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Macom Posts Positive Q3

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Revenue, margin and income increased over previous fiscal Q3

Semiconductor company Macom Technology has announced its financial results for its fiscal third quarter ended July 2, 2021.“Our Q3 results demonstrate Macom's potential,” said Stephen G. Daly, president and CEO “We remain focused on engineering excellence and execution.”

GAAP revenue was $152.6 million, an increase of 11.2 percent, compared to $137.3 million in the previous year fiscal third quarter and an increase of 1.4 percent compared to $150.6 million in the prior fiscal quarter;

Gross margin was 57.2 percent, compared to 51.6 percent in the previous year fiscal third quarter and 55.9 percent in the prior fiscal quarter;

Operating income was $23.7 million, compared to income of $6.5 million in the previous year fiscal third quarter and income of $19.0 million in the prior fiscal quarter; and Net income was $15.0 million, or $0.21 per diluted share, compared to net loss of $25.0 million, or $0.37 loss per diluted share, in the previous year fiscal third quarter and net income of $14.8 million, or $0.21 per diluted share, in the prior fiscal quarter.

Non-GAAP Results

Adjusted gross margin was 60.3 percent, compared to 55.5 percent in the previous year fiscal third quarter and 59.2 percent in the prior fiscal quarter;

Adjusted operating income was $43.9 million, or 28.7 percent of revenue, compared to adjusted operating income of $29.3 million, or 21.4 percent of revenue, in the previous year fiscal third quarter and adjusted operating income of $41.8 million, or 27.8 percent of revenue, in the prior fiscal quarter; and

Adjusted net income was $40.3 million, or $0.57 per diluted share, compared to adjusted net income of $22.7 million, or $0.33 per diluted share, in the previous year fiscal third quarter and adjusted net income of $36.1 million, or $0.51 per diluted share, in the prior fiscal quarter.

Business Outlook

For the fiscal fourth quarter ending October 1, 2021, Macom expects revenue to be in the range of $153 million to $157 million. Adjusted gross margin is expected to be between 59.5 percent and 61.5 percent, and adjusted earnings per share is expected to be between $0.56 and $0.60 on an anticipated 71.3 million fully diluted shares outstanding.

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