Chipmakers LSI, Intersil See Sequential Revenue Growth

Chipmaker

LSI Logic

(LSI) - Get Report

reported earnings that fell from year-ago levels, but said sales rose sequentially, and the company stuck by its previous promise to return to profitability later this year.

Using generally accepted accounting principles, LSI Logic reported a loss of $172 million, or 47 cents a share, in the first quarter, compared with a loss of $31 million, or 10 cents a share, a year ago.

LSI Logic's sales fell 20% to $413 million from $500 million in the year-ago period, but were up 1.6% from $406 million in the fourth quarter. Revenue matched consensus estimates.

The company, which makes communication, consumer and storage semiconductors, reported a pro forma loss of $42 million, or 12 cents a share. On the same basis, LSI lost $74 million, or 20 cents a share, last year. Analysts expected the company to lose 14 cents a share in the first quarter.

Looking ahead, the company expects revenue to grow 3% to 6% in the second quarter, leading to a loss of 9 cents a share, excluding items. The company also said it remains on track to achieve profitability in the second half of 2002.

In a separate report, analog and wireless chipmaker

Intersil

(ISIL)

reported first-quarter earnings that were up from the same period a year ago. Intersil posted earnings of $13.8 million, or 13 cents a share, in the first quarter, up from $8.1 million, or 7 cents a share, in the year-ago period. Excluding items, earnings came to 14 cents. Analysts were expecting a bottom line of 13 cents.

First-quarter sales were up 4.9% to $134.1 million from $127.8 million a year ago. In the second quarter, Intersil expects earnings of 15 cents a share on revenue growth of 6% to 8%.

Ahead of its earnings release, LSI Logic closed the regular session down 2 cents, or 0.1%, at $15.12, while Intersil finished the day behind by 42 cents, or 1.4%, at $28.89.