SAN JOSE, Calif. -- It's earnings season and a plethora of IC companies reported their results. Here's what analysts said about some of the players:
Amkor Technology Inc.
C.J. Muse, an analyst with the Barclays, said: ''Amkor reported inline 1Q revenues of $646 million, inline with our estimate of $645 million, consensus of $644 million, and guidance of $628-654 million. EPS came in at $0.18, below our/consensus estimates of $0.20.
For June quarter, however, management offered better than seasonal guide. However, with stronger than anticipated demand from the networking segment (+ percent% Q/Q) and consumer segment driving increased
demand for the lower-ASP leadframe packages, and higher-ASP communications segment declining 8 percent Q/Q, the company's GM of 21.2 percent
fell somewhat short of guidance of 22-24 percent.''
Gary Mobley, an analyst with Benchmark, said: ''The company reported Q1 revenue and non-GAAP EPS of $1.462 billion and $0.64, above our estimates of $1.369 billion and $0.48. Revenue upside was driven from better-than-expected sales in the company's Enterprise Networking group (up 15 percent q/q) and Mobile & Wireless group (up 10 percent q/q). Management's Q2 FY10 guidance calls for total revenue to increase 5 percent to 12 percent sequentially. The midpoint of this guidance is 14 percent above our prior Q2 estimate.''
International Rectifier Corp.
Craig Berger, an analyst with FBR, said: ''IR reported robust calendar 1Q revenues of $242 million (+15 percent QOQ and +81 percent YOY), better than the Street's $232 million, driven by market share gains, increased end-market demand, and likely some downstream inventory replenishment.
''Net, EPS of $0.26 (including stock compensation expense) was far better than the Street's $0.18 due to better revenues and gross margins. Impressively, IR guided calendar 2Q revenues to $255"$260 million (+5.5-7.5 percent QOQ), better than the Street's $238 million.
''Like many peers, IR management said distribution inventories remain low and that customers are still clamoring for product. Product lead times remain extended while management works to resolve production bottlenecks.''
Craig Berger, an analyst with FBR, said: ''LSI reported 1Q revenues of $637 million (flat QOQ, +32.1 percent YOY), better than the Street's $630 million and toward the upper end of LSI's recently revised guidance. 2Q EPS guidance in line with consensus on better-than-expected revenue outlook.
''Management discussed various design engagements with HDD suppliers Western Digital, Samsung, and Toshiba/Fujitsa, all future opportunities. LSI claims to have shipped more than 10 times the SAS (Serial Attached SCSI)-based products than its nearest competitor.''
Hans Mosesmann, an analyst with Raymond James, said: ''After several years of heavy lifting on the R&D front and the company filling up the proverbial design-win 'pipeline,' LSI has put together 3 quarters in a row of superior earnings execution and upside. We suspect that Mr. Talwalkar (LSI's CEO) is starting to gain real traction in terms of credibility when he states that LSI can continue to outgrow its target
server/storage/networking markets over the next several years.''
Maxim Integrated Products Inc.
Doug Freedman, an analyst at Broadpoint AmTech, said: ''Maxim missed March Street GAAP EPS by $0.06 on lower revenue ($509 million). However, revenue was guided up 8-12 percent, or $560 million at the midpoint, despite supply constraints impacting an additional 10 percent of revenue in March and likely in June.
''Despite lack of concrete signs, we have to believe broad-based demand could be entering overheated territory, as the strong June guidance already reflects adjustments for a 2-week extension to lead times given supply constraints.''
Edwin Mok, an analyst with Needham & Co. LLC, said: ''Revenue of $438 million was above consensus of $390 million, but non-GAAP EPS of ($0.02) missed consensus of $0.04 due to weak margins.
''MEMC reported mixed 1Q10 results. Revenue beat expectations due to semi wafer growth and strong SunEdison business, but earnings disappointed on weak margins. It appears MEMC did not benefit from rising market prices for semi and solar wafers. Additionally, we remain concerned that its solar wafer business will continue to be limited by high tolling costs; we believe MEMC will struggle to secure competitive tolling pricing since wafer producers will allocate less capacity to tolling when demand is strong.''
Dunham Winoto, an analyst at Avian Securities LLC, said: ''Skyworks reported $238 million (-3 percent Q/Q)/$0.24, ahead of our est of $233 million/$0.23. Upside was broad-based and similar to RFMD, we believe wireless strength was driven primarily by OEMs in Korea and China as well as some increased shares at Nokia.
''For June, Skyworks is guiding to a Q/Q growth of 10-15 percent with more improvement in GM. It seems that visibility is quite good, with the quarter almost fully booked.''
Texas Instruments Inc.
Craig Berger, an analyst with FBR, said: ''Texas Instruments reported robust 1Q results and gave upside 2Q guidance driven by robust global demand, some downstream supply chain inventory growth, and steady financial and business execution. 2Q revenue guidance of $3.3"$3.6 billion is six points better than the Street's $3.2 billion, driving EPS guidance upside.''
United Microelectronics Corp.
Steven C. Pelayo, an analyst with HSBC, said: ''1Q10 EPS beat (our forecast), but lower tax rate helped. Impressive outlook with rising capacity, utilizations, shipments, ASPs and margins. Official guidance of 'high single digit' wafer shipment growth q-o-q as capacity (+2 percent q-o-q) and utilization rates ('high 90s') rise.''