Macom making progress, says CEO
Financial results "focused on profitability"
US semiconductor firm Macom has announced its financial results for its fiscal fourth quarter and year ended September 27, 2019. "We are making progress on all fronts," said Stephen G. Daly, president and CEO. "We are focused on profitability."
Q4 revenue was $112.2 million, a decrease of 25.8 percent compared to $151.2 million in the previous year fourth quarter and an increase of 3.6 percent compared to $108.3 million in the prior quarter. Gross margin was 47.2 percent, compared to 46.9 percent in the previous year fourth quarter and 31.2 percent in the prior quarter.
Operating loss was $12.0 million, compared to a loss of $17.5 million in the previous year fourth quarter and a loss of $323.8 million in the prior quarter; and net income from continuing operations was $8.1 million, or $0.12 per diluted share, compared to net loss of $16.1 million, or $0.29 loss per diluted share, in the previous year fourth quarter and net loss of $324.7 million, or $4.95 loss per diluted share, in the prior quarter.
For the fiscal full year of 2019, revenue was $499.7 million, a decrease of 12.4 percent, compared to $570.4 million in year 2018; gross margin was 44.2 percent, compared to 43.1 percent in year 2018; and fully diluted net loss from continuing operations was $5.88 per share, compared to a net loss of $2.47 per share in year 2018.
Business Outlook
For the first quarter ending January 3, 2020, Macom expects revenue to be in the range of $113 million to $117 million. Adjusted gross margin is expected to be between 53 percent and 55 percent, and adjusted earnings per share is expected to be between $0.01 and $0.05 on an anticipated 67.5 million adjusted diluted shares outstanding.
