SAN FRANCISCOŚChip vendors LSI Corp. and Xilinx Inc. and design automation software provider Cadence Design Systems Inc. Wednesday (April 25) reported quarterly results that exceeded analysts' expectations and offered guidance that was also better than expected.
LSI (Milpitas, Calif.) reported first quarter sales of $622 million, up 19 percent from the previous quarter and up 32 percent from the year-ago quarter.
LSI reported a net income in accordance with generally accepted accounting principles (GAAP) of $75 million, or 13 cents per diluted share, up from a GAAP net income of $11 million (2 cents per share) in in the previous quarter and a GAAP net income of $19 million (3 cents per share) the year-ago quarter.
LSI said its first quarter GAAP net income include a charge of $42 million for special items, including stock-based compensation, amortization of acquisition-related items and restructuring charges. The company's net income in the quarter also benefited from a $43 million favorable income tax effect and a $6 million gain on re-measurement of a pre-acquisition equity interest to fair value, the company said.
On a non-GAAP basis, excluding charges, LSI reported a first quarter net income of $117 million, or 20 cents per diluted share, compared to $73 million (13 cents per share) in the previous quarter and $65 million (10 cents per share) in the year-ago quarter.
Consensus analysts' expectations had pegged LSI's first quarter sales at about $600 million and its non-GAAP earnings per share at 14 cents, according to Yahoo Finance.
For the second quarter, LSI said it expects sales to be between $630 million and $670 million, better than consensus analysts' expectations of about $620 million.
Programmable logic vendor Xilinx (San Jose, Calif.) reported sales of $559 million for its fourth quarter of fiscal 2012, which closed last month. Sales were up 9 percent from the previous quarter, but down 5 percent from the year-ago quarter, Xilinx said.
Xilinx reported a net income for the quarter of $134.1 million, or 49 cents per diluted share, up 6 percent from the previous quarter, but down 16 percent compared to the year-ago quarter, Xilinx said.
According to Yahoo Finance, consensus analysts' expectations had called for Xilinx to report sales of about $532 million and a net income of about 41 cents per share for the quarter.
For fiscal 2012, Xilinx reported sales of $2.24 billion, down 5 percent from fiscal 2011. The company reported a net income for the fiscal year of $541.8 million, or $1.99 per diluted share, down 16 percent from fiscal 2011.
In a statement, Moshe Gavrielov, Xilinx president and CEO, said the fiscal year was highlighted by robust growth from Xilinx' 40-nm product families and the introduction of the company's 28-nm FPGAs. "Design win momentum for these product families continues to be strong, giving me confidence that Xilinx will continue to gain PLD share in the new fiscal year," Gavrielov said.
For its current fiscal quarter, which closes in June, Xilinx said it expects sales to increase by 1 to 5 percent sequentially to between $564.6 million and $587 million. Gross margin is expected to decline to between 65 and 66 percent from 66.4 percent in the fiscal fourth quarter, Xilinx said.
Xilinx' sales target for the first quarter of its fiscal 2013 came in well ahead of consensus analysts' expectations, which called for sales of about $553 million, according to Yahoo Finance.
The last quarter was good for most of the industries, there might be many reasons behind it but what immediately comes is nature had given good support in last quarter, no major natural calamities where there in last quarter.
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