Irvine’s Microsemi Corp., a maker of chips for aerospace, military and industrial uses, slumped on Thursday after the company gave a tepid outlook for the current quarter that fell flat with investors
The stock fell 2% in afterhours trading on a recent market value of $1.5 billion.
For the June quarter, Microsemi said it expects adjusted profits of about $23 million to $25 million, in line with analysts’ expectations of $24 million in profits.
The company is expecting sales of about $122 million to $124 million, beating the $120 million in sales analysts are looking for.
The outlook comes on the heels of Microsemi’s results for the March quarter, which beat Wall Street’s view for sales but fell short on profits.
For the three months through March 28, the chipmaker posted sales of $118 million, up 12% from the year-ago quarter and ahead of analysts’ expectations of $117 million in revenue.
Excluding charges for stock compensation, restructuring, acquisitions and other costs, Microsemi saw profits of $21 million, more than double from the same period a year earlier but just shy of analysts’ expected $22 million in profits.
Earlier this month, Microsemi agreed to acquire a Phoenix-based chipmaker White Electronic Designs Corp. for $100 million in cash.
White Electronic designs, assembles and tests chips used primarily by the military.
It specializes in an anti-tamper technology that’s built into GPS-guided weapons deployed in Afghanistan.
