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UPDATE 1-Micrel Q2 revenue below Street on shipment delays
July 22, 2010 / 9:47 PM / 7 years ago

UPDATE 1-Micrel Q2 revenue below Street on shipment delays

* Q2 revenue $73.9 mln vs est $76.72 mln

* Q2 EPS $0.21 vs est $0.21

* Sees Q3 EPS $0.21-$0.23 vs est $0.23, ex items

* Sees Q3 rev up 5 pct-8 pct over Q2

* Shares down 6 pct in extended trading

July 22 (Reuters) - Semiconductor maker Micrel Inc MCRL.O posted second-quarter revenue that fell short of analysts’ expectations as supply-chain issues delayed shipments of its products, sending its shares down 6 percent.

During the second quarter, the company posted net income of $12.4 million, or 20 cents a share, compared with $3.9 million, or 6 cents a share, last year.

Revenue rose 43 percent to $73.9 million.

Excluding charges, Micrel earned 21 cents a share.

Analysts on average were expecting the San Jose, California-based company to earn 21 cents on 76.72 million in revenue, according to Thomson Reuters I/B/E/S.

For the third quarter, Micrel expects to earn about 21 cents to 23 cents a share. Analysts expect earnings of 23 cents a share, excluding items.

Chief Executive Ray Zinn said second-quarter revenue missed internal sequential growth target by 12 percent to 15 percent.

“This was primarily due to supply chain delinquencies that delayed some of our scheduled product shipments in the quarter,” said Zinn in a statement.

“However, we currently expect the supply chain constraints will be resolved during the third quarter and will not impact our results in the second half of 2010.”

The company expects to boost revenue by 5 percent to 8 percent in the third quarter over second quarter, it said. The growth forecast implies revenue of $77.6 million to $79.8 million for the period. Analysts were looking for revenue of $79.8 million.

Shares of the company fell 64 cents to $10.40 in trading after the bell. They closed at $11.04 Thursday on Nasdaq. (Reporting by Himank Sharma in Bangalore; Editing by Maju Samuel)

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