Semtech Tops Third-Quarter Views

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(SMTC) - Get Report

beat Wall Street's third-quarter consensus estimate by a penny, earning a pro forma $7.7 million, or 10 cents a share. In the same period last year, the company earned $16.8 million, or 22 cents a share. Analysts were expecting earnings of 9 cents a share, according to Thomson Financial/First Call.

Revenue for the quarter fell 37% to $43.7 million from $69.0 million in the year-ago period, but grew 8% from the previous quarter.

The analog and mixed-signal semiconductor company said it expects sales to rise between 4% and 6% in the fourth quarter to between $45.5 million and $46.4 million, with earnings per share around 11 cents. Before the earnings release, shares of Semtech closed up 30 cents to $38.70 on the Nasdaq.