TriQuint forecasts first quarter results below estimates; shares fall
(Reuters) - Chipmaker TriQuint Semiconductor Inc TQNT.O forecast current-quarter results below analysts' estimates after some orders were pulled into the fourth quarter, sending its shares down 8 percent.
The company expects an adjusted net loss of 12 cents to 14 cents per share for the current quarter, compared with analysts' expectations of breakeven on a per-share basis, according to Thomson Reuters I/B/E/S.
TriQuint, whose chips help connect cellphones to data and voice networks, forecast revenue of $180 million to $190 million, below analysts' average estimate of $205.1 million.
About $10 million of revenue shifted from the first quarter to the fourth quarter "due to timing and customer needs", TriQuint's Chief Executive Ralph Quinsey said on a post-earnings conference call.
"The seasonal factors going into the first quarter are more severe given their large exposure to Apple," D.A. Davidson & Co analyst Aalok Shah said.
Foxconn Technology Group, Apple Inc's (AAPL.O) largest contract manufacturer, accounted for 31 percent of the company's revenue in 2012, TriQuint said on the call.
Other Apple suppliers such as audio chipmaker Cirrus Logic Inc (CRUS.O) and chipmaker Broadcom Corp (BRCM.O) have also forecast weaker-than-expected current-quarter revenue.
The Hillsboro, Oregon-based company said its exposure to Apple's competitor Samsung Electronics (005930.KS) is increasing year-over-year, but is still not large enough.
TriQuint's revenue rose 3 percent to $233.6 million in the fourth quarter, above analysts' estimates of $222.8 million.
The company reported a net loss of $3.8 million, or 2 cents per share, compared with a profit of $4.3 million, or 3 cents per share, a year earlier.
Excluding items, earnings were 4 cents per share, above analysts' estimates of 2 cents per share.
Shares of the company were down at $4.94 in extended trade, after closing at $5.34 on the Nasdaq on Wednesday.
(Reporting by Neha Alawadhi in Bangalore; Editing by Sriraj Kalluvila)