SAN JOSE, Calif. -- Thanks to solar, Cypress Semiconductor Corp. reported strong results in the third period.
Cypress reported record sales of $449.5 million in the third quarter, up 20.6 percent from prior-quarter revenue of $372.8 million and up 54.9 percent from year-ago third-quarter revenue of $290.2 million.
Cypress recorded GAAP net income of $29.8 million in the 2007 third quarter, or diluted earnings per share of $0.18.
In the previous quarter, Cypress recorded GAAP net income of $363.3 million, or diluted earnings per share of $2.29. The company sold shares in its solar-cell subsidiary, SunPower, which boosted its results in Q2. It posted a net of $10.7 million, or $0.06 a share, a year ago.
''Third-quarter revenue significantly exceeded our guidance due to the continued strong growth of our SunPower division and better-than-expected, seasonal semiconductor revenue,'' Cypress President and CEO T.J. Rodgers said in a statement.
SunPower represents 52.1 percent of Cypress' sales. Semiconductor revenue increased 8.1 percent sequentially, or 12.2 percent adjusted for the recent PSRAM divestiture by the company in Q2.
Separately, SunPower said revenue for the 2007 third quarter was $234.3 million, up 34.9 percent from prior-quarter revenue of $173.8 million and up 258.6 percent from year ago third-quarter revenue of $65.3 million.
It posted a net of $8.4 million, or $0.10 a share, compared to a loss of $5.3 million, or minus $0.07, in the previous quarter. It posted a net of $9.6 million, or $0.13 a share, a year ago.
In Q4, SunPower expects sales of $210 million to $220 million and diluted net income per share of $0.33 to $0.37.
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