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Macom Posts Q1 Results

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Revenue up 15 percent over previous year

Macom Technology, the RF, microwave and optical semiconductor firm, has announced financial results for its fiscal first quarter ended December 28, 2018.

Revenue was $150.7 million, an increase of 15.1 percent compared to $130.9 million in the previous year fiscal first quarter and a decrease of 0.3 percent compared to $151.2 million in the prior fiscal quarter;

Gross profit was $76.6 million, an increase of 25.7 percent compared to $61.0 million in the previous year fiscal first quarter and an increase of 7.9 percent compared to $71.0 million in the prior fiscal quarter;

Gross margin was 50.8 percent, compared to 46.6 percent in the previous year fiscal first quarter and 46.9 percent in the prior fiscal quarter;

Operating loss was $14.4 million, compared to $23.0 million in the previous year fiscal first quarter and $17.5 million in the prior fiscal quarter; and

Net loss from continuing operations was $23.4 million, or $0.44 loss per diluted share, compared to net loss of $17.0 million, or $0.49 loss per diluted share, in the previous year fiscal first quarter and net loss of $16.1 million, or $0.29 loss per diluted share, in the prior fiscal quarter.

Management Commentary

“Revenue for the fiscal first quarter was $151 million dollars, roughly flat sequentially. Adjusted gross margin was 56 percent and adjusted earnings per share was $0.20. All in all, a solid quarterly performance in the face of a challenging macro environment,” commented John Croteau, president and CEO of Macom.

“Seasonally speaking, the early part of the year normally tends to have lower visibility as orders slow ahead of Chinese New Year. This year, trade tensions and recent geopolitical events have exacerbated the situation, which we view as short-term and temporary in nature. Based on current discussions with customers, we believe end market demand looks healthy for the year as a whole, with 5G in particular expected to drive a rebound for Macom in the second half of the calendar year.”

Business Outlook

For the fiscal second quarter ending March 29, 2019, Macom expects revenue to be in the range of $134 million to $142 million. Adjusted gross margin is expected to be between 55 percent and 57 percent, and adjusted earnings per share is expected to be between $0.04 and $0.12 on an anticipated 66.0 million fully diluted shares outstanding.

“Our second quarter outlook reflects the confluence of macroeconomic and trade-related cross currents that are impacting all three of our target end markets and multiple geographies. At the same time, we're faced with a number of variable investments that we plan to follow-through in support of critical customers and program ramps for the second half of the calendar year.” Croteau concluded.



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