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Apr 26, 2020
Semtech Q1 2021 Earnings Report
Semtech reported strong Q1 results, demonstrating resilience despite COVID-19 disruptions, with secular growth drivers in IoT, hyperscale data center, and mobility remaining intact.
Key Takeaways
Semtech reported Q1 FY2021 net sales of $132.7 million, GAAP EPS of $0.15, and non-GAAP EPS of $0.35. The company saw sequential growth in net bookings and distributor point of sale, with cash flow from operations at 20% of net sales.
Net sales reached $132.7 million.
GAAP EPS was $0.15, and non-GAAP EPS was $0.35.
Net bookings increased sequentially by 22%.
Distributor Point of Sale increased 5% sequentially, representing a new quarterly record.
Forward Guidance
Semtech anticipates net sales between $138.0 million and $146.0 million for Q2 2021, with GAAP EPS expected to be in the range of $0.21 to $0.26 and non-GAAP EPS between $0.40 and $0.44.
Positive Outlook
- Net sales are expected to be in the range of $138.0 million to $146.0 million.
- GAAP Gross margin is expected to be in the range of 60.8% to 61.6%.
- GAAP Earnings per diluted share are expected to be in the range of $0.21 to $0.26.
- Non-GAAP Gross margin is expected to be in the range of 61.2% to 62.0%.
- Non-GAAP Earnings per diluted share are expected to be in the range of $0.40 to $0.44.
Challenges Ahead
- The outlook takes into account the anticipated, but uncertain, negative impact of the coronavirus (COVID-19) pandemic on global economic conditions.
- Export restrictions pertaining to Huawei and certain of its affiliates imposed by the U.S. government are expected to have a negative impact.
- GAAP SG&A expense is expected to be in the range of $37.0 million to $38.0 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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