Integrated Device Technology Inc. Earnings: Swing to a Loss After Two Straight Profit Quarters

Integrated Device Technology Inc. (NASDAQ:IDTI) dropped to a third quarter loss, but results topped expectations. Integrated Device Technology designs, develops, manufactures and markets a broad range of low-power, high-performance mixed signal semiconductor solutions for the advanced communications, computing and consumer industries.

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Integrated Device Technology Earnings Cheat Sheet for the Third Quarter

Results: Reported a loss of $6.2 million (4 cents per diluted share) in the quarter. Integrated Device Technology Inc. had a net income of $9.8 million or 6 cents per share in the year earlier quarter.

Revenue: Fell 18.7% to $120 million from the year earlier quarter.

Actual vs. Wall St. Expectations: IDTI reported adjusted net income of 6 cents per share. By that measure, the company beat the mean estimate of one cent per share. Analysts were expecting revenue of $120.8 million.

Quoting Management: “We achieved better bottom line results than originally projected for our fiscal third quarter by tightly managing operating expenses,” said Dr. Ted Tewksbury, president and CEO of IDT. “Despite weaker demand for communications, consumer and PC solutions during the December quarter, we saw improved bookings trends for server-related products. New product introductions and design wins increased during the quarter and we continue to win prestigious awards for innovation. While some customer ramps have been delayed by macroeconomic factors, we remain well positioned for multi-year growth driven by the ongoing rollout of cloud computing, 4G wireless infrastructure and mobility platforms.”

Looking Forward: The average estimate for the fourth quarter is steady at 2 cents a share. The average estimate hasn’t changed from 22 cents per share for the fiscal year.

Competitors to Watch: Texas Instruments Inc. (NYSE:TXN), Intel Corporation (NASDAQ:INTC), Cypress Semicond. Corp. (NASDAQ:CY), Maxim Integrated Products Inc. (NASDAQ:MXIM), ON Semiconductor Corp. (NASDAQ:ONNN), Exar Corporation (NASDAQ:EXAR), Pericom Semiconductor (NASDAQ:PSEM), Analog Devices, Inc. (NYSE:ADI), Silicon Laboratories (NASDAQ:SLAB), and Inphi Corporation (NYSE:IPHI).

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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com