rose 5% late Thursday after the
offspring posted strong quarterly numbers.
For its first quarter ended April 1, the Austin, Texas, chip company earned $85 million, or 20 cents a share, on revenue of $1.44 billion. That's down from the year-ago pro forma profit of $106 million, or 38 cents a share, on sales of $1.4 billion, but ahead of the Thomson First Call analyst estimates.
"Our first quarter performance demonstrates improved execution in a challenging environment," said CEO Michel Mayer. "The diversity of our revenue base provided stability, and the initiatives that we are rolling out to improve our operational performance are beginning to show results."
The company guided toward second-quarter revenue of $1.38 billion to $1.47 billion and gross margins in line with first-quarter levels. The numbers roughly matched analyst expectations.
Late Thursday, Freescale rose 88 cents to $18.