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Lattice Semiconductor (LSCC) late Monday edged above Wall Street’s targets for the first quarter and guided higher for the current period. LSCC stock rose late in a busy session for semiconductor stocks.
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The Hillsboro, Ore.-based chipmaker earned an adjusted 51 cents a share on sales of $184.3 million in the March quarter. Analysts polled by FactSet had expected Lattice to earn 50 cents a share on sales of $180.1 million. On a year-over-year basis, Lattice earnings rose 38% while sales increased 22%.
However, Lattice’s days of inventory outstanding increased to 192 in the first quarter. It was 187 in the fourth quarter and 132 in the first quarter last year.
“While we’re not immune to macro-economic challenges impacting the industry, we have Lattice-specific growth drivers, which position us well for long-term growth in our core markets,” Chief Executive Jim Anderson said in a news release.
LSCC Stock Dips After Report
For the current quarter, Lattice Semiconductor forecast revenue of $183 million to $193 million. The midpoint of $188 million was above the analyst goal of $183.9 million for the second quarter. In the year-earlier period, Lattice generated sales of $161.4 million.
In after-hours trading on the stock market today, LSCC stock climbed 2.1% to 83.35. During the regular session Monday, LSCC stock advanced 2.4% to close at 81.64.
Lattice Semiconductor makes low-power programmable chips for the communications, computing, industrial, automotive and consumer markets.
Industrial and automotive markets accounted for 59% of Lattice sales in the first quarter.
LSCC stock has an IBD Composite Rating of 98 out of 99, according to IBD Stock Checkup. That puts it in the top 2% of stocks in key metrics over the past 12 months.
Semiconductor Stocks Moving On Earnings News
Other semiconductor stocks reporting quarterly results late Monday included NXP Semiconductors (NXPI) and Rambus (RMBS).
Elsewhere among semiconductor stocks, ON Semiconductor (ON), also known as Onsemi, early Monday delivered a beat-and-raise report for the first quarter. Onsemi credited strong sales of chips for industrial and automotive markets for the upbeat report. ON stock jumped 8.9% to 78.33 on the news.
Lattice Semiconductor, NXP, Onsemi and Rambus are all on the IBD Tech Leaders stock list.
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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