, a semiconductor manufacturer, said its first-quarter profit more than doubled.
The Milpitas, Calif.-based company earned $32.4 million, or 22 cents a share, in the quarter, compared with $12.8 million, or 9 cents a share, a year ago. Adjusted for stock based compensation expense, earnings were $41.3 million, or 28 cents a share in the most recent quarter. On that basis, analysts surveyed by Thomson First Call were expecting earnings of 27 cents a share in the most recent quarter.
First-quarter revenue rose 39.7% from a year ago to $178.9 million as against analysts' expectation of $175.4 million.
The company expects to earn about 23 cents a share to 24 cents a share, or 29 cents a share to 30 cents a share after adjustments, in the second quarter. Revenue is expected to be 3% to 5% higher than in the first quarter. Analysts are expecting earnings of 28 cents a share, on revenue of $180.4 million in the second quarter.
''For the sixth consecutive quarter we improved non-GAAP gross margins, and our operating margins are now within our target model of 27% to 30%. We also generated over $55 million in cash from operations, or 31% of sales, for the quarter. This performance further demonstrates our continued progress in expanding our revenue stream across a broad portfolio of products. This broad portfolio is enabling us to smooth out normal seasonality and to deliver consistent revenue and earnings growth," the company said.
First-quarter gross profit rose 44.7% from a year ago to $101.9 million and gross margin increased 200 basis points to 56.9%. Operating income more than doubled from a year ago to $36.4 million and operating margin increased 1,043 basis points to 20.4%.
The company repurchased about $60 million, or 2.1 million shares of its stock, under a previously announced stock repurchase program.
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