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Microsemi tops Street 4Q forecasts

CNBC International 2017-11-10 02:53:00

ALISO VIEJO, Calif. (AP) _ Microsemi Corp. (MSCC) on Thursday reported fiscal fourth-quarter earnings of $102 million.

On a per-share basis, the Aliso Viejo, California-based company said it had profit of 87 cents. Earnings, adjusted for one-time gains and costs, came to $1.09 per share.

The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.08 per share.

The maker of semiconductors for power management posted revenue of $475.3 million in the period, also exceeding Street forecasts. Seven analysts surveyed by Zacks expected $474.9 million.

For the year, the company reported net income of $176.3 million, or $1.51 per share, swinging to a profit in the period. Revenue was reported as $1.81 billion.

For the current quarter ending in January, Microsemi expects its per-share earnings to range from 95 cents to $1.07. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.02.

The company said it expects revenue in the range of $448 million to $472 million for the fiscal first quarter. Analysts surveyed by Zacks had expected revenue of $461.5 million.

Microsemi shares have fallen 2 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $52.84, an increase of 10 percent in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MSCC at https://www.zacks.com/ap/MSCC