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Lattice Semiconductor flies past 1Q estimates

Strong programmable logic device sales propelled Lattice Semiconductor past analysts' estimates in its first quarter Monday.

The chipmaker posted a profit of $28 million, or 52 cents a share, on sales of $126.1 million.

First Call consensus predicted it would earn 49 cents a share in the quarter.

Lattice (Nasdaq: LSCC) shares moved up 7 17/64, or 14 percent, to 61 1/16 ahead of the earnings report.

The $126.1 million in sales marks a 134 percent jump from the year-ago period when it earned $11.8 million, or 24 cents a share, on sales of $53.8 million.

Company officials said sales of its complex PLDs rose to $91.1 million, up 149 percent from the first quarter of last year. Sales from high-density chips represented 72 percent of the company's total sales this quarter.

"Last quarter's record financial results, perhaps the strongest in company history, give us great satisfaction," said CEO Cyrus Tsui in a prepared release. "Strong demand from European and North American customers resulted in double digit sequential revenue growth in both geographic regions."

Last quarter, Lattice hurdled the consensus estimate, pocketing $21.6 million, or 42 cents a share, on sales of $115 million.

"Looking forward, strong general market conditions, continued customer design-in momentum and an attractive new product pipeline allow us to maintain our optimistic outlook," Tsui said.

First Call consensus expects Lattice to earn $2.08 a share in the fiscal year.

Its shares hit a 52-week high of 82 5/8 in March after falling to a low of 19 last April.

Fifteen of the 20 analysts covering the stock maintain either a "buy" or "strong buy" recommendation.