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Semtech 4Q Profit Doubles

Company said Wednesday that its fiscal fourth-quarter profit more than doubled, helped by greater demand for its semiconductors.

CAMARILLO, Calif. (AP) -- Semtech Corp. said Wednesday that its fiscal fourth-quarter profit more than doubled, helped by greater demand for its semiconductors.

The company's results handily beat Wall Street views, and its outlook was better than expected, too. Both helped Semtech shares rise 10 percent in after-hours trading.

For the quarter that ended Jan. 30, Semtech earned $26 million, or 39 cents per share, compared with a profit of $9.5 million, or 15 cents per share, in the year-ago quarter.

Excluding one-time items, the company earned 47 cents per share -- 6 cents more than what analysts polled by FactSet were expecting.

Revenue rose 37 percent year over year to $116.3 million from $85 million, beating analyst estimates of $113.8 million.

For the current quarter, Semtech expects adjusted net income of 41 cents to 44 cents per share on $117 million to $121 million in revenue. Analysts are hoping for 41 cents per share on $114.4 million in revenue.

Throughout fiscal 2011, Semtech earned $72.6 million, or $1.12 per share, compared with $957,000, or 2 cents per share, in fiscal 2010. Revenue rose 59 percent to $454.5 million from $286.6 million in the previous year.

Semtech shares rose $2.28 to $24.78 in after-hours trading. The stock finished regular trading down $1.42, or 5.9 percent, at $22.50.

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