Avago Tech (AVGO) Tops Q1 EPS by 16c; Issues Q2 Outlook

Avago Tech (NASDAQ: AVGO) reported Q1 EPS of $2.09, $0.16 better than the analyst estimate of $1.93. Revenue for the quarter came in at $1.66 billion versus the consensus estimate of $1.64 billion.

Second Quarter Fiscal Year 2015 Business Outlook

Based on current business trends and conditions, the outlook for continuing operations for the second quarter of fiscal year 2015, ending May 3, 2015, is expected to be as follows:

Reconciling items include:

• Non-GAAP Revenue includes $33 million of LSI intellectual property licensing revenue not included in GAAP revenue as a result of the effects of purchase accounting for the LSI acquisition;
• Non-GAAP Gross Margin includes the effects of $33 million of LSI intellectual property licensing revenue and excludes the effects of $113 million of amortization of intangible assets, $5 million of share-based compensation expense, and $1 million of restructuring charges.
• Non-GAAP Operating Expenses exclude $59 million of amortization of intangible assets, $47 million of share-based compensation, $15 million of acquisition-related costs and $7 million of restructuring charges; and
• $7 million provision at the Taxes line represents the tax effects of the reconciling items noted above.

Capital expenditures for the second fiscal quarter are expected to be approximately $180 million. For the second fiscal quarter depreciation is expected to be $51 million and amortization is expected to be $172 million.

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

You May Also Be Interested In

• Amphenol (APH) Tops Q1 EPS by 7c, offers guidance
• AT&T (T) beats earnings estimates in Q1 but revenue falls short, shares climb
• Norfolk Southern (NSC) Misses Q1 EPS by 12c