Boston, MA 11/01/2013 (wallstreetpr) – The semiconductor manufacturer LSI Corp (NASDAQ:LSI) reported Q3.13 net income as $36.6 million, or $0.06 a share. In the comparable quarter last year, the company posted net earning of $39.7 million, or $0.07 a share. The adjusted net income came in at $93.1 million. The adjusted net income for the same quarter a year ago was $98.7 million. The per-share earning on adjusted basis for Q3.13 remained unchanged from Q3.12 at $0.17. This exceeded the expectation of Thomson Reuters of $0.16 per share for the just reported quarter.
Moving on, the company’s revenue dropped from $623.96 million in the same quarter last year to $606.94 million in the recent quarter. This revenue also missed average estimate of 16 analysts at $611.40 million. The Q3 revenue was also below the midpoint of the company’s own Q3 guidance of $590.0 million to $630.0 million.
On segment basis, the company’s sever and storage business reported down 5% to $470 million. This segment includes flash, SAS, SAN and serverRAID adapter. The networking business noted 3% increase in revenue to $109 million. The revenue collection from IP business remained flat from a year ago quarter at $28 million. Collectively, each of the three segments; storage, networking and IP contributed 77%, 18% and 5% in total revenue for the quarter.
The company exited Q3 with cash and cash investment of $664.6 million, against $673 million in the previous quarter. Cash from operating activities came in at $63 million, against $77.8 million in Q2. The capital expenditure in Q3 was $22 million, up from $18.3 million in Q2.
In the quarter ending September 30’13, LSI paid out total dividend of $16 million and purchased shares worth $41 million. It’s repurchase program is $750 million.
In the Q4 guidance, LSI expects revenue to come in the range of $580 million and $620 million and earnings of $0.01 to $0.11 a share. Adjusted earnings are expected to come in at $0.13 to $0.19 per share. Analysts are looking for $0.17 earning per share on $638.41 million revenue in Q4.
