said it will meet Wall Street's fourth-quarter earnings expectations, but indicated that revenue for the period would be flat on a sequential basis.
Seven analysts polled by
First Call/Thomson Financial
are calling for the company to earn 23 cents a share for the quarter, and Semtech said it is poised to achieve that estimate. The company posted a profit of 15 cents a share in the year-ago period.
The semiconductor maker, which is based in Newbury Park, Calif., said fourth-quarter revenue should be flat with third-quarter levels, lower than the initially expected 7% to 9% growth.
The company blamed the revenue shortcoming on a reduction in orders by customers and a temporary slowdown in demand for certain communications equipment. Semtech also said revenue for the first quarter should be sequentially flat with fourth-quarter totals, but resume growth in the second quarter. For 2001, the company expects revenue to grow by 47% and income to more than double.
Shares of Semtech ended regular session
trading at $22.19 and fell to $21.13 in recent after-hours