Semtech: Fiscal Q1 Earnings Snapshot
Posted June 2, 2021 4:32 pm.
Last Updated June 2, 2021 4:38 pm.
CAMARILLO, Calif. (AP) _ Semtech Corp. (SMTC) on Wednesday reported fiscal first-quarter profit of $23.5 million.
On a per-share basis, the Camarillo, California-based company said it had net income of 36 cents. Earnings, adjusted for one-time gains and costs, came to 53 cents per share.
The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 52 cents per share.
The chipmaker posted revenue of $170.4 million in the period, also topping Street forecasts. Six analysts surveyed by Zacks expected $167.9 million.
For the current quarter ending in August, Semtech expects its per-share earnings to range from 57 cents to 65 cents.
The company said it expects revenue in the range of $177 million to $187 million for the fiscal second quarter.
Semtech shares have decreased 14% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $61.93, a rise of 17% 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
The Associated Press
