Semtech Corporation (NASDAQ: SMTC) increased 4.44% to $24.23 in the morning hours after the company’s third-quarter earnings rose 68% as revenue edged up from a year-ago period hurt by higher charges.
For the quarter ended Oct. 30, the company reported a profit of $27 million, or $0.40 a share, up from $16.1 million, or $0.25 a share, a year earlier. Excluding restructuring costs, stock-based compensation and other charges, per-share earnings rose to $0.52 a share from $0.47 a share. Revenue increased 0.7% to $123.9 million.
The company in August forecast per-share earnings of $0.45 to $0.49 on revenue of $120 million to $128 million, below analysts’ estimates at the time.
Looking forward, Semtech Corp. announced that for the fourth quarter of 2012, it expects net sales to be in the range of $102.0-$108.0 million and GAAP earnings are expected to be in the range of $0.18 to $0.24 per diluted share, Non-GAAP earnings are expected to be in the range of $0.27 to $0.33 per diluted share. According to I/B/E/S Estimates, analysts were expecting the Company to report revenues of $116 million and EPS of $0.42 for the fourth quarter of 2012.
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