Product category: Communications ICs (Wired)
News Release from: National Semiconductor
Edited by the Electronicstalk Editorial Team on 16 March 2004
National improves on seasonal norm
National Semiconductor has reported a GAAP profit of $93.1 million, or 48 cents per share, on revenues of $513.6 million for the third quarter of fiscal 2004, which ended on 29th February.
National Semiconductor has reported a GAAP profit of $93.1 million, or 48 cents per share, on revenues of $513.6 million for the third quarter of fiscal 2004, which ended on 29th February National's third quarter sales were 27% higher than the third quarter of fiscal 2003 and 8.5% higher sequentially from the second quarter of fiscal 2004, when the company reported revenues of $473.5 million and earnings of 34 cents per share
This article was originally published on Electronicstalk on 5 Jan 2001 at 8.00am (UK)
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The third quarter fiscal 2004 results included a $1.9 million pretax credit for special items relating to prior cost reduction actions.
Without this credit, National's profit would have been $91.5 million, or 47 cents per share.
As previously disclosed, the company's third quarter included 14 calendar weeks, instead of the normal 13 weeks.
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"National's sales into the PC and wireless handset markets were better sequentially than we usually see at this time of year", said Brian L Halla, National's Chairman, President and CEO.
"Beyond those markets, demand in general for National's analogue products picked up during the quarter, particularly in power management, and that's translating into growth in sales and profits".
National Semiconductor's gross margin increased 1.3% in the third quarter to 51.4%, an increase from 50.1% in Q2.
A year ago, National reported gross margin of 42.7% for the third quarter of fiscal 2003.
The gain in gross margin was driven by a stronger mix of analogue products, increased revenue from new products and improved pricing.
The company's fabrication utilisation rate was approximately 94% in Q3, which was comparable to Q2.
"Consistent with our emphasis on improving shareholder value, we increased National's return on invested capital (ROIC) to 24% during the third quarter", Halla said.
"We achieved this by expanding our gross margins and controlling our expenses".
National's worldwide bookings increased 12% sequentially in Q3 and 47% year-on-year.
All regions saw increased bookings in Q3, both sequentially and year-on-year.
Billings also rose in all regions, but bookings increased at a faster pace than billings.
Overall, bookings substantially exceeded billings in Q3.
Bookings for all months in the third quarter also were stronger than the previous year.
Bookings for National's power management products continued to lead the company as National's strength in power for portable applications was complemented by expanded opportunities for power in broader markets.
Bookings for amplifier and data conversion products also grew substantially.
"Our stronger-than-expected Q3 bookings generated increased backlog and good momentum for the fourth quarter", Halla said.
"We anticipate additional improvements in Q4, both in sales and return on invested capital, by leveraging our analogue strengths with key customers and the broad-based distribution markets".
National's guidance for the fourth quarter of FY 2004 is for revenues to grow 7 to 10% sequentially.
Consistent with this growth, gross margins are also expected to improve.
The company anticipates operating expenses comparable to or slightly higher than the third quarter.
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