tweaked up fourth-quarter revenue guidance, saying it continues to see strong order rates across all of its end markets.
The South Portland, Maine, company said it now expects fourth-quarter revenue to rise about 8% to 10% from the third quarter's $330.7 million, putting it at about $363 million at the top end. It previously forecast sequential revenue growth of 6% to 8%.
Analysts surveyed by Thomson First Call were forecasting revenue of $356 million in the fourth quarter and earnings of 8 cents a share. The stock closed Tuesday at $26.10, about a dollar off its 52-week high.
Fairchild said strong bookings through October and November raised its 13-week backlog above its level at the end of the third quarter, saying the increase was driven both by higher end-market demand and better visibility on the part of customers. Orders booked and shipped in the same quarter were also better than expected.
"We're especially pleased that demand continues to be very broad-based across all end markets," the company said. "We've seen particular strength in the computing, industrial, and communications infrastructure segments. We expect our strong backlog position and improved demand visibility will allow us to manage mix and pricing to generate increased margins, especially in our latest discrete products in more advanced packages."
The company said it will still need "a good holiday sell through at the end market level to sustain this strong demand environment into the first quarter of 2004."