Wireless component supplier
RF Micro Devices
beat Wall Street revenue and earnings estimates and the raised guidance it gave last month. The company also forecast higher-than-expected revenue and earnings for the December quarter.
The company reported revenue of $119.7 million and net income of 4 cents a share. In raising guidance Sept. 24, the company estimated revenues for the second quarter of 2003 at $118 million and earnings per share of 3 cents. Analysts were expecting earnings of 3 cents per share on revenue of $117 million.
RFMD also announced it is buying Resonext, a WLAN communications provider, for $133 million in stock. The acquisition is expected to be finalized by the end of the year.
RF Micro said it expects revenue for the December quarter to be between $128 million and $132 million, well above Street estimates of $123.7 million, as gathered by Thomson Financial/First Call. Guidance for earnings was for 5 cents to 6 cents per share, a penny above Street estimates. The company's forecast does not include expected earnings from the Resonext acquisition.
RFMD's results are 21.8% above last year's levels of $98 million and 15.3% above the second quarter's $104 million.
Only last week, the company's CFO said it was seeing strength in its WLAN chip business and among handset customers, and that shipments for the quarter had been tracking well.