SAN FRANCISCOFairchild Semiconductor International Inc. posted a fourth quarter net income of $13.1 million on sales of $354.5 million, exceeding the expectations set by the company and Wall Street.
Fairchild (South Portland, Maine) said sales for the fourth quarter improved by 7 percent compared with the prior quarter and by 11 percent compared with the fourth quarter of 2008. The net income, which equates to 10 cents per diluted share, was an improvement from a net income of $2.7 million in the prior quarter and a net loss for the fourth quarter of 2008 of $218.1 million, which included a $203 million goodwill impairment charge, Fairchild said. Results for the fourth quarter of 2009 included some $15 million in charges, Fairchild said.
Analysts were expecting fourth quarter 2009 sales of roughly $340.9 million, according to Yahoo Finance. Fairchild had predicted sales for the quarter would be between $333 million and $343 million.
For full year 2009, Fairchild's revenue slide to $1.2 billion, down 25 percent compared with 2008, Fairchild said. The company reported a net loss for the year of $60 million, or 49 cents per share, compared to a net loss for 2008 of $167 million, or $1.35 per share.
Fairchild said it expects sales for the first quarter to be roughly $370 million.