Standard Microsystems Results Well Below Expectations
Standard Microsystems Corp released its fiscal third-quarter results after the closing bell Monday, posting a smaller loss than the same quarter a year ago, but the semiconductor manufacturer predicted a repeat in the fourth quarter due to slumping consumer product sales after the holidays. The company's shares fell 6 percent in after-market trading plus another 3.7 percent in Tuesday trading on the news.
In the three months ended November 30th, the chipmaker said it lost $3.3 million, or 15 cents a share, slightly better than its loss of $.6 million, 20 cents a share, in the year-ago period. Excluding certain one-time items such as stock-based compensation expenses, Standard would have earned 21 cents a share, much better than a 15 cents-per-share slide by still well off of the 34 cents per share analysts in a recent FactSet survey projected the firm would post.
Standard's total revenue for the September to November period came in at $106.2 million, slightly less than the $107 million it generated a year earlier, and even further below the $107.6 million projected by the FactSet economists. The company also noted that it expects another loss in the fourth quarter, projecting results for the current period of a loss of 13 to 21 cents a share on revenue of $89 to $93 million.