narrowly beat consensus and its own guidance for the second quarter of 2002. The company also raised guidance on anticipated increased cell-phone business.
Shares of TriQuint closed the day down 28 cents, or 4.31% to $6.22, but rallied slightly after earnings were reported after the bell.
The company, which provides integrated circuits and filters for wireless phones and base stations, reported GAAP earnings of $2.4 million, or 2 cents a share on revenue of $61.2 million, a nearly 50% plunge compared with $4.7 million, or 4-cents-a-share profit, on revenue of $79.4 million in the same period last year. It logged a slight sequential gain on revenue and a sharp reversal of a $2.2 million net loss in the prior quarter.
The company said the surprise gains were a result of a one-time $4.6 million gain on hedging foreign currency for the acquisition of the
gallium arsenide business, a $2.3 million gain from early retirement of a part of its long-term debt. That was offset by a $3.3 million writedown of an equity investment. Excluding these charges, the company reported a pre-tax loss of $297,000, and flat earnings per share.
Wall Street analysts expected the company to report a net loss of 2 cents a share, on revenue of $60.9 million. The company managed to narrowly beat its own revised estimates of a net loss of a penny to 2 cents a share, which were not premised on the one-time gains, according to the company. It also managed to achieve a book-to-bill ratio of 1.07, the first time in six quarters that it has been over 1. That means that for every $100 billed during the quarter, the company booked orders for $107.
Cash, short-term investments and long-term marketable securities stood at $562.6 million at the end of the second quarter.
Looking ahead, the company raised guidance for third-quarter revenues from 10% to 23% from a range of $60 million to $63 million to a range of $69 million to $74 million, with earnings per share from break-even to a loss of 2 cents. The company also plans to write off acquisition-related costs of $5 million to $10 million in the period. The company said it expected increasing business from wireless handset manufacturers, including
in the third quarter.
The company also reported this morning that it has tapped Ralph Quinsey to be the new president and chief executive officer, replacing 11-year-veteran Steven J. Sharp, who announced intentions to leave the company to pursue other interests last October. Sharp will remain as chairman.