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UPDATE 1-SMSC Q2 beats Street; gives Q3 EPS below market view
September 28, 2010 / 8:54 PM / in 7 years

UPDATE 1-SMSC Q2 beats Street; gives Q3 EPS below market view

* Q2 EPS $0.51 vs est $0.42

* Q2 rev $ 104.1 mln vs est $ 102 mln

* Sees Q3 rev $104-107 mln; EPS $0.42-$0.43

* Shares down 8 percent in after-market trade

Sept 28 (Reuters) - Chipmaker Standard Microsystems Corp SMSC.O posted better-than-expected second-quarter results helped by lower expenses, but gave third-quarter earnings outlook below analysts’ view as it expects “muted seasonality,” sending its shares down 8 percent.

For the third quarter, the company said it expects to earn 42-43 cents a share on revenue of $102-$107 million.

Analysts were looking for third-quarter earnings of 46 cents on $106.4 million in revenue, according to Thomson Reuters I/B/E/S.

The Hauppauge, New York-based company said it expects demand in the holiday season to remain uncertain.

For the June-August quarter, the company earned $12.9 million or 57 cents a share compared with $6.5 million, or 30 cents a share, last year.

Excluding items, the company earned 51 cents a share.

SMSC, which supplies mixed-signal chips to its OEM and ODM customers in the PC, consumer electronics, industrial and automotive markets, posted quarterly revenue of 104.1 million, up 39 percent.

Analysts on average were expecting SMSC to earn 42 cents a share on revenue of $101.96 million.

Shares of the company, which have gained over 4 percent since the beginning of the year, were trading down 8 percent at $20.52 in trading after the bell.

They closed at $22.48 Tuesday on Nasdaq. (Reporting by Himank Sharma in Bangalore; Editing by Vyas Mohan)

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