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TheStreet Open House

Semtech Updates Expectations For Fourth Quarter Of Fiscal Year 2014

Stock quotes in this article: SMTC

Semtech Corporation (Nasdaq: SMTC), a leading supplier of analog and mixed-signal semiconductors, today updated its expectations for its fiscal year 2014 fourth quarter, which will end January 26, 2014.

The Company now expects fourth quarter net revenue to be in the range of $120.0 million to $130.0 million. GAAP diluted earnings are now expected to be in the range of 0 cents to 8 cents per share and Non-GAAP diluted earnings are now expected to be in the range of 18 cents to 24 cents per share. The Company’s previous guidance issued on November 18, 2013 was for net revenue to be in the range of $132.0 million to $144.0 million, GAAP earnings to be in the range of 9 cents to 18 cents per diluted share and Non-GAAP earnings to be in the range of 29 cents to 37 cents per diluted share.

The reasons cited for the shortfall are ongoing delays in carrier capex spending and a 6-month push-out in the ramp of a new consumer mobile platform.

The Company also announced that, in order to better leverage natural synergies, it is combining its Advanced Communications and its Gennum Product Groups into a new Signal Integrity and Timing Product Group. The new Product Group will be led by Gary Beauchamp, who was previously Senior Vice President and General Manager of Semtech’s Gennum Product Group. The Company is reviewing the financial implications of these developments and will provide additional information to investors on this new product group when it releases its fourth quarter fiscal year 2014 financial results in early March.

Semtech will be participating in the Williams Financial Group conference call that was previously scheduled for Friday December 20, 2013 at 1 pm EDT. The dial-in information can be accessed on the investor relations section of the Company’s website at http://investors.semtech.com/.

Non-GAAP Financial Measures

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