TriQuint 3Q profit down, shares fall after hours

posted: 36 DAYS 18 HOURS AGO

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HILLSBORO, Ore. -Radio frequency chip maker TriQuint Semiconductor Inc. said Wednesday its third-quarter profit slipped as revenue declined, which, coupled with a lackluster outlook, sent shares sharply lower in after-hours trading.

For the three months ended Sept. 26, the company earned $10.5 million, or 7 cents per share, down 11 percent from $11.8 million, or 8 cents per share, in the same period a year earlier.

Adjusted earnings were 10 cents per share in the latest quarter.

Revenue fell 7 percent to $173 million from $186.3 million.

Analysts, on average, were expecting a profit of 10 cents per share on sales of $177.8 million, according to a poll by Thomson Reuters.

TriQuint said the company's revenue has improved in the past six months and is showing a "strong rebound" from the economic slowdown.

The company forecast fourth-quarter earnings of 7 cents to 9 cents per share, adjusted earnings of 10 cents to 12 cents per share and revenue between $175 million and $185 million.

Analysts are expecting earnings of 13 cents per share on sales of $188 million.

Shares fell $1.70, or 21 percent, to $6.40 in after-hours trading. The stock had closed down 12 cents at $8.10 in the regular session.

2009-10-21 18:11:39