Share this article:
Aliso Viejo-based chipmaker Microsemi Corp. reported revenue for the June quarter that beat Wall Street expectations and adjusted profits in line with estimates.
The company posted record sales of $317.1 million in the recently ended quarter, up 8.5% from a year earlier and topping analysts’ forecasts of $305 million.
Net income hit a record of $65.3 million, up about 19% from a year ago.
Gross margins—an important metric for technology companies—increased 1 percentage point to 57% from a year earlier.
Microsemi projects sales for the current quarter of $321.5 million to $334.5 million, above consensus estimates of $317.8 million.
Net income is projected to be between $67.5 million and $71.3 million. Wall Street is looking for net income of about $69.4 million.
The company enters the second half of the year with record bookings, according to Chief Executive James Peterson. It has carved out a niche developing timing, synchronization and security chip sets for the communications infrastructure market as it diversifies from its legacy of discrete power chips used by the defense and industrial sectors.
Microsemi shares were up nearly 1% in after-hours trading yesterday but had declined by about 1% in early morning trading Friday and were trading at a market cap of about $3.1 billion.