Irvine-based chipmaker Microsemi reported big gains in first-quarter sales and profits that were in line with Wall Street expectations.
The company, which makes chips for military, aerospace, industrial and consumer uses, reported an adjusted profit of $38.4 million, up 79% from a year earlier and on target with the average expectation of analysts.
Sales came in at $207.5 million, up 76% from a year earlier and topping the $205.6 million analysts were expecting.
The results and Microsemi’s outlook for the current quarter generated little in afterhours trading, where the company’s shares were flat.
Microsemi has a market value of about $2 billion.
For the current quarter, Microsemi forecast an adjusted profit of $39.7 million to $41.3 million, which would be up about 60% from a year earlier.
Analysts on average expect a profit of $40.5 million for the current quarter.
Microsemi projected a second-quarter sales increase of 3% to 5% versus the first quarter.
That implies revenue of $214 million to $218 million, which would be up about 60% from a year earlier.
Microsemi is in the process of buying Camarillo-based AML Communications Inc., which makes microwave amplifiers for defense communications, unmanned aerial vehicles and other products.
It’s paying $28.3 million to buy AML.
The offer topped a $24.3 million bid by East Syracuse, N.Y.-based Anaren Inc. that was made in February and initially accepted by AML.
Microsemi typically buys several companies a year as part of a rollup strategy in what are known as high-reliability chips used in devices where failure is costly.
Last year, the company made its biggest deal yet with a $430 million buy of Mountain View’s Actel Corp.