Chipmakers NatSemi, Marvell Post Higher Sales
Analog chipmaker National Semiconductor
Shares of both companies rose in extended trading Thursday.
National Semiconductor on Thursday said third-quarter net income was $71.2 million, or 28 cents per share, compared with $73.7 million, or 22 cents, a year earlier. Revenue rose 5.2 percent to $453.4 million.
Net income dollars fell, due in part to about $20 million in restructuring charges in the quarter. Per-share results rose due to a decrease in the number of shares outstanding.
The company warned on Feb. 4 that revenue would be $450 million to $455 million, compared with analyst expectations at the time for revenue of $484.6 million. Revenue growth in the most recent quarter was crimped in part by weaker shipments to handset customers in China.
Despite the earlier revenue warning, gross margin of 64.3 percent in the third quarter was down only slightly from the 64.4 percent margin in the prior quarter.
"Notwithstanding the sequential decline in revenues, third-quarter gross margin benefited from higher-value product mix as well as manufacturing efficiencies," the company said in a statement.
National Semiconductor also forecast sales in the current quarter of $440 million to $460 million. Analysts polled by Reuters Estimates currently expect revenue of $462.2 million.
Shares of National Semiconductor jumped about 8 percent in extended electronic trading Thursday after finishing regular market hours down 3 percent at $16.34.
Marvell Technology Earnings, Sales Rise
Also after the bell Thursday, diversified U.S. chip maker Marvell Technology posted a quarterly profit compared with a year-earlier loss as revenue rose.
Net income in Marvell's fiscal fourth quarter 2008 ended Feb 2 was $1.3 million, or nil cents per share, compared with a year-earlier net loss of $140.6 million, or 19 cents per share.
Revenue rose to $844.7 million from $622 million. Analysts, on average, expected revenue of $782.8 million, according to Reuters Estimates.
Shares of Marvell rose more than 7 percent after markets closed, following a regular-hours decline of almost 2 percent to $11.52.