Semtech reports skyrocketing net income
Camarillo semiconductor company Semtech announced $8 million in net income for the fourth quarter of its fiscal year 2017, up from $1.25 million for the same quarter last year. Full fiscal year 2017 net income came to $54.66 million, more than three times its net income for 2016.
Earnings per share during the quarter rose 10 cents from the previous year, and grew from 18 cents in fiscal year 2016 to 84 cents for the fiscal year ended Jan. 29.
Operating income also saw a 180 percent boost year-over-year alongside a slight decrease in operating costs. Net sales grew 88 percent over the previous fourth quarter to $140 million and 11 percent for the year, reaching $544.3 million, after deducting share-based compensation associated with an issuance of a warrant to Comcast.
The company had cash and cash equivalents of $297.1 million, with around $123 million in liabilities. For the current quarter, it expects to make $138 million-$146 million in net sales for earnings per diluted share in the range of 16-20 cents.
“We enter (fiscal year) 2018 with tremendous momentum driven by our growth markets that include IoT, hyper-scale datacenters and mobile devices which should continue to drive our growth and help the company to outperform the industry and peers,” CEO Mohan Maheswaran said in the earnings announcement March 8.
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