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Key Takeaways
- Shares of Lattice Semiconductor jumped on Tuesday, a day after the company announced a new finance chief and issued its fourth-quarter results.
- Sales narrowly beat estimates while profits fell short, but Lattice’s first-quarter projections came in above expectations.
- The company said former Intel executive Lorenzo Flores has joined as CFO, effective immediately.
Lattice Semiconductor (LSCC) shares surged Tuesday, a day after the company announced a new finance chief and issued first-quarter projections that were above analysts’ estimates.
After the bell Monday, the hardware manufacturer reported fourth-quarter revenue of $117.4 million, down 31% year-over-year but just above the Visible Alpha consensus estimate.
Lattice’s adjusted earnings per share (EPS) came in at $0.15, down from $0.45 a year ago and below expectation.
For the first quarter, Lattice expects revenue between $115 million and $125 million, and adjusted EPS between $0.20 and $0.24. The ranges’ midpoints were slightly above analysts’ estimates.
CEO ‘Starting to See Signs of Improvement’ in Market
“We are starting to see signs of improvement in the broader market environment as evidenced by our stronger backlog and improved book to bill, which bode well for our business moving forward,” CEO Ford Tamer said.
Lattice also announced that Lorenzo Flores, an executive at companies including Intel’s (INTC) foundry unit, has joined the firm as CFO, effective immediately. The company’s previous CFO, Sherri Luther, left in October for competitor Coherent (COHR), joining former Lattice CEO Jim Anderson.
Lattice shares jumped nearly 8% on Tuesday, but are still down about 15% over the last 12 months.
