Semtech Corp. (SMTC) on Wednesday reported fiscal fourth-quarter profit of $8 million.

The Camarillo, California-based company said it had net income of 12 cents per share. Earnings, adjusted for one-time gains and costs, came to 37 cents per share.

The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 35 cents per share.

The chipmaker posted revenue of $140 million in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $138.2 million.

For the year, the company reported profit of $54.7 million, or 83 cents per share. Revenue was reported as $544.3 million.

For the current quarter ending in May, Semtech expects its per-share earnings to range from 39 cents to 43 cents.

The company said it expects revenue in the range of $138 million to $146 million for the fiscal first quarter.

Semtech shares have increased roughly 9 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $34.30, a rise of 70 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SMTC at https://www.zacks.com/ap/SMTC

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Keywords: Semtech, Earnings Report