PMC-Sierra Q1 Profit Tops Views

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PMC-Sierra IncPMCS
reported upbeat earnings for the first quarter on Monday. The Sunnyvale, California-based company reported quarterly net income of $4.7 million, or $0.02 per share, versus a year-ago net loss of $4.2 million, or $0.02 per share. Excluding one-time items, the company earned $0.10 per share. Its revenue rose 5 percent year-over-year to $133.1 million. However, analysts were expecting earnings of $0.09 per share on revenue of $133.32 million. Storage product revenue in the first quarter climbed 11 percent to $96.5 million. The average estimate among 5 Estimize users was for earnings of $0.10 per share and revenue of $133.96 million. "We experienced strong year-over-year growth in storage at eleven percent, representing a solid start for the year," said Greg Lang, PMC president and chief executive officer. "And, with our four key drivers firmly in place, we remain positive about top and bottom line growth prospects for the balance of 2015." PMC-Sierra shares finished down 1.45 percent at $8.86 during regular trading hours.
Posted In: EarningsNewsprofit
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