National Semiconductor beats 2Q earnings estimates
Semiconductor maker National Semiconductor Corp. beat analysts' earnings and sales estimates for its fiscal 2010 second quarter.
The company reported net income of $47 million, or 20 cents per share, on $345 million in sales for the quarter ended Nov. 29. That compares with net income of $36.3 million, or 16 cents per share, on $421.6 million in revenue a year earlier.
Wall Street on average had expected the company to report earnings of 14 cents per share on $336.7 million in revenue for the latest quarter, according to a survey of analysts polled by Thomson Reuters.
National Semiconductor said it expects its third-quarter revenue to be roughly even with second-quarter levels. Analysts have projected sales of $331.2 million, on average.
"New order rates for our analog products continued to improve each month through the second quarter, giving us a higher opening backlog for the new quarter," said Don Macleod, the company's new CEO, in a statement. "Now that we have restored our gross margins back over the 65-percent threshold, we can put even more of our focus on revenue growth going forward."
The company's shares fell 22 cents to close at $15.28 Thursday.