Boston, MA 02/03/2014 (wallstreetpr) – Posting a mixed set of financial results for its recently ended fourth quarter of fiscal year 2013, USA-based semiconductor technology major Broadcom Corporation (NASDAQ:BRCM) posted significantly lower revenue and net income, though exceeding analyst estimates.
Broadcom’s 4Q Earnings Report
Broadcom Corporation (NASDAQ:BRCM)’s registered net income of about $366 million for its fourth quarter, as compared to about $462 million seen for the corresponding FY2012 quarter, while its reported adjusted net income of $168 million in fourth quarter 2013 versus $251 million. According to Broadcom, key factors that impacted the lower earnings were drops in revenues and significantly elevated operating costs.
For the full fiscal year 2013, Broadcom’s GAAP net income stood at around $424 million, or $0.73 a share, from about $719 million for the corresponding quarter of FY2012, amounting to $1.25 a share. Net income calculated on a non-GAAP basis for fiscal 2013 came in at approximately $1.7 billion, compared with $1.8 billion a year ago.
While revenues for its fourth quarter slid down 0.8% to about $2.06 billion over a year ago, the revenues surpassed consensus analyst estimates of about $2.02 billion. For the full fiscal 2013, Broadcom’s revenues were about $8.3 billion, significantly up from around $8 billion seen in the fourth quarter of FY2012.
Earnings Per Share
Broadcom Corporation (NASDAQ:BRCM)’s fourth quarter netted earnings of $0.60 a share, which fell below the $0.76 seen for the corresponding FY2012 quarter, while still exceeding analyst predictions of $0.38 a share. Earnings based on net income stood at about $0.29 a share, compared to $0.43 a share seen a year before. The adjusted earnings for the full fiscal year 2013, however, surpassed the analyst predictions of $1.84.
2014 Revenue Guidance
For its first quarter 2014, Broadcom Corporation (NASDAQ:BRCM) anticipates net revenue of around $1.9 billion to $2.0 billion, as the company predicts higher costs in research & development as also sales and other administrative expenses.
Broadcom predicts better prospects in the upcoming quarters, supplemented by improved market penetration and technology deployments. Broadcom shares rose to $29.76 on January 31 from their previous $29.21, with after-hours improving to $29.80.
