AP NEWS

Semtech: Fiscal 1Q Earnings Snapshot

May 29, 2019

CAMARILLO, Calif. (AP) _ Semtech Corp. (SMTC) on Wednesday reported fiscal first-quarter net income of $13.3 million.

On a per-share basis, the Camarillo, California-based company said it had net income of 20 cents. Earnings, adjusted for one-time gains and costs, came to 34 cents per share.

The results met Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was also for earnings of 34 cents per share.

The chipmaker posted revenue of $131.4 million in the period, exceeding Street forecasts. Nine analysts surveyed by Zacks expected $130.5 million.

For the current quarter ending in August, Semtech expects its per-share earnings to range from 32 cents to 40 cents.

The company said it expects revenue in the range of $128 million to $142 million for the fiscal second quarter.

Semtech shares have dropped nearly 4% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $44.15, a drop of 1.5% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SMTC at https://www.zacks.com/ap/SMTC

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