Semtech Corp.'s second-quarter profit increased 29 percent to top analyst estimates on rising sales of the company's chips, which help manage power and protect circuits in computers, cell phones and other high-tech gadgets.
The Camarillo, Calif.-based company said Wednesday that it earned $11.7 million, or 19 cents per share, during the three months ended July 27. That compared with net income of $9 million, or 13 cents per share, at the same time last year.
If not for expenses to cover employee stock compensation and other items unrelated to its ongoing business, Semtech said it would have made 25 cents per share _ 2 cents above the average estimate among analysts surveyed by Thomson Reuters.
Revenue for the period rose 16 percent to $78 million, in line with analyst projections.
The second-quarter showing was overshadowed by the financial impact of a fire at a Mexico plant last month. The company estimates the disruption will diminish its third-quarter earnings by as much as 2 cents per share.
Excluding stock compensation and other items, Semtech projected third-quarter earnings of 23 cents to 25 cent per share. Analysts, on average, had forecast earnings of 25 cents per share.
Semtech's stock fell 20 cents, or 1.3 percent, in extended trading after finishing the regular session at $15.05, up 4 cents.
