Semtech Corp (NASDAQ:SMTC) on Tuesday reported better-than-expected second-quarter financial results and issued third-quarter guidance above estimates.
Semtech reported quarterly earnings of 71 cents per share which beat the analyst consensus estimate of 57 cents per share. The company reported quarterly sales of $341.900 million which beat the analyst consensus estimate of $328.611 million.
Semtech said it sees third-quarter adjusted EPS of $1.02-$1.08, versus market estimates of 61 cents per share. The company sees sales of $405.000 million-$415.000 million, versus expectations of $324.458 million.
“The Semtech team executed exceptionally well, delivering record revenue across our key focus areas, earnings leverage that continued to outpace revenue growth and significant progress on portfolio optimization,” said Hong Hou, president and CEO. “Accelerating bookings and record backlog point to a strong inflection in growth with new revenue drivers and visibility expected to extend well into next fiscal year. Growing our focus areas and expanding margins all serve the same goal: building a predictable, high-margin and high-return business.”
Semtech shares jumped 7.8% to trade at $137.64 on Wednesday.
