By Chris Kraeuter, CBS.MarketWatch.com
Last Update: 4:07 PM ET June 6, 2002
SANTA CLARA, Calif. (CBS.MW) -- National Semiconductor on Thursday reported a fiscal fourth-quarter profit on sales that were slightly better than expected due to improved orders for its analog chips.
Shares (NSM: news, chart, profile) ended up 22 cents to $30.88. Before the results, shares were down $1.53.
For the quarter ending in May, National posted a profit of $17.1 million, or 9 cents a share, on revenue of $419.5 million. Excluding a one-time tax refund, income was $5.6 million, or 3 cents a share.
On May 20, National boosted its growth goals to reflect revenue of $415 million. Analysts surveyed by Thomson Financial/First Call expected a loss of 8 cents a share on sales of $413 million, on average.
During the same quarter last year, National had a net loss of $44.4 million, or 26 cents a share, on revenue of $401.2 million.
For the first quarter, National said sales should grow 6 to 8 percent, sequentially, to between $444.7 million and $453 million. Analysts had expected sales of $430 million. National said earnings are expected to be 6 cents to 9 cents a share and gross margin is targeted at 44 or 45 percent.
Gross margin during the just completed quarter was 43 percent compared with 36 percent in the third quarter.
Total orders increased 19 percent sequentially and orders for analog products, especially audio products, amplifiers and power management, rose 20 percent. Notebook and DVD chip orders rose in the high 30 percent range.
Orders from Asia Pacific region grew 30 percent sequentially and represented half of National's total orders.
The company's capacity utilization grew to 71 percent from 51 percent during the previous quarter. Utilization is expected to improve to the high 70-percent range during the first quarter.
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