Semtech Posts Record Sales for 3rd Quarter

Semtech Corp. in Newbury Park, a semiconductor supplier for communications, computer and industrial systems, announced record sales and net income for the third quarter that ended Oct. 29.

Net sales for the quarter were $69 million, a 47% increase over the comparable period last year. Net income was $16.8 million, or 22 cents per diluted share, double the income reported in the third quarter of last year.

Net sales increased 14% and net income grew 23% over the previous quarter.

“New products have significantly expanded the worldwide customer base for all of our products,” said Jack Poe, chairman and chief executive officer. “This trend was evident in our 385 reported design wins for the quarter, which were worth approximately $90 million in future annual revenue and included more than 100 new customers.”

Based on current backlog and forecasts from customers, the company expects to achieve at least 50% revenue growth for the second-straight year when its fiscal year ends Jan. 28. The company’s sequential revenue growth forecast is 7% to 9% for the fourth quarter.