UPDATE 1-Silicon Laboratories Q2 results beat Street view
* Q2 adj EPS of 42 cents beat estimates by 5 cents
* Q2 revenue beats Street
* Sees Q3 sales of $114 mln - $119 mln
July 29 (Reuters) - Chipmaker Silicon Laboratories Inc (SLAB.O) posted a quarterly profit that beat Wall Street expectations, helped by strong margins and better expense control, and forecast a better-than-expected third-quarter revenue.
"Our business is benefiting from wins in new customer programs, market share gains and seasonality," Chief Executive said Necip Sayiner said in a statement.
Second-quarter net income fell to $9.7 million, or 21 cents per share, from $14.6 million, or 29 cents per share, a year earlier.
Excluding items, the company posted earnings of 42 cents a share. Revenue was almost flat at $104.2 million.
Gross margins rose to 62.2 percent from 60.5 percent in the first quarter.
Analysts on average, expected earnings of 37 cents a share, excluding exceptional items, on revenue of $103.5 million, according to Reuters Estimates.
Silicon Laboratories, which competes with Cypress Semiconductor Corp CY.N, Atmel Corp (ATML.O), Analog Devices Inc (ADI.N) and Broadcom Corp (BRCM.O), expects third-quarter revenue of $114 million to $119 million, compared with analysts expectations of $109.1 million.
Shares of the Austin, Texas-based company closed at $39.81 Tuesday on Nasdaq. (Reporting by Shrutika Verma in Bangalore; Editing by Jarshad Kakkrakandy)
