Irvine chipmaker Microsemi Corp. reported lower quarterly sales and profits in line with Wall Street’s modest expectations and offered more of the same in its outlook for the current quarter.
Microsemi, which makes chips for aerospace and other industrial users, reported sales of $105.7 million for the March quarter, down 17% from a year earlier and off 19% from the December quarter.
Analysts on average were expecting $107 million in sales for the quarter.
The company earned $15 million before charges, better than the $14.2 million analysts had expected. Microsemi’s profits were down 40% from a year earlier.
Including charges, Microsemi lost $9.5 million.
Chief Executive Jim Peterson called the quarter “challenging.”
Cost cutting allowed the company to meet profit expectations and boost cash flow, he said.
For the current quarter through June, Microsemi said it expects sales of $102 million to $108 million. Analysts had been expecting sales of $107 million.
The company expects an adjusted profit of $15 million to $16.7 million for the quarter.
Analysts on average were looking for a profit of $15 million.
