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May 02, 2021
Semtech Q1 2022 Earnings Report
Reported first quarter of fiscal year 2022 results, with net sales increasing sequentially and year-over-year, and wireless and sensing products group net sales reaching a new record.
Key Takeaways
Semtech Corporation reported a strong start to FY22, with Q1 FY2022 net sales of $170.4 million, a 3% increase sequentially and a 28% increase year-over-year. The company's Wireless and Sensing products group achieved record net sales, driven by LoRa platforms and proximity sensing products. Record quarterly bookings were also reported, including records for LoRa platforms, Tri-Edge™, and broad-based Industrial Protection devices.
Q1 FY2022 net sales reached $170.4 million, up 3% sequentially and 28% year-over-year.
GAAP and non-GAAP gross margin both increased sequentially by 50bps.
Wireless and Sensing products group net sales grew 7% sequentially and 78% year-over-year, setting a new record.
Record quarterly bookings were achieved, including records for LoRa platforms, Tri-Edge™, and broad-based Industrial Protection devices.
Forward Guidance
The company expects net sales to be in the range of $177.0 million to $187.0 million for the second fiscal quarter of 2022. Non-GAAP Earnings per diluted share are expected to be in the range of $0.57 to $0.65
Positive Outlook
- Net sales are expected to be in the range of $177.0 million to $187.0 million
- GAAP Gross margin is expected to be in the range of 61.3% to 62.3%
- GAAP Earnings per diluted share are expected to be in the range of $0.40 to $0.48
- Non-GAAP Gross margin is expected to be in the range of 61.7% to 62.7%
- Non-GAAP Earnings per diluted share are expected to be in the range of $0.57 to $0.65
Challenges Ahead
- The ongoing COVID-19 pandemic could have a potential negative impact on global economic conditions and the Company's business operations, net sales and operating results
- Export restrictions pertaining to Huawei and certain of its affiliates and other entities identified by the U.S. government could negatively impact results
Historical Earnings Impact
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Avg. Return Before/After Earnings
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