Semtech Results Top Estimate, Q4 Outlook Weak; Stock Down 4.5%

(RTTNews) - Semiconductor company Semtech Corp (SMTC) Wednesday reported third-quarter net earnings of $17.6 million or $0.26 per share compared with $12.5 million or $0.18 per share last year.

Excluding items, adjusted earnings for the quarter were $0.46 per share compared with $0.35 per share a year ago.

Revenues for the quarter were $148.9 million compared with $141 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.44 per share on revenues of $146.2 million for the quarter. Analysts' estimates typically exclude special items.

For the fourth quarter, the company expects adjusted earnings of $0.32 to $0.34 per share on revenues of $128 million to $132 million. Analysts expect earnings of $0.41 per share on revenues of $140 million.

Semtech announced an increase of the existing stock repurchase authorization to $50 million. Prior to the increase, the company had $21.6 million remaining from the authorization that was expanded in August 2013.