Intersil Swings To Profit, But Misses View; Sees Weak Q4

(RTTNews) - Intersil Corp. (ISIL) Wednesday reported a swing to profit for the third quarter, as better margins offset lower revenues. Nevertheless, earnings and revenues for the period fell short of Wall Street estimates. The company also detailed a weak outlook for the fourth quarter.

Milpitas, California-based Intersil's third-quarter profit was $13.9 million or $0.10 per share, compared with last year's loss of $8.2 million or $0.06 per share.

Adjusted earnings dropped to $0.19 per share from $0.20 per share last year. On average, eight analysts polled by Thomson Reueters estimated earnings of $0.20 per share for the quarter. Analysts' estimates typically exclude one-time items.

Total revenues for the third quarter dropped to $143.6 million from $152.6 million last year. Analysts had a consensus revenue estimate of $150.0 million for the quarter.

Gross margins improved to 58.4 percent from $55.4 percent last year.

Moving ahead, the company expects fourth-quarter adjusted earnings of $0.13 to $0.15 and revenues of $125 million to $132 million. Analysts currently estimate earnings of $0.19 per share on revenues of $145.4 million for the quarter.