Lattice Semiconductor edged above Wall Street's targets for the fourth quarter and pointed higher for the current period, thanks to strong automotive and industrial chip sales. LSCC stock jumped Tuesday on the news.
The Hillsboro, Ore.-based company late Monday said it earned an adjusted 49 cents a share on sales of $176 million in the December quarter. Analysts polled by FactSet had expected earnings of 48 cents a share on sales of $175.2 million. On a year-over-year basis, Lattice earnings jumped 53% while sales increased 24%.
For the current quarter, Lattice predicted sales of $175 million to $185 million. The midpoint of $180 million was above Wall Street's target of $174.9 million.
"As we begin 2023, while we're certainly not immune to any macroeconomic challenges impacting the industry, the company is well positioned in secular growth markets, with an expanding product portfolio, accelerating customer momentum and strong financial execution," Chief Executive Jim Anderson said in a news release.
LSCC Stock Surges After Report
On the stock market today, LSCC stock surged 7.9% to close at 89.27. During the regular session Monday, LSCC stock advanced 2% to close at 82.70.
Lattice makes low-power programmable chips for the communications, computing, industrial, automotive and consumer markets.
In 2022, industrial and automotive markets accounted for 48% of Lattice sales. And revenue in that segment grew 41% from the prior year.
On Dec. 5, Lattice Semiconductor introduced its Avant chips, a new family of midrange field-programmable gate arrays. With Avant, Lattice doubled its addressable market for those types of chips.
Lattice Stock On Three IBD Lists
LSCC stock ranks first out of 34 stocks in IBD's fabless semiconductor industry group, according to IBD Stock Checkup. It has a best-possible IBD Composite Rating of 99.
Also, LSCC stock is on three IBD stock lists: IBD 50, Leaderboard and Tech Leaders.
On Jan. 24, LSCC stock hit a buy point of 76.57 out of a cup-with-handle base, according to IBD MarketSmith charts. It notched a 52-week high of 84.75 on Feb. 9.
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