Lattice Semiconductor Corp LSCC reported mixed fourth-quarter FY23 results yesterday.
Revenue of $170.6 million missed the consensus of $176.2 million. Adjusted gross margin expanded to 70.4% from 70.0% a year ago.
Adjusted EPS of $0.45, down from $0.49 a year ago, beating the consensus of $0.44.
Jim Anderson, president and CEO, said, “We achieved double-digit annual revenue growth in 2023, with record gross margin and continued profit expansion. Despite near-term cyclical industry headwinds, we continue to be well positioned for the long-term with a rapidly expanding product portfolio and strong customer momentum.”
The company repurchased around 900,000 shares in the quarter. The Board of Directors had authorized the repurchase of up to an additional $250 million shares through the end of December 2024.
As of December 30, 2023, cash and cash equivalent stood at $128.3 million.
Outlook: For the first quarter of FY24, the company expects revenue of $130 million-$150 million (vs. $174.42 million estimate) and an adjusted gross margin of 69% (plus or minus 1%).
Price Action: LSCC shares are up 1.7% at $72.27 on the last check Tuesday.
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