said its fourth quarter is "progressing in line" with previous projections and expects to book and ship enough additional orders to achieve its $490 million sales target.
The South Portland, Maine, semiconductor company expects sales growth of about 20% for 2001. Sales in the first quarter of 2001 are expected to be "seasonally soft" and "somewhat down" from the fourth quarter. However, the company also said "a strong Christmas sell-through of consumer electronics, personal computers, and cellular phones might make that guidance too conservative." Sales in the second quarter and second half of the year are expected to strengthen.
Fairchild also said the company remains on track to meet its long-term growth target of 40%, even as its gross margin growth may be "tempered somewhat through this slower period."
Shares of Fairchild recently fell 69 cents, or 4.2%, to $15.88 on the
New York Stock Exchange
. The shares have been as low as $15.13, beneath the 52-week closing low of $16.25.