TriQuint forecasts first quarter results below estimates; shares fall
US-TRIQUINT-RESULTS:TriQuint forecasts first quarter results below estimates; shares fall
By Neha Alawadhi
(Reuters) - Chipmaker TriQuint Semiconductor Inc <TQNT.O> forecast current-quarter results below analysts' estimates after some orders were pulled into the fourth quarter, sending its shares down 8 percent.
The company expects an adjusted net loss of 12 cents to 14 cents per share for the current quarter, compared with analysts' expectations of breakeven on a per-share basis, according to Thomson Reuters I/B/E/S.
TriQuint, whose chips help connect cellphones to data and voice networks, forecast revenue of $180 million to $190 million, below analysts' average estimate of $205.1 million.
About $10 million of revenue shifted from the first quarter to the fourth quarter "due to timing and customer needs", TriQuint's Chief Executive Ralph Quinsey said on a post-earnings conference call.
"The seasonal factors going into the first quarter are more severe given their large exposure to Apple," D.A. Davidson & Co analyst Aalok Shah said.
Foxconn Technology Group, Apple Inc's <AAPL.O> largest contract manufacturer, accounted for 31 percent of the company's revenue in 2012, TriQuint said on the call.
Other Apple suppliers such as audio chipmaker Cirrus Logic Inc <CRUS.O> and chipmaker Broadcom Corp <BRCM.O> have also forecast weaker-than-expected current-quarter revenue.
The Hillsboro, Oregon-based company said its exposure to Apple's competitor Samsung Electronics <005930.KS> is increasing year-over-year, but is still not large enough.
TriQuint's revenue rose 3 percent to $233.6 million in the fourth quarter, above analysts' estimates of $222.8 million.
The company reported a net loss of $3.8 million, or 2 cents per share, compared with a profit of $4.3 million, or 3 cents per share, a year earlier.
Excluding items, earnings were 4 cents per share, above analysts' estimates of 2 cents per share.
Shares of the company were down at $4.94 in extended trade, after closing at $5.34 on the Nasdaq on Wednesday.
(Reporting by Neha Alawadhi in Bangalore; Editing by Sriraj Kalluvila)