UPDATE 1-Microsemi posts Q4 adj profit, says Q1 EPS may top mkt

* Q4 adj EPS $0.24 vs est $0.23

* Q4 net sales $109.7 mln, down 19 pct

* Sees Q1 adj. EPS $0.24-$0.26 vs est. $0.24

Nov 12 (Reuters) - Microsemi Corp (MSCC.O) posted an adjusted quarterly profit that beat expectations by a cent, helped by higher operating margins and lower inventory levels, and forecast first-quarter adjusted profit in a range that could top estimates.

The power management chipmaker forecast first-quarter adjusted earnings per share of 24 cents to 26 cents.

Analysts on average were looking for earnings of 24 cents a share, before items, according to Thomson Reuters I/B/E/S.

Microsemi also said it expects its first-quarter net sales to grow 1 percent to 4 percent, sequentially.

Net loss for the fourth quarter ended Sept. 27 was $31.3 million, or 39 cents a share, compared with net profit of $17.3 million, or 21 cents a share, a year ago.

Excluding special items, the company earned 24 cents a share.

Net sales fell 19 percent to $109.7 million.

Analysts on average expected earnings of 23 cents a share, before items, on revenue $109.4 million.

Microsemi recorded a one-time non-cash tax allowance of $31.7 million.

Operating expenses rose 29 percent to $53 million.

Shares of the Irvine, California-based company were down 5 cents at $14.34 in trading after the bell. They closed at $14.39 Thursday on Nasdaq. (Reporting by Saqib Iqbal Ahmed in Bangalore; Editing by Unnikrishnan Nair) ((saqib.ahmed@thomsonreuters.com; within US +1 646 223 8780; outside U.S +91 80 4135 5800; Reuters Messaging saqib.ahmed.reuters.com@reuters.net))