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UPDATE 1-Semtech posts higher Q4 profit, sees Q1 above Street
March 10, 2010 / 10:11 PM / in 8 years

UPDATE 1-Semtech posts higher Q4 profit, sees Q1 above Street

* Q4 adj $0.30 vs $0.22 est

* Q4 revenue $85 mln vs $77 mln est

* Sees Q1 adj EPS $0.27-$0.30

* Shares up 5 pct after the bell

March 10 (Reuters) - Semtech Corp (SMTC.O) posted a higher fourth-quarter profit, helped in part by a tax benefit, and forecast the first-quarter above market expectations, sending the chipmaker’s shares up 4 percent in post market trade.

The company, which makes analog and mixed-signal semiconductor products, forecast first-quarter earnings of 27 cents to 30 cents a share, before items, on sales that are 7 percent to 13 percent higher sequentially.

Analysts were looking for a profit of 21 cents a share, excluding items, on revenue of $79.5 million, according to Thomson Reuters I/B/E/S.

For the fourth quarter ended Jan. 31, the company earned $9.5 million, or 15 cents a share, compared with $6.3 million, or 10 cents a share, a year ago.

Excluding items, Semtech, which competes with companies such as Texas Instruments Inc TXN.N, Maxim Integrated Products (MXIM.O) and Monolithic Power Systems (MPWR.O), earned 30 cents a share.

Revenue rose 36 percent to $85 million.

Analysts were expecting earnings of 22 cents a share, before items, on revenue of $77 million.

Semtech’s provision for income taxes benefitted by $3.7 from foreign exchange losses and the release of reserves for uncertain tax positions, the company said in a statement.

Shares of the company were up 5 percent at $18.30 in trading aafter the bell. They closed at $17.35 Wednesday on Nasdaq. (Reporting by Manasi Phadke in Bangalore; Editing by Gopakumar Warrier)

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