Semtech posts higher profit in fiscal 2nd-quarter as revenue surges 70 percent

Semtech posts higher 2Q earnings

CAMARILLO, Calif. — Semtech Corp. said Wednesday its fiscal 2011 second-quarter earnings increased as the semiconductor maker’s revenue jumped by more than 70 percent.

The company said net income rose to $19.7 million, or 31 cents a share, compared with net income of $7.4 million, or 12 cents a share, in the year-ago quarter.

Excluding one-time items, adjusted earnings amounted to 42 cents a share, the company said.

Analysts polled by Thomson Reuters forecast a profit of 39 cents a share. Analyst estimates typically exclude one-time items.

Revenue rose to $113.2 million, ahead of the $110.8 million anticipated by Wall Street.

Management said it continued to see robust demand in its communications, consumer and industrial end markets during the quarter.

The company expects net sales in its fiscal third quarter will be up between 6 percent and 10 percent from the second quarter. It projects to earn between 33 and 35 cents a share.

Semtech shares added 72 cents, or 4.3 percent, to $17.63 in aftermarket trading after rising 6 cents to $16.91 during the regular session.