NatSemi Shares Jump as Sales Beat Forecast
Analog chipmaker National Semiconductor on Thursday posted a lower quarterly net profit but revenues topped its own forecast as it sold more profitable chips, and shares rose 3 percent.
National Semiconductor, whose microchips are used in everything from cars to cell phones and in the aerospace industry, said net income for its fourth fiscal quarter declined to $83.2 million from $90.1 million.
Per share earnings rose to 34 cents a share, on fewer shares outstanding, from 28 cents a share a year ago. Revenue rose to $462.0 million from $455.9 million.
When National last reported results in March, it forecast sales for the fourth quarter of $440 million to $460 million, a range that Chief Executive Brian Halla told Reuters should be achievable.
"I could see it going above the high end of the range," Halla told Reuters in March when it reported third-quarter results. "The last thing I could see happening is going below the low end of the range."
Shares of National rose 78 cents, or about 3.6 percent to close at $22.66. In extended trade, the stock added about 3 percent.