Standard Microsystems Corp. (NASDAQ:SMSC) reported better-than-expected second-quarter earnings and revenue, but the tech company’s forecast disappointed the Street, putting downward pressure on shares in after-hours trading.
The semiconductor equipment-maker forecast earnings in the range of 42 cents to 43 cents a share on revenue between $104 million to $107 million, missing analyst forecasts for earnings per share of 46 cents, but coming in-line with revenue projections of $106.4 million.
In the fiscal second quarter, the tech company posted a profit of $12.9 million, or 57 cents a share, up from last year’s second-quarter loss of $6.5 million, or 30 cents a share. Adjusted earnings per share rose to 51 cents, compared with 8 cents in the year-ago period.
Revenue during the quarter rose 39% to $104.1 million, up from last year’s sales of $75.08 million, as gross margin widened to 56.4%, up from 47.3%, one year ago.
Second-quarter results beat expectations, as analysts polled by Thomson Reuters had predicted adjusted earnings of 41 cents on revenue of $102.19 million.
“The above seasonal sales strength in the first half of fiscal 2011 is expected to result in muted seasonality in the second half of the year, in line with previous expectations,” said Christine King, president and chief executive officer, in a release. “While demand levels in the upcoming holiday season remain uncertain, our design win activity continues to be strong."
Shares of Standard Micro rose 61 cents or 2.81% in Tuesday’s session, closing the day at $22.30. The stock fell $1.71 or 7.67% in electronic trading after the market closed.