Silicon Labs Sees Sequential Growth

The communications chipmaker says first-quarter revenue doubles from a year ago.

Author:: Rebecca Byrne
Publish date:: Apr 22, 2002 5:27 PM EDT

Communications chipmaker

Silicon Laboratories

posted a 50% increase in first-quarter sales, and the company raised its revenue estimate for the second quarter, citing strength in wireless, wireline and optical products.

The Austin, Texas, company said first-quarter sales doubled from last year to $28.8 million, while net income, excluding certain noncash charges, hit $1.7 million, reversing a loss of $1.2 million in the same period last year. The company earned 3 cents a share, compared with a loss of 3 cents in the first quarter of 2001.

Analysts had called for a profit of a penny a share on sales of just under $24 million. Including charges, the company posted a profit of $356,000, or 1 cent a share, compared with a loss of $4.6 million, or 10 cents a share, last year.

Silicon Labs said it expects strong growth from wireless products in the second quarter, as well as growth in wireline and optical products. The company is expecting sales to rise 10% to 15% sequentially. Analysts polled by Thomson Financial/First Call are forecasting a profit of 2 cents a share in the second quarter on sales of $25.9 million.

Shares of Silicon Labs ended regular Nasdaq trading at $35.66, down 22 cents, or 0.6%.