Macom Q1 up 6 percent on last quarter
New organisation and engineering leadership is having a positive impact on product development, says CEO
Macom Technology has announced its financial results for its Q1 ended January 3, 2020. Revenue was $119.1 million, a decrease of 21.0 percent compared to $150.7 million in the previous year Q1 and an increase of 6.1 percent compared to $112.2 million in the prior quarter.
“Q1 was a solid start to our year,” said Stephen G. Daly, president and CEO. “Our new organisation and engineering leadership is having a positive impact on product development.”
Gross margin was 48.9 percent, compared to 50.8 percent in the previous year Q1 and 47.2 percent in the prior quarter; operating loss was $10.5 million, compared to a loss of $14.4 million in the previous year Q1 and a loss of $12.0 million in the prior quarter.
Net loss was $28.4 million, or $0.43 loss per diluted share, compared to net loss of $23.4 million, or $0.44 loss per diluted share, in the previous year Q1 and net income of $10.5 million, or $0.16 per diluted share, in the prior quarter.
Adjusted Non-GAAP Results
Adjusted gross margin was 53.5 percent, compared to 56.3 percent in the previous year Q1 and 53.0 percent in the prior quarter;adjusted operating income was $13.0 million, or 10.9 percent of revenue, compared to adjusted operating income of $21.9 million, or 14.5 percent of revenue, in the previous year Q1 and adjusted operating income of $8.5 million, or 7.6 percent of revenue, in the prior quarter.
Adjusted net income was $4.9 million, or $0.07 per diluted share, compared to adjusted net income of $12.9 million, or $0.20 per diluted share, in the previous year Q1 and adjusted net income of $0.8 million, or $0.01 per diluted share, in the prior quarter.
Business Outlook
For the second quarter ending April 3, 2020, Macom expects revenue to be in the range of $122 million to $126 million. Adjusted gross margin is expected to be between 53 percent and 55 percent, and adjusted earnings per share is expected to be between $0.09 and $0.13 on an anticipated 68.0 million fully diluted shares outstanding.
