Avago Technologies (AVGO) Tops Q2 EPS by 9c; Issues Q3 Outlook

May 29, 2013 4:06 PM
(Updated - May 29, 2013 4:53 PM EDT)

Avago Tech (NASDAQ: AVGO) reported Q2 EPS of $0.61, $0.09 better than the analyst estimate of $0.52. Revenue for the quarter came in at $562 million versus the consensus estimate of $558.24 million.

Non-GAAP EPS was 65 cents in the same period last year.

Adjusted gross margin widened 10 basis points to 51.1 percent. Income from operations fell 7.6 percent to $158 million.

Wireless Communications saw a 9 percent increase in revs as a percentage of overall revs, while Wired Infrastructure dipped 9 percent and Industrial & Other saw a 16 percent drop.

"During the second fiscal quarter, revenues came in at the upper end of our guidance helped by improved resales at our distributors in our industrial business," commented CEO Hock Tan. "Looking to the third quarter, we see broad-based improvement across all three of our end markets."

Sees Q3 revs up 6 percent to 9 percent and gross margin of 51.0 percent +/- 1 point.

For earnings history and earnings-related data on Avago (AVGO) click here.


Earnings Guidance Management Comments