MACOM reports revenue growth for Q2
MACOM, a US analogue RF, microwave, millimeterwave and photonic semiconductor maker, has announced encouraging financial results for its fiscal Q2 ended April 3, 2015.
Revenue was up at $124.9 million, compared to $114.9 million in the previous quarter and $107.8 million in Q4 2014. Gross profit was 43.2 percent, compared to 47.2 percent in the prior quarter and 24.9 percent Q2 2014.
Operating income was $3.3 million, compared to $9.1 million in the previous quarter and operating loss of $20.6 million in Q2 2014.
Net loss was down at $5.3 million, or $0.10 loss per diluted share, compared to net loss of $6.3 million, or $0.13 loss per diluted share, in the prior quarter and net loss of $22.1 million, or $0.47 loss per diluted share, Q2 2014.
John Croteau, MACOM's president and CEO said: "I am pleased to announce another quarter of solid execution. In the second fiscal quarter our networks business grew due to strength in optical, with automotive up strong sequentially as well. As we expected, demand for our multi-market products snapped back from the broad based seasonal softness we saw the previous quarter, returning close to our 2014 fourth quarter run rate."
"We have completed our 100-day integration of BinOptics and our capacity expansion programs are right on track. The deal has emerged as a catalyst for our Networks business overall, raising MACOM to strategic vendor status in some of the largest Telecommunications OEMs worldwide."
Croteau concluded: "We believe we have the right strategy, addressing the right secular growth drivers, with the correct technology, intellectual property and leadership team to deliver long term success."
2015 Non-GAAP results showed a gross profit of 53.1 percent, compared to 53.7 percent Q4 and 49.3 percent Q2 2014. Operating income was $30.3 million, or 24.3 percent of revenue, compared to $27.1 million, or 23.6 percent of revenue, in Q1 and $21.4 million, or 19.9 percent of revenue, in Q2 2014.
EBITDA was $34.1 million, compared to $30.6 million Q1 and $24.8 million Q2 2014
Net income was $21.3 million, or $0.41 earnings per diluted share, compared to net income of $18.7 million, or $0.38 earnings per diluted share, in Q1 and net income of $15.2 million, or $0.32 earnings per diluted share, in Q2 2014
Outlook
For Q3 ending July 3, 2015, MACOM expects another quarter of growth with revenue expected to be in the range of $126 to $130 million. Non-GAAP gross margin is expected to be between 51 and 54 percent, and non-GAAP earnings per share between $0.38 and $0.41 on an anticipated 55 million shares outstanding, based on an increased share count following the public offering of common stock we completed in February.
