Semtech Bid Lower on Q3 Earnings Results

Shares of Semtech SMTC are trading lower in the after-hours following the release of the company's Q3 earnings results. Currently, shares are bid $22.15, at $22.69; they ended the regular session higher by 7.11%, at $23.20. Semtech reported Q3 non-GAAP EPS of $0.52 on revenues of $123.9 million; revenues increased 0.7% year over year and decreased 4.8% sequentially. Non-GAAP gross profit margin for the third quarter of fiscal year 2012 was 59.4%. Mohan Maheswaran, Semtech's President and Chief Executive Officer, stated, "During the third quarter of fiscal year 2012, we posted revenue in line with our prior expectations and carefully managed expenses in light of the overall softness in orders. In Q3 we posted a record number of design wins and released 25 new products which are positive indicators for future growth.” “As we enter our seasonally weakest quarter, we see continued macro-economic uncertainty. In addition we also expect our Q4 results to be adversely impacted by the recent floods in Thailand." Semtech's board also authorized a $50 million increase to the company's stock buyback program. Semtech Corporation is a supplier of analog and mixed-signal semiconductor products.