Linear Technology posts lower 1Q profit, sales

posted: 42 DAYS 9 HOURS AGO

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MILPITAS, Calif. -Chip maker Linear Technology Corp. said Tuesday its fiscal first-quarter profit declined as revenue dropped sharply from a year earlier, but it also said orders picked up during the latter half of the quarter.

For the three months ended Sept. 27, the company earned $60.7 million, or 27 cents per share, down 41 percent from $102.3 million, or 45 cents per share, in the same period a year earlier.

Revenue fell 24 percent to $236.1 million from $310.4 million.

Excluding stock options costs and a non-cash interest expense of 2 cents per share related to the amortization of a debt discount, the company's adjusted earnings were 34 cents per share.

Analysts, on average, were expecting a profit of 24 cents per share on sales of $215.9 million, according to a poll by Thomson Reuters. The estimates include stock options expenses.

"Notwithstanding the high rate of growth we achieved during the first quarter, we still remain somewhat cautious looking ahead to the December quarter," said CEO Lothar Maier in a statement. "The financial effects of the global recession are certainly not over and continue to impact many of our customers."

Shares climbed 26 cents to $28.65 in after-hours trading. The stock had closed down 14 cents at $28.49 in the regular session.

2009-10-13 17:58:37