Volterra gains after earnings, guidance
Shares of Volterra Semiconductor Corp. (Nasdaq: VLTR) surged on unusually heavy volume this morning after releasing second-quarter guidance and first-quarter earnings late Monday that met analysts estimates on a non-GAAP basis.
The Fremont, Calif.-based company late Monday posted GAAP net income of $400,000, or $0.01 per share, on revenue of $17.6 million for the quarter ended March 31. On a non-GAAP basis, net income totaled $1.8 million, or $0.07 per share, for the quarter.
Thirteen analysts polled by Thomson First Call expected earnings per share of $0.07 on revenue of $17.5 million.
Volterra President and CEO Jeff Staszak said that first quarter revenue was impacted by “certain customer inventory issues.”
In a conference call on Monday, Volterra predicted second-quarter earnings of $0.10 to $0.13 a share on revenue of $20 million to $21 million, according to Reuters – in line with analysts’ estimates of earnings per share of $0.12 on revenue of $20.2 million.
Volterra makes semiconductors used as power switches in computers, digital cameras, mobile phones and other devices.
The company’s stock was up this morning -- by $1.53, or 10.3 percent, to $16.37. It has traded between $12.40 (on April 5) and $18.91 (on Oct. 12, 2006) in the past year. More than 845,000 shares had changed hands by late morning, compared with an average daily volume of 385,000 shares.
On April 9, CE Unterberg Towbin upgraded the stock to “Market Perform” from “Underperform.”
