Semtech Profit Soars

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Semtech Corp. said late Tuesday that fourth-quarter profit more than tripled, sending shares up nearly 6 percent Wednesday.


Semtech also said Tuesday that it plans to buy back $50 million worth of shares.


Semtech reported net income of $14.9 million (23 cents per share), compared with $4.6 million (6 cents), from the same period a year earlier.


Sales for the Camarillo-based microchip maker also rose 36 percent to $78.6 million.


The company also said it sees first-quarter profit of between 20 cents and 22 cents a share on sales of $70 million to $74 million slightly below Wall Street’s estimates of 23 cents per share on sales of $75.4 million according to a Bloomberg News poll.


Shares in Semtech closed up 2.6 percent and were up 5.8 percent to $13.67 in early trading Wednesday on the Nasdaq.

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