We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Lattice Semiconductor Corporation (LSCC - Free Report) delivered first-quarter 2024 non-GAAP earnings of 29 cents per share, in line with the Zacks Consensus Estimate. The bottom line declined 43.1% on a year-over-year basis.
Revenues of $140.8 million beat the Zacks Consensus Estimate of $140 million. The top line decreased 23.6% year over year.
Weakness in the communications and computing end-market led to a year-over-year decline in the top line. The sluggish industrial and automotive end-market was another concern.
Nevertheless, strong momentum across the consumer end market was positive.
Lattice Semiconductor Corporation Price, Consensus and EPS Surprise
Communications and Computing: Revenues generated from the market fell 17.6% year over year to $54.6 million (39% of the total revenues).
Industrial and Automotive: Revenues from the market declined 30.5% year over year to $75.3 million (53% of the total revenues) in the reported quarter.
Consumer: Revenues from the market were $10.9 million (8% of the total revenues), up 12.4% from the year-ago quarter.
By Geography & Channel:
Asia, Americas and Europe contributed 66%, 22% and 12% to total revenues in the reported quarter, respectively.
Revenues from distribution accounted for 87%, whereas direct revenues accounted for 13% of total revenues.
Operating Results
In the first quarter, the GAAP gross margin was 68.3%, which contracted 150 basis points (bps) year over year.
Non-GAAP operating expenses were $54.9 million, up 1.6% year over year. As a percentage of revenues, the figure expanded 970 bps year over year to 39% in the reported quarter.
Non-GAAP Research & development, and selling, general & administrative expenses expanded 660 bps and 330 bps year over year, respectively.
The non-GAAP operating margin was 30%, contracting 1100 bps from the prior-year quarter.
Balance Sheet
As of Mar 30, 2024, cash and cash equivalents were $107.5 million, up from $128.3 million as of Dec 30, 2023.
Accounts receivable was $98.9 million at the end of the first quarter, down from $104.4 million at the fourth-quarter end.
Guidance
For the second quarter of 2024, Lattice Semiconductor expects revenues between $120 million and $140 million.
The company anticipates a non-GAAP gross margin of 69% (+/-1%). Also, operating expenses are expected to be $54-$56 million on a non-GAAP basis.
Zacks Rank & Stocks to Consider
Currently, Lattice Semiconductor has a Zacks Rank #3 (Hold).
Image: Bigstock
Lattice Semiconductor (LSCC) Q1 Earnings Meet, Revenues Dip Y/Y
Lattice Semiconductor Corporation (LSCC - Free Report) delivered first-quarter 2024 non-GAAP earnings of 29 cents per share, in line with the Zacks Consensus Estimate. The bottom line declined 43.1% on a year-over-year basis.
Revenues of $140.8 million beat the Zacks Consensus Estimate of $140 million. The top line decreased 23.6% year over year.
Weakness in the communications and computing end-market led to a year-over-year decline in the top line. The sluggish industrial and automotive end-market was another concern.
Nevertheless, strong momentum across the consumer end market was positive.
Lattice Semiconductor Corporation Price, Consensus and EPS Surprise
Lattice Semiconductor Corporation price-consensus-eps-surprise-chart | Lattice Semiconductor Corporation Quote
Revenue Details
By End Market:
Communications and Computing: Revenues generated from the market fell 17.6% year over year to $54.6 million (39% of the total revenues).
Industrial and Automotive: Revenues from the market declined 30.5% year over year to $75.3 million (53% of the total revenues) in the reported quarter.
Consumer: Revenues from the market were $10.9 million (8% of the total revenues), up 12.4% from the year-ago quarter.
By Geography & Channel:
Asia, Americas and Europe contributed 66%, 22% and 12% to total revenues in the reported quarter, respectively.
Revenues from distribution accounted for 87%, whereas direct revenues accounted for 13% of total revenues.
Operating Results
In the first quarter, the GAAP gross margin was 68.3%, which contracted 150 basis points (bps) year over year.
Non-GAAP operating expenses were $54.9 million, up 1.6% year over year. As a percentage of revenues, the figure expanded 970 bps year over year to 39% in the reported quarter.
Non-GAAP Research & development, and selling, general & administrative expenses expanded 660 bps and 330 bps year over year, respectively.
The non-GAAP operating margin was 30%, contracting 1100 bps from the prior-year quarter.
Balance Sheet
As of Mar 30, 2024, cash and cash equivalents were $107.5 million, up from $128.3 million as of Dec 30, 2023.
Accounts receivable was $98.9 million at the end of the first quarter, down from $104.4 million at the fourth-quarter end.
Guidance
For the second quarter of 2024, Lattice Semiconductor expects revenues between $120 million and $140 million.
The company anticipates a non-GAAP gross margin of 69% (+/-1%). Also, operating expenses are expected to be $54-$56 million on a non-GAAP basis.
Zacks Rank & Stocks to Consider
Currently, Lattice Semiconductor has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader technology sector are Arista Networks (ANET - Free Report) , Alphabet (GOOGL - Free Report) and Badger Meter (BMI - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of Arista Networks have gained 8.9% in the year-to-date period. The long-term earnings growth rate for ANET is 17.48%.
Shares of Alphabet have gained 16.5% in the year-to-date period. The long-term earnings growth rate for GOOGL is currently projected at 17.21%.
Shares of Badger Meter have gained 18.7% in the year-to-date period. The long-term earnings growth rate for BMI is 15.57%.