Wed, May 6, 4:27 PM
- Atmel (NASDAQ:ATML) is guiding for Q2 revenue of $310M-$326M, below a $336.8M consensus. However, a soft forecast was expected after several microcontroller and mixed-signal peers guided light.
- Q1 non-GAAP revenue excludes $1.4M produced by Atmel's XSense touch sensor unit (recently sold to UniPixel). Gross margin was 47.6% vs. 49% in seasonally strong Q4 and 44% in Q1 2014; Q2 GM guidance is at 48% (+/- 1%).
- EPS received a lift from a 10% drop in GAAP costs/expenses to $297.7M, and (to a lesser extent) $9.1M in buybacks. CEO Steve Laub: "Our lower cost structure should allow us to deliver significantly improved profitability throughout the remainder of 2015."
- After initially trading lower AH, shares having risen to $7.70.
- Q1 results, PR
Wed, May 6, 4:09 PM
Tue, May 5, 5:35 PM
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Fri, Apr. 24, 2:03 PM
- Though the Nasdaq is up 0.7% thanks to market-pleasing earnings from Google, Microsoft, and Amazon, chip stocks (SOXX -2.1%) are adding to their Thursday losses after Freescale, Altera, Microsemi, and Maxim joined the ranks of chipmakers offering soft Q2 guidance; Texas Instruments, Xilinx, and Qualcomm did so on Wednesday afternoon.
- NXP (NXPI -4.3%), set to merge with Freescale in a cash/stock deal, is selling off ahead of its April 29 Q1 report. RF chipmakers Skyworks (SWKS -3.8%), Qorvo (QRVO -4.4%), and Avago (AVGO -5.2%) are also seeing steep declines.
- Other decliners include a slew of telecom/networking, microcontroller, and analog/mixed-signal chipmakers. The group includes Marvell (MRVL -3%), ON Semi (ON -6.9%), Atmel (ATML -3.3%), Cypress (CY -4%), Lattice (LSCC -3.9%), Semtech (SMTC -6.9%), Cavium (CAVM -6%), PMC-Sierra (PMCS -2.9%), InPhi (IPHI -3.8%), and Silicon Labs (SLAB -2.9%). Chip packaging/testing firm Amkor (AMKR -5.7%) is also off; its Q1 report arrives on Monday.
- As was the case with TI and Xilinx, soft telecom equipment chip demand was often blamed by those guiding light yesterday afternoon. Freescale (FSL -3.5%) stated it expects network processor division sales to be down Q/Q and RF (base station power amplifier) division sales to be flat. Microcontroller, automotive, and analog and sensor division sales are expected to rise.
- Altera (ALTR -3.3%) stated its "telecom and wireless business, and particularly our wireless business globally looks to be quite weak in [Q2], while the rest for our business will in aggregate be flat to slightly up." Regarding its Q1 miss, the company notes "Industrial, test, compute and storage, and to a lesser extent military, fell short of our forecast" (share loss to Xilinx?).
- Maxim reports seeing "broad-based softness in communications infrastructure demand" and soft industrial bookings to go with healthier mobile/auto demand. The Galaxy S6 appears to be giving a lift to Maxim's mobile sales.
- Chip ETFs: SMH, XSD, PSI, SOXL, USD, SOXS, SSG
Wed, Feb. 4, 6:09 PM
- Along with its Q4 numbers Atmel (NASDAQ:ATML) announces it's initiating a $0.04/share quarterly dividend, good for a 2% yield at current levels. The first dividend is payable on March 26 to shareholders on record as of the March 16 close.
- The microcontroller/touch controller vendor adds it plans to continue buying back shares while it pays out dividends. $21.9M was spent on buybacks in Q4, and $209M is currently remaining on Atmel's buyback authorization.
- On the CC, Atmel guided for Q1 revenue of $306M-$324M, below a $338.2M consensus. A $26.6M Q4 impairment charge was taken on manufacturing assets for the company's XSense touch sensor ops.
- Shares are down to $8.00 AH.
- Q4 results, PR
Wed, Feb. 4, 4:18 PM
Tue, Feb. 3, 5:35 PM
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Oct. 31, 2014, 11:31 AM
- Three weeks after providing a calendar Q3 warning that triggered a massive chip stock rout, Microchip (MCHP +7.3%) has provided Q4 guidance that's in-line with lowered estimates. The microcontroller vendor, which has often seen trends emerge ahead of peers, also said it saw most of its inventory correction in Q3, and expects Q4 sales to be just "slightly below typical seasonal levels."
- Chip stocks are up strongly (SOXX +4%) on a day the Nasdaq is up 1.4%. Since Microchip's warning, a slew of analog chipmakers and microcontroller firms (e.g. Atmel, Freescale, STMicro, Intersil, Linear) have offered light Q4 guidance, and other firms have reported seeing high-end Android weakness (e.g. Synaptics, Cirrus Logic, Amkor).
- On the other hand, several mobile chipmakers (Skyworks, RF Micro, TriQuint, Silicon Motion), some of which have decent iPhone exposure, have provided strong results and/or guidance. Other chipmakers, such as Broadcom, Texas Instruments, and Xilinx, have rallied after delivering in-line guidance.
- Susquehanna's Chris Caso: "By now, we think it’s clear that the weakness MCHP saw in September is not company specific ... The question now is if the full extent of the weakness has been dialed into estimates. If it has, then this would be among the shortest and mildest downturns in many years."
- Notable gainers: SNDK +3.9%. MU +4.1%. AMAT +3.9%. TXN +4.7%. NXPI +3.9%. NVDA +3.5%. MXIM +4.7%. LLTC +5.1%. FCS +9.6%. FSL +8.8%. ADI +6.5%. TQNT +6.8%. RFMD +6.5%. ATML +5.9%. AVGO +5.1%. MRVL +4.7%. AMCC +8.9%. BRCM +3.6%. TSM +4.4%. ARMH +3.3%.
- Intel (INTC +3.5%) has recovered most of the losses it saw yesterday due to Intesil's (ISIL +3.3%) results and guidance, and related comments about a PC chip inventory correction.
- Chip ETFs: SMH, XSD, PSI, SOXL, USD, SOXS, SSG
Oct. 29, 2014, 6:34 PM| Comment!
Oct. 29, 2014, 4:07 PM
Oct. 28, 2014, 5:35 PM
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Aug. 7, 2014, 11:29 AM
- Atmel (NASDAQ:ATML) guided on its Q2 CC (transcript) for Q3 revenue of $364M-$382M, unfavorable at the midpoint to a $379M consensus. Recently-acquired Newport Media is expected to contribute $7M.
- When asked about Atmel's guidance, CEO Steven Laub noted touch controller sales are expected to be down by a low-to-mid single-digit % Q/Q - he blames tablet weakness and "customer transitions" in Asia (likely a reference to Samsung's challenges).
- Atmel has also been facing tough touch controller competition from Synaptics.
- Other segments are faring better: Microcontroller and automotive sales are forecast to rise by a low-to-mid single-digit %, memory by double digits, and multi-market/other sales high single-digits.
- Q2 gross margin was 45.3%, up from 44% in Q1 and 42.6% a year ago. Q3 GM is forecast to be at 47% (+/- 100 bps), and Q4 GM around 49%. 3.6M shares were repurchased in Q2 at an average price of $8.
- Q2 results, PR
Aug. 6, 2014, 4:07 PM
Aug. 5, 2014, 5:35 PM
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Aug. 1, 2014, 6:55 PM
- In addition to beating FQ1 estimates, Microchip (MCHP +2.3%) guided for FQ2 revenue of $560M-$575.9M and EPS of $0.70-$0.74, largely above a consensus of $547.6M and $0.71.
- Microchip, often viewed as a bellwether for the chip industry, says it's "seeing a seasonally normal business environment with strengths in many of our end markets like industrial, automotive, housing, consumer electronics and personal computing."
- Microcontroller revenue rose 5.3% Q/Q and 14.5% Y/Y, with all 3 of the company's microcontroller lines - 8-bit, 16-bit, and 32-bit - posting Q/Q growth. Analog revenue (not counting the Supertex deal) rose 2.6% Q/Q and 6.8% Y/Y. Counting Supertex, analog was 24% of total revenue.
- Gross margin +50 bps Q/Q and +180 bps Y/Y to 59.8%. Microchip expects an FQ2 GM of 59.2%-59.6%.
- Microcontroller rival Atmel (ATML +2.3%) has followed Microchip higher. Atmel's Q2 report is due on Aug. 6.
- FQ1 results, PR
Jul. 23, 2014, 12:25 PM
- Among the year's best tech performers, chip stocks are selling off (SOXX -1.8%) on an up day for the Nasdaq following weak numbers from FPGA giant Xilinx (XLNX -14.5%).
- Xilinx missed FQ1 revenue estimates by over $18M, and also guided for FQ2 revenue to be well below consensus. The company blamed the FQ1 shortfall on soft defense and wireless sales. BMO and BofA/Merrill have downgraded Xilinx; the former thinks Xilinx's 28nm share might be peaking.
- Xilinx stated on its CC (transcript) the wireless weakness was mostly due to soft 28nm chip sales to Chinese 4G base station vendors; Chinese 4G rollouts have long been viewed as a catalyst for both Xilinx and Altera (ALTR -4.7%). Aerospace/defense sales were hurt by program timing issues.
- Meanwhile, switch/router vendor Juniper offered light Q3 guidance to go with a Q2 beat. The company noted on its CC (transcript) "market dynamics" for U.S. carriers, including M&A activity, are affecting project rollouts.
- Also: Analog/mixed-signal IC vendor Linear (LLTC -4.1%) is selling off in spite of beating FQ4 estimates and guiding in-line (8%-11% Y/Y FQ1 rev. growth vs. 9.1% consensus).
- Notable decliners: FSL -5.3%. IDTI -6.4%. EZCH -3.3%. PMCS -4.3%. LSCC -6.8%. CAVM -4.7%. SMTC -4.1%. ATML -3.2%. TQNT -3.1%. RFMD -2.9%. IRF -2.9%.
- Qualcomm, NXP, TriQuint, and Cirrus Logic report after the bell.
- Chip ETFs: SMH, XSD, PSI, SOXL, USD, SOXS, SSG
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