Lattice Semiconductor shares rose Tuesday after the chipmaker edged above Wall Street's targets for the first quarter and guided higher for the current period. LSCC stock was one of several semiconductor stocks moving on earnings news.
The Hillsboro, Ore.-based chipmaker late Monday said it earned an adjusted 51 cents a share on sales of $184.3 million in the March quarter. Analysts polled by FactSet had expected Lattice to earn 50 cents a share on sales of $180.1 million. On a year-over-year basis, Lattice earnings rose 38% while sales increased 22%.
For the current quarter, Lattice Semiconductor forecast revenue of $183 million to $193 million. The midpoint of $188 million was above the analyst goal of $183.9 million for the second quarter. In the year-earlier period, Lattice generated sales of $161.4 million.
"While we're not immune to macro-economic challenges impacting the industry, we have Lattice-specific growth drivers, which position us well for long-term growth in our core markets," Chief Executive Jim Anderson said in a news release.
LSCC Stock Rises After Report
On the stock market today, LSCC stock climbed 2.5% to close at 83.68. During the regular session Monday, LSCC stock advanced 2.4% to close at 81.64.
Lattice Semiconductor makes low-power programmable chips for the communications, computing, industrial, automotive and consumer markets.
Automotive and industrial chip sales drove Lattice's outperformance in the March quarter. Industrial and automotive markets accounted for 59% of Lattice sales in the first quarter.
LSCC stock has a best-possible IBD Composite Rating of 99, according to IBD Stock Checkup. That puts it in the top 1% of stocks in key metrics over the past 12 months.
Semiconductor Stocks Moving On Earnings News
Other semiconductor stocks reporting quarterly results late Monday included NXP Semiconductors and Rambus.
NXP delivered a beat-and-raise report for the first quarter, fueled by strong sales to automotive and communications infrastructure customers. Meanwhile, Rambus topped its Q1 targets but disappointed with its sales guidance for the second quarter.
On Tuesday, NXP stock rose 3.3% to 171.51 while Rambus stock jumped 7.1% to 48.51.
Elsewhere among semiconductor stocks, ON Semiconductor, also known as Onsemi, early Monday delivered a beat-and-raise report for the first quarter. Onsemi credited strong sales of chips for industrial and automotive markets for the upbeat report. ON stock jumped 8.9% to 78.33 on the news on Monday.
On Tuesday, ON stock rose 1.1% to 79.17.
Lattice Semiconductor, NXP, Onsemi and Rambus are all on the IBD Tech Leaders stock list.
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
