Intersil (ISIL) Lowers Guidance
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Intersil Corporation (NASDAQ: ISIL) lowers guidance. The company now expects fourth quarter revenue to be between $125 million and $135 million, versus the consensus of $168.3 million.
Intersil said Non-GAAP earnings per share are now expected to be between $0.09 and $0.12, versus the consensus of $0.22.
CEO Dave Bell, said, "As a result of the deteriorating global economy, we are revising our fourth quarter guidance. Approximately five percentage points of this reduction is due to our own actions to reduce distributor inventory in the PC channel, and the balance is the result of a very broad-based reduction in bookings during the quarter."
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