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Fairchild Semiconductor (FCS) 4Q Adjusted Earnings In Line With Estimates

 January 24, 2013 12:10 PM
 


(By Balaseshan) Fairchild Semiconductor International Inc. (NYSE: FCS) slipped to a quarterly loss due to realized loss on sale of securities and restructuring expense. Revenue missed consensus, while adjusted earnings came in line.

Net loss for the fourth quarter was $13.6 million or $0.11 per share, compared to a profit of $21.3 million or $0.17 per share last year. Adjusted earnings per share (EPS) fell to $0.10 from $0.15.

Revenue declined 2% to $333.4 million.

Analysts, on average, polled by Thomson Reuters had expected a profit of $0.10 per share on revenue of $340.28 million for the fourth quarter.

[Related -Semiconductor Q3 Preview: Results Seen at Low End of Guidance]

In the third quarter, the company posted adjusted earnings of $0.25 per share on revenue of $358.8 million.

Adjusted gross margin was 29.8%, down from 33.5% in the prior quarter due primarily to lower factory loadings, and lower than 30.4% in the year-ago quarter.

Looking ahead for the first quarter, the company expects revenue between $330 million and $350 million, while analysts expect $345.77 million.

The company expects adjusted gross margin to be 29% plus or minus 50 basis points due primarily to lower factory loadings and incrementally higher start up costs at our 8 inch wafer fab in Korea.

Fairchild anticipates R&D and SG&A spending to be in the range of $90 to $93 million as the company began accruing again for variable compensation and increased payroll related taxes.

FCS is trading up 4.71% at $15.56 on Thursday. The stock has been trading between $11.14 and $15.90 for the past 52 weeks.

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