MILPITAS (dpa-AFX) - Linear Technology Corp. (LLTC), an independent manufacturer of high performance linear integrated circuits, reported first-quarter net income of $107.87 million or $0.45 per share, compared to $105.18 million or $0.45 per share, last year. Adjusted net income was $123.74 million or $0.52 per share for the quarter.
On average, ten analysts polled by Thomson Reuters expected the company to report profit per share of $0.46 for the quarter. Analysts' estimates typically exclude special items.
Revenues were $340.4 million, compared to $335.1 million, a year ago. Analysts expected revenue of $339.26 million for the quarter.
Linear Technology also announced the company expects its second-quarter revenue to be flat to down 4% from the first quarter of fiscal 2014.
Lothar Maier, CEO, said, 'Looking ahead, our second fiscal quarter has been challenging over the past three years partially due to the December quarter being a historically slow quarter for the automotive and industrial end-markets. Our book to bill ratio for the first quarter was slightly positive, however, bookings normally weaken the last month of the December quarter due to the holiday period. In addition, business in the United States may be impacted by the current budgeting stalemate at the Federal Government level.'
Linear Technology will pay a cash dividend of $0.26 per share on November 27, 2013 to stockholders of record on November 15, 2013.
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