Semtech beats analyst estimates for net income
Camarillo semiconductor supplier Semtech announced net income of $30.8 million, or 46 cents per diluted share, in its third quarter 2016 earnings release Nov. 30.
Net income beat analyst estimates of 36 cents per share but net sales for the quarter of $137.2 million were just shy of estimates by Zacks Investment Research of $138.6 million. Research and development expenses were $25.6 million and sales, general and administrative expenses came to $35.1 million.
Semtech ended the quarter with $297.9 million in cash and marketable securities and $247.9 million in debt.
Fourth quarter net sales are expected to come in at $133.2 million to $141.2 million with earnings per diluted share between 13 and 17 cents, the statement said.
Share prices ended the day at $28.10, down 0.71 percent.
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