Shares of Irvine-based chipmaker Microsemi Corp. rose Thursday after the company gave an outlook for the current quarter that was in line with Wall Street’s expectations.
For the March quarter, Microsemi said it expects adjusted profits of $37 million to $38 million, up about 70% from a year earlier and in line with analysts’ expectation of $37 million in profits.
The company’s looking for sales of about $204 million to $209 million, up about 75% from a year earlier and beating analysts’ expectations of $204 million in sales.
Microsemi typically gives conservative outlooks and then will “beat and raise” when it reports earnings, which means it beats analysts’ expectations and boosts its own outlook for the current quarter.
Investors seemed unfazed by the tepid outlook, which comes on the heels of Microsemi’s results for the December quarter, which were also in line with expectations.
Microsemi reported sales of $185 million, up 63% from a year ago and just ahead of analysts’ expectations of $184 million in sales.
Excluding charges for stock compensation, restructuring, acquisitions and other one-time costs, the company posted $31 million in profits, up 41% from a year ago in line with analysts’ expectations.
Microsemi’s chips go into a variety of military, aerospace, consumer and industrial uses.
Some are built into satellites, digital televisions, X-ray body scanners and other devices.
The company had a recent market value of nearly $2 billion.
