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Semtech earnings fall short of analyst estimates

By   /   Thursday, June 1st, 2017  /   Comments Off on Semtech earnings fall short of analyst estimates

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Semtech announced first quarter 2018 earnings of $11.8 million June 1, a 71 percent increase over the previous first quarter for earnings per share of 18 cents — missing analyst estimates ranging from 28 to 41 cents per share.

Net sales rose 9.6 percent to $143.8 million during the quarter ended April 30, after deducting $5.3 million in share-based compensation related to a $30 million stock deal with Comcast the company announced in October.

Share based compensation is expected to rise to $11.4 million in the upcoming second quarter, the Camarillo semiconductor and Internet of Things platform provider said in a news release, along with an increase in sales to $147 million-$157 million. Earnings per diluted share were estimated to reach 20 cents to 26 cents and the company expects to make $10 million in capital expenditures.

Operating costs rose around 2 percent to $66.6 million. The company had cash and cash equivalents of $281.5 million, with $105.3 million in current liabilities.

Demand remains strong for key growth platforms, said President and CEO Mohan Maheswaran, adding that “I am excited by the number of opportunities we are seeing from our target markets that include datacenters, mobile devices and particularly IoT, where our LoRa platform continues to gain tremendous momentum.”

Semtech stock fell nearly 5 percent as of 12:11 p.m. June 1, to $36.30.

• Contact Marissa Nall at [email protected]

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