Semtech Corporation Q2 net sales up 4% to $135.9 million
Staff Writer |
Semtech Corporation reported unaudited financial results for its second quarter of fiscal year 2017, which ended July 31, 2016.
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Net sales were $135.9 million, up 4% from the first quarter of fiscal year 2017 and up 8% from the second quarter of fiscal year 2016.
GAAP gross margin was 60.2% compared to 59.9% in the first quarter of fiscal year 2017 and 60.1% in the second quarter of fiscal year 2016.
GAAP net income for the second quarter of fiscal year 2017 was $9.0 million, or $0.14 per diluted share.
This compares to GAAP net income of $6.9 million or $0.11 per diluted share in the first quarter of fiscal year 2017, and GAAP net loss of $0.3 million or $0.00 per diluted share in the second quarter of fiscal year 2016.
To facilitate a complete understanding of comparable financial performance between periods, the company also presents performance results net of certain non-cash items and items that are not considered reflective of the company's core results over time.
Semtech's non-GAAP measures of gross margin, net income and earnings per diluted share exclude certain items as described below under "Non-GAAP Financial Measures."
Excluding such items, non-GAAP net income for the second quarter of fiscal year 2017 was $22.7 million or $0.35 per diluted share. Non-GAAP net income was $19.5 million or $0.30 per diluted share in the first quarter of fiscal year 2017, and was $15.6 million or $0.24 per diluted share in the second quarter of fiscal year 2016.
Non-GAAP gross margin for the second quarter of fiscal year 2017 was 60.4%. Non-GAAP gross margin for the first quarter of fiscal year 2017 was 60.2% and 60.4% in the second quarter of fiscal year 2016.
As of the end of the second quarter of fiscal year 2017, the company had $238.9 million in cash, cash equivalents and marketable securities compared to $211.8 million in cash, cash equivalents and marketable securities at the end of fiscal year 2016. ■