SAN FRANCISCOActel Corp. Tuesday (Oct. 27) reported a third-quarter profit, surprising analysts, who had expected the programmable logic vendor to post a loss for the period.
Actel (Mountain View, Calif.) reported third-quarter sales of $47.2 million, up 4.5 percent compared to the second quarter, but down 11.2 percent compared to the third quarter of 2008. Sales came in higher than the top end of Actel's target range for the quarter.
Based on generally accepted accounting principles (GAAP), Actel reported a third-quarter profit of $900,000, or 3 cents per diluted share. The company had reported net losses of $45.1 million ($1.73 per share) and $1.4 million (5 cents per share), respectively, for the previous and year-ago quarters.
On a non-GAAP basis, excluding charges, Actel reported a third-quarter net income of $2.4 million, or 9 cents per share, up from $14,000 for the second quarter and $1.4 million in the third quarter of 2008.
Consensus analyst expectations had called for Actel to post revenue of $45.5 million and a non-GAAP net loss of 1 cent per share, according to Yahoo Finance.
Actel said it expects fourth-quarter revenue to be between $48.1 million and $50 million, which would be an increase of 2 to 6 percent sequentially. Consensus analyst expectations had called for fourth-quarter guidance of about $47.8 million, according to Yahoo Finance.