Intersil Corp. reported net earnings of $13.7 million, or 10 cents per diluted share, on sales of $164.4 million the first quarter, compared to $13.8 million, or 13 cents per share, on sales of $134.1 million in the year-ago quarter. Earnings met the guidance of FirstCall analysts.
The Milpitas, Calif., semiconductor supplier saw sequentially higher sales in its power management and Elantec product sectors. Sales of standard analog and wireless networking sectors declined sequentially due to seasonal softness and falling average selling prices. However, the company expects both sectors to rebound the second quarter.
Intersil reported $2.2 million of sales in its automotive product sector, which it exited during the quarter to focus on more profitable markets.
For the second quarter, Intersil projects revenue of $172 million to $176 million, with earnings of 15 to 16 cents per share.