National Semiconductor Expects Lower Profit

National Semiconductor Corp. became the latest major chip company to warn that quarterly results will lag forecasts as customers cut back on capital spending and work off excess inventories. The diversified maker of chips used in cell phones, personal computers, cars and myriad other devices, said that for its fiscal third quarter ended Feb. 25, it expects earnings of 20 cents to 22 cents a share, considerably lower than the 31-cent consensus forecast by analysts as compiled by First Call/Thomson Financial. Estimates ranged from 26 cents to 51 cents. The company said sales likely will be in the range of $475 million to $480 million, much less than the $558 million analysts were expecting. Santa Clara, Calif.-based National Semi issued its warning after the markets closed. Its shares closed off $1.39 at $27.31 on the NYSE.