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UPDATE 1-Semtech Q1 results beat Street; sees strong Q2
May 26, 2010 / 9:26 PM / 7 years ago

UPDATE 1-Semtech Q1 results beat Street; sees strong Q2

* Q1 adj EPS of $0.35 vs est. $0.28

* Q1 rev $101.9 mln vs est. $94.6 mln

* Sees Q2 adj shr $0.37-$0.39, above Street

* Shares up 6 pct in after-market trade

May 26 (Reuters) - Chipmaker Semtech Corp (SMTC.O) posted a better-than-expected quarterly profit helped by a surge in revenue and bookings, signalling an increase in demand in its end markets, sending shares up 6 percent.

The company also provided second-quarter outlook that was well ahead of Street Expectations. For the alerts, click on [ID: nASA00ELX]

Semtech expects second-quarter adjusted profit of 37 cents to 39 cents a share. It expects revenue to increase 6 percent to 10 percent, sequentially.

Analysts were expecting earnings of 29 cents a share, on revenue of $97.4 million.

For the first-quarter ended May 2, the company posted net income of $10.8 million, or 17 cents a share, compared with $4.9 million, or 8 cents a share a year earlier.

Excluding special items, Semtech earned 35 cents a share, beating market estimates of 28 cents a share, according to Thomson Reuters I/B/E/S.

Revenue rose 70 percent to $101.9 million, above analysts’ expectations of $94.6 million.

Shares of the Camarillo, California-based company closed at $17.94 Wednesday on Nasdaq. (Reporting by Sudipto Ganguly in Bangalore; Editing by Saumyadeb Chakrabarty)

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