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May 01, 2022
Semtech Q1 2023 Earnings Report
Reported record results driven by solid growth from all product groups.
Key Takeaways
Semtech reported a strong start to fiscal year 2023 with record revenues and earnings during the first quarter, driven by solid growth from all of its product groups.
Record net sales of $202.1 million, an increase of 6.1% sequentially and 18.7% year-over-year
Record GAAP gross margin of 64.4% grew 30bps sequentially and 290bps year-over-year
Record GAAP and non-GAAP diluted earnings per share of $0.59 and $0.80, respectively
Operating cash flow of $50.1 million or 24.8% of Q1 FY2023 net sales
Forward Guidance
Semtech provided GAAP second fiscal quarter 2023 outlook. Net sales are expected to be in the range of $203.0 million to $213.0 million and GAAP Diluted earnings per share is expected to be in the range of $0.79 to $0.89.
Positive Outlook
- Net sales are expected to be in the range of $203.0 million to $213.0 million
- GAAP Gross margin is expected to be in the range of 64.1% to 65.5%
- GAAP SG&A expense is expected to be in the range of $45.1 million to $46.1 million
- GAAP R&D expense is expected to be in the range of $39.5 million to $40.5 million
- GAAP Diluted earnings per share is expected to be in the range of $0.79 to $0.89
Challenges Ahead
- The outlook takes into account the impact of the divestiture of the Company's high reliability discrete diodes and assemblies business
- The outlook takes into account the uncertain, but potential negative impact to the Company of the current supply chain constraints and any associated disruptions
- The outlook takes into account the ongoing COVID-19 pandemic on global economic conditions and on the Company's business operations, net sales and operating results
Historical Earnings Impact
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Avg. Return Before/After Earnings
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