TriQuint Semiconductor falls on lower quarterly guidance
Shares of TriQuint Semiconductor, Inc. (Nasdaq: TQNT) are down $0.55, or 10%, to $4.79, on news the supplier of components and foundry services to communications companies lowered its quarterly profit guidance.
The net income for the second quarter ended June 30 is projected between $1 million and $2 million, or about $0.01 per share, the Hillsboro, Ore.-based company said after Tuesday’s close. The previous guidance was for a net income of about $6 million, or $0.05 per share.
Five analysts polled by Thomson Financial were forecasting earnings of $0.06 per share.
The company blamed a $4 million excess inventory charge following a fall in demand from a major customer.
TriQuint also reported that it anticipates second quarter revenues of $113 million to $114 million, which is above Wall Street expectations of $111.26 million in revenue. Revenues for the same quarter of 2006 were $96.3 million.
Final results will be released on July 25.
