warned after the market closed today that sales and earnings for the second and third quarters may be below the levels of the first quarter.
Excluding the effects of one-time charges, the company reported first-quarter earnings of 76 cents a share on sales of $641 million.
The company now expects second-quarter sales to decline 6% to 8% from the first quarter and to resume sequential growth in the third quarter. National Semiconductor said this may result in a drop of about 2.5 percentage points in gross margin from the 53% in the first quarter and a corresponding decline in earnings per share.
According to a
First Call/Thomson Financial
survey, analysts expect the company to earn 77 cents a share in the second quarter and 79 cents a share in the third quarter.
The company said shipments in the current quarter will be hurt by inventory corrections being made by some of its customers in the mobile phone market. Bookings for personal computer products have strengthened, but at a lower rate than seasonally expected.