Microsemi Q1 Profit In Line With Estimate

(RTTNews) - Microsemi Corp (MSCC), a provider of semiconductor solutions, on Thursday reported first-quarter net earnings of $19.7 million or $0.21 per share compared with $1.4 million or $0.01 per share last year.

Excluding items, adjusted earnings for the quarter were $0.65 per share compared with $0.46 per share a year ago.

Revenues for the quarter were $303.6 million compared with $255.6 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.65 per share on revenues of $303.5 million for the quarter. Analysts' estimates typically exclude special items.

For the second quarter, the company expects adjusted earnings of $0.64 to $0.68 per share and sales to be flat to down 4.5%. Analysts expect earnings of $0.67 per share on revenues of $309 million.