Semtech (SMTC) Tops Q1 EPS by 1c, Revenues Beat; Offers 2Q EPS Mid-Point Outlook Below Consensus

Semtech (NASDAQ: SMTC) reported Q1 EPS of $0.47, $0.01 better than the analyst estimate of $0.46. Revenue for the quarter came in at $151.9 million versus the consensus estimate of $150.33 million.

Results on a non-GAAP basis for the First Fiscal Quarter 2019 (see the list of non-GAAP items and the reconciliation of these to the most relevant GAAP items set forth in the tables below):

• Non-GAAP net sales were $151.9 million
• Non-GAAP gross margin was 61.4%
• Non-GAAP SG&A expenses were $28.8 million
• Non-GAAP R&D expenses were $23.7 million
• Non-GAAP operating margin was 26.9%
• Non-GAAP net income was $32.0 million or $0.47 per diluted share

Mohan Maheswaran, Semtech’s President and Chief Executive Officer, stated “The momentum from our strategic growth engines in the IOT, Datacenter and Mobile markets resulted in solid Q1 fiscal year 2019 results. Led by record results from our LoRa business, we are off to a very encouraging start to the year and, with record bookings in Q1, we anticipate that fiscal year 2019 should be another record year for the Company."

Non-GAAP Second Quarter of Fiscal Year 2019 Outlook

• Non-GAAP gross margin is expected to be in the range of 61.0% to 62.0%
• Non-GAAP SG&A expense is expected to be in the range of $27.0 million to $28.0 million
• Non-GAAP R&D expense is expected to be in the range of $24.5 million to $25.5 million
• Non-GAAP Interest and other expense is expected to be approximately $2.0 million
• Non-GAAP tax rate is expected to be in the range of 16% to 18%
• Non-GAAP earnings per diluted share are expected to be in the range of $0.50 to $0.58

GUIDANCE:

Semtech sees Q2 2019 EPS of $0.50-$0.58, versus the consensus of $0.53.

For earnings history and earnings-related data on Semtech (SMTC) click here.

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