Lattice Semiconductor (LSCC) Misses Q2 EPS by 2c

August 9, 2016 4:23 PM EDT

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Lattice Semiconductor (NASDAQ: LSCC) reported Q2 EPS of $0.00, $0.02 worse than the analyst estimate of $0.02. Revenue for the quarter came in at $99.2 million versus the consensus estimate of $100.07 million.

Darin G. Billerbeck, President and Chief Executive Officer, said, "We are excited that we exited the second quarter of 2016 with FPGA shipments of greater than 1 million units a day. Revenue for the second quarter came in as expected with gross margin slightly above the high-end of expectations. Non-GAAP operating expenses in the second quarter decreased sequentially but were approximately $2.0 million above the high-end of guidance, as short term variable spending was higher than anticipated. In the third quarter of 2016, we expect double-digit revenue growth along with double-digit reductions in spending. We remain encouraged by the increased traction in our FPGA business, continued success in the broader consumer market with both FPGAs and Imaging products, as well as growth in our industrial and licensing businesses."

Max Downing, Interim Chief Financial Officer, added, "Second quarter of 2016 gross margin was 58.9% on a GAAP basis and 59.1% on a non-GAAP basis, reflecting increased IP royalties and license revenues. We continue to expect gross margin for the full year 2016 to be more in-line with our long-term, mid-50’s percent target, as our consumer business is beginning to ramp significantly. We finalized our sale of Qterics in the second quarter and recognized a gain of $2.6 million in our GAAP results. We ended the second quarter with $119.3 million in cash and short term investments after $9.5 million in cash flow provided by operations, and as compared to a balance of $116.5 million at the end of the prior quarter."

For earnings history and earnings-related data on Lattice Semiconductor (LSCC) click here.

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