Lattice Semiconductor late Monday beat Wall Street's targets for the second quarter and raised estimates for the third quarter. LSCC stock rose in extended trading.
The Hillsboro, Ore.-based company earned an adjusted 42 cents a share on sales of $161.4 million in the June quarter. Analysts polled by FactSet expected Lattice earnings of 40 cents a share on sales of $158 million. On a year-over-year basis, Lattice earnings rose 68% while sales climbed 28%.
"Growth was driven by our strategic segments of communications and computing, and industrial and automotive," Chief Executive Jim Anderson said in a news release. "We are well positioned in the right strategic markets with a rapidly expanding product portfolio and growing customer momentum."
For the current quarter, Lattice forecast revenue of $161 million to $171 million. The midpoint of $166 million was above Wall Street's target of $161.4 million for the third quarter.
LSCC Stock On IBD 50 List
In after-hours trading on the stock market today, LSCC stock climbed 1.9% to 63.20. During the regular session Monday, LSCC stock rose 0.9% to close at 62.02.
Lattice makes low-power programmable chips for the communications, computing, industrial, automotive and consumer markets.
Lattice stock ranks second out of 34 stocks in IBD's fabless semiconductor industry group, according to IBD Stock Checkup. Also, LSCC stock is on the IBD 50 list of top-performing growth stocks.
LSCC stock has an IBD Composite Rating of 96 out of 99. IBD's Composite Rating is a blend of key fundamental and technical metrics to help investors gauge a stock's strengths. The best growth stocks have a Composite Rating of 90 or better.
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