Xilinx 4Q Profit Slumps But Beats Expectations

SAN JOSE, Calif. (AP) — Chip maker Xilinx Inc. said Wednesday its fiscal fourth-quarter profit and sales dropped amid the difficult economy, but the results still surpassed Wall Street's expectations.

For the three months ended March 28, the company earned $70.5 million, or 26 cents per share, down 27 percent from $96.5 million, or 34 cents per share, in the same period a year earlier. Xilinx said the latest quarter's results included a gain of 6 cents per share in one-time items.

Revenue fell 17 percent to $395 million from $475.8 million.

Analysts, on average, were expecting a profit of 18 cents per share on sales of $383.1 million, according to a poll by Thomson Reuters.

The company said while the ecomonic turmoil remains challenging for semiconductor companies, it was able to outperform the chip industry throughout the downturn.

Xilinx forecast that first-quarter sales to range between and increase or decrease of 4 percent sequentially — implying sales of $379.2 million to $410.8 million.

Analysts are expecting sales of $376.5 million, a nearly 5 percent decline.

For the full year, the company earned $375.6 million, or $1.36 per share, up slightly from $374 million, or $1.25 per share, a year earlier. The company had fewer outstanding shares this past year, which increased earnings per share results.

Revenue edged slightly lower to $1.83 billion from $1.84 billion.

The stock closed earlier up 22 cents at $20.93.