Microsemi posts fiscal 2nd-quarter profit, reversing loss as sales grow

Microsemi posts fiscal 2Q profit, reverses loss

IRVINE, Calif. — Chip maker Microsemi Corp. posted a fiscal second-quarter profit on Thursday, reversing a year-ago loss as it saw sales grow in all of its markets and was able to reduce operating costs.

For the three months ended March 28, the company earned $11.5 million, or 14 cents per share, up from a loss of $16.6 million, or 20 cents per share, in the same period a year earlier.

Adjusted earnings were $21.4 million, or 26 cents per share, in the latest quarter.

Revenue rose 12 percent to $118.2 million from $105.7 million.

Analysts, on average, were expecting a profit of 26 cents per share, excluding items, on revenue of $116.5 million, according to a poll by Thomson Reuters.

“As anticipated, we had increases in net sales for all of our end markets accompanied by notable improvements in our gross, operating and net margins,” said James J. Peterson, president and CEO, in a statement.

The quarter’s operating expenses declined 17 percent to $41.3 million.

For the third quarter, Microsemi expects adjusted earnings of 28 cents to 30 cents per share and is forecasting sequential revenue growth of 3 percent to 5 percent.

Analysts are expecting a profit of 29 cents per share on revenue of $120.4 million, an increase of about 2 percent sequentially.

Shares fell 68 cents, or 3.8 percent, to $17.20 in after-hours trading. The stock had closed up 68 cents, or 4 percent, at $17.88.