Semtech Q2 Profit Tops View; Issues Q3 Outlook - Quick Facts

(RTTNews) - Semtech Corp. (SMTC) Wednesday said second-quarter GAAP net income was $19.1 million, or $0.28 per share, compared to $10.0 million, or $0.15 per share in the comparable quarter last year.

Adjusted net income for the quarter was $35.8 million, or $0.52 per share, up from $27.5 million, or $0.41 per share, in the year-ago period. On average, ten analysts polled by Thomson Reuters expected the company to earn $0.51 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues were $165.01 million, up 9.5% from $150.70 million in the prior year quarter, while nine analysts expected revenues of $165.02 million for the quarter.

Looking ahead to the third quarter, the company expects to report earnings in the range of $0.13 to $0.21 per share, adjusted earnings in the range of $0.31 to $0.37 per share and revenues in the range of $135.0 million to $145.0 million. Analysts currently expect the company to earn $0.54 per share on revenues of $169.35 million.

The company also announced that its Board of Directors approved increasing the existing stock repurchase authorization by $50.0 million. Prior to the increase, the company had $42.5 million remaining from the authorization implemented in November 2011.