Avago Results Top Estimate, Q1 Revenue Outlook Strong; Stock Up 6%

(RTTNews) - Semiconductor company Avago Technologies Ltd (AVGO), Wednesday reported fourth-quarter net earnings of $135 million or $0.50 per share compared with $172 million or $0.68 per share last year.

Excluding items, adjusted earnings for the quarter were $1.99 per share compared with $0.89 per share a year ago.

Revenues for the quarter were $1.59 billion compared with $738 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $1.68 per share on revenues of $1.55 billion for the quarter. Analysts' estimates typically exclude special items.

Avago completed the acquisitions of LSI Corp in May and of PLX Technology Inc in August. The company also recently completed its dispositions of LSI's flash and Axxia networking businesses.

For the first quarter, Avago expects revenues to be flat to up 4 percent on a sequential basis. Analysts expect revenues of $1.51 billion.

Avago operates as a semiconductor device supplier to the enterprise storage, wired, wireless and industrial end markets.