Standard Microsystems Trades Down After Earnings (SMSC)

Standard Microsystems Corp. SMSC reports Q3 earnings of $0.51 versus consensus of $0.41. Standard Microsystems Corp. reports revenues of $104.1 million versus consensus of $102.19 million. Revenues Increased 38.6% year over year. Looking ahead to the third quarter of fiscal 2011, the company expects: Revenue in the range of $104 to $107 million, Non-GAAP gross margin to be approximately 56%, Non-GAAP operating expenses to increase by 4 to 8 percent sequentially, Non-GAAP earnings per diluted share in the range of $0.42 to $0.43. "Results for SMSC's second quarter were strong with revenue at the high end of guidance and significant outperformance of both non-GAAP gross margins and earnings per share," said Christine King, President & Chief Executive Officer. "Strong revenue and strict operating expense control contributed to a 19 percent non-GAAP operating margin, surpassing our mid-term model goal of 16 percent. Consumer-related product sales were particularly strong with 18 percent sequential growth, followed by a revenue increase of 10 percent for the Industrial market. The above seasonal sales strength in the first half of fiscal 2011 is expected to result in muted seasonality in the second half of the year, in line with previous expectations. While demand levels in the upcoming holiday season remain uncertain, our design win activity continues to be strong." Shares of SMSC are lower in the after-hours by 8.59%.
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