Silicon Labs soars after Q4 report

By siliconindia staff writer   |   Thursday, 29 January 2004, 08:00 Hrs
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SAN FRANCISCO: Shares of Silicon Labs soared 17 percent Tuesday as investors cheered the integrated circuit maker's better-than-expected fourth-quarter earnings.

The stock closed up $7.57 at $51.57 after rising as high as $55.45 earlier in the session.

Late Monday, the Austin, Texas-based company reported fourth-quarter net income of $20.9 million, or 39 cents a share, compared with $13.9 million, or 26 cents a share, in the same period a year ago. See full story.

Excluding charges related to deferred stock compensation and research and development currently underway, Silicon Labs (SLAB: news, chart, profile) earned $23.8 million, or 44 cents a share.

Analysts polled by Thomson First Call had expected the company to report earnings of 33 cents a share, on average.

Quarterly revenue came in at $325.2 million, a 79 percent jump from the $182 million reported in the year-ago quarter.

Looking ahead, Silicon Labs expects to show first quarter revenue between $104 million and $108 million, compared with the current First Call estimate of $104 million.

Following the report, Credit Suisse First Boston raised its estimates for Silicon Labs 2004 and 2005 revenue to a $463 million from $423 million and $530 million from $517 million, respectively.

The brokerage also boosted its earnings per share estimate for 2004 to $1.46 from $1.38 and its 2005 EPS estimate to $1.55 from $1.70.


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