Xilinx tops 4th-quarter estimates even without positive court ruling

Wednesday, April 28, 2010

Xilinx 4Q tops estimates; outlook also upbeat

SAN JOSE, Calif. — Chipmaker Xilinx Inc. said Wednesday its fourth-quarter net income rose 90 percent, helped by growing revenue and a favorable court decision that reversed a tax penalty.

Net income in the three months to April 3 rose to $148.5 million, or 54 cents per share, from $78 million, or 28 cents per share, a year earlier.

A tax benefit of $23.2 million, or 8 cents per share, came from the ruling in the U.S. Court of Appeals for the Ninth Circuit, which reversed a penalty imposed by the Internal Revenue Service.

The company also booked a one-time charge of $2.8 million, or a penny per share, for restructuring.

Absent the special factors, earnings hit 47 cents per share.

Revenue grew 34 percent to $529 million from $395 million.

The results beat the expectation of analysts polled by Thomson Reuters, who were looking for 44 cents per share of earnings on $521 million in revenue.

The company said it expected its fiscal first-quarter revenue to rise 5 percent to 9 percent from the fourth quarter, implying revenue between $555 million and $577 million, well above the $528 million that analysts were expecting.

Shares were down 39 cents, or 1.5 percent, at $26.24 in after-hours trading, after closing up 33 cents, or 1.3 percent, at $26.63 on Wednesday.

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