MILPITAS (dpa-AFX) - Chip maker Linear Technology Corp (LLTC) Tuesday reported a 20 percent increase in first-quarter net earnings to $129.5 million or $0.53 per share from $107.9 million or $0.45 per share last year.
Revenues for the quarter were up 9% at $371 million compared with $340.4 million in the prior year.
Analysts polled by Thomson Reuters estimated earnings of $0.54 per share on revenues of $372.6 million for the quarter. Analysts' estimates typically exclude special items.
The company said that bookings were down from the prior quarter while book to bill ratio was only modestly negative. 'Seasonally this is typical performance for us as our major end markets, industrial and automotive, generally experience some softness in the summer and fall, but show strength in the first half of the calendar year,' the company said.
Linear said that earnings were hurt by a higher income tax rate that more than offset the benefit of lower interest expense.
Looking ahead to the second quarter, the company expects revenue to 4% to 8% from a year ago. Analysts expect revenue growth of over 10%.
Linear Technology also announced that Paul Coghlan, the company's chief financial officer, plans to retire at the end of the current fiscal year in July 2015. Donald Zerio, Linear Technology corporate controller and a thirteen year Linear veteran will be promoted to CFO on June 29, 2015.
Coghlan will continue to work for the company on a part time consulting basis until June 30, 2016.
Zerio has been corporate controller for eleven years and prior to that, international controller at Linear. Zerio has over 25 years of financial experience in the technology industry gained from senior financial management positions with large multinational companies, small emerging companies and a Big 4 accounting firm.
Linear Tech stock is trading lower by 2.31% at $38.13 in after-hours trade on the Nasdaq.
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