Intersil

(ISIL)

said its fourth-quarter net income dropped by one-third to $13.3 million, or 12 cents a share, from $19.7 million, or 18 cents a share, in the year-ago quarter. Analysts had been expecting 11 cents a share, according to Thomson Financial/First Call.

Sales for the quarter were $121.6 million, 7.2% higher than the previous quarter, but down from $164.8 million in the year-ago period.

The microchip maker said it expects a 3% to 5% increase in revenue in the first quarter, with earnings per share of 12 cents. According to First Call, Wall Street was expecting 11 cents a share.

Shares of Intersil closed at $31.77 Tuesday before the announcement.