Volterra Semiconductor Corporation (NASD: VLTR), a leading provider of high-performance analog and mixed-signal power management semiconductors, recently announced the company’s financial results for the third quarter ended September 30, 2008. Third quarter net revenue jumped 62 percent year-over-year to $30.6 million, compared to the third quarter of 2007 and a 7 percent increase over net revenue of $28.7 million for the second quarter of 2008.
Non-GAAP net income totaled $6.5 million or $0.25 per diluted share for the third quarter of 2008, a 215 percent increase over non-GAAP net income of $2.1 million, or $0.08 per diluted share for the third quarter of 2007. The company expected gross margins to remain in the 56 percent range for the third quarter, but experienced further growth due to better than expected supplier cost reductions and yield improvement activities.
President and chief executive officer of Volterra Semiconductor Corporation, Jeffrey Staszak, commented on the company’s fourth quarter outlook during a recent conference call, stating, “We believe that the current macro-economic environment will have some impact on our fourth quarter business. However, it is difficult to measure that, so we are taking a more conservative approach to our fourth quarter guidance.” He continued, “We anticipate fourth quarter revenues of $26 million to $30 million and fourth quarter non-GAAP earnings per share of $0.16 to $0.24.
PiperJaffray recently upgraded Volterra Semiconductor Corporation to Buy from Neutral and Caris lowered their target for the company to $13 per share from $18 per share to reflect the company’s cautious fourth quarter outlook, but believes the stock is a Buy at current levels.
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