The company reported earnings per share of 10 cents, up from 7 cents in the same period a year earlier, but narrowly missed the consensus estimate of 11 cents. Revenue also increased 2.3% year over year to $353.2 million from $345.1 million, but this was also short of analysts' expectations of $357.37 million.
"Revenue for our microcontroller business increased during 2013, with the core microcontroller business generating robust growth," said President and CEO Steve Laub in the company's statement. "We are well positioned for 2014 with multiple growth drivers tied to our extensive new product introductions and significant margin expansion from ongoing operational initiatives."
Must Read: Time to Touch Atmel
TheStreet Ratings team rates ATMEL CORP as a "hold" with a ratings score of C. TheStreet Ratings Team has this to say about its recommendation:
"We rate ATMEL CORP (ATML) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its good cash flow from operations, solid stock price performance and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and feeble growth in the company's earnings per share."