Tessera Technologies (TSRA) Tops Q3 EPS by 6c

Tessera Technologies (NASDAQ: TSRA) reported Q3 EPS of $0.57, $0.06 better than the analyst estimate of $0.51. Revenue for the quarter came in at $62.4 million versus the consensus estimate of $62.35 million.

GUIDANCE:

Tessera Technologies sees Q4 2016 EPS of $0.60-$0.65, versus the consensus of $0.65. Tessera Technologies sees Q4 2016 revenue of $70-74 million, versus the consensus of $71.63 million.

“Our third quarter earnings exceeded our guidance range and reflects another strong quarter of financial performance. We continue to see positive momentum in all aspects of the business,” said Tom Lacey, Tessera's Chief Executive Officer. “FotoNation secured a design win with one of the world’s leading Asia-based SOC providers for our imaging processor unit, which is expected to be in silicon in the next few quarters. Additionally, we continued to introduce innovative products during the quarter and announced in August the new OnePlus 3 smartphone is shipping with FotoNation solutions.”

“On September 20th, we announced a transformational transaction with the execution of a mergeragreement with DTS, Inc. (“DTS”) for a total equity value of approximately $850 million,” added Lacey. “The combination with DTS offers many compelling strategic benefits, including accelerated growth from significant cross-selling opportunities and an expanded breadth of customers and growing markets. We are pleased with the progress to date on integration planning and continue to be impressed with the DTS team. We currently anticipate that the transaction will close in early December.”

For earnings history and earnings-related data on Tessera Technologies (TSRA) click here.

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