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Silicon Labs reports record 2013 revenues [Austin American-Statesman :: ]
[January 29, 2014]

Silicon Labs reports record 2013 revenues [Austin American-Statesman :: ]

(Austin American-Statesman (TX) Via Acquire Media NewsEdge) Jan. 29--Austin's Silicon Laboratories Inc. reported record 2013 revenues on Wednesday, although the company's fourth-quarter revenues dipped from the previous year.

The chipmaker reported $146.2 million in fourth-quarter revenues, down from $152.5 million the previous year. But revenue for fiscal 2013 was a record $580.1 million, up from $563.3 million in 2012.

CEO Tyson Tuttle said the company's microcontroller and wireless products delivered record revenues in the quarter.

"Revenue for 2013 was a record for the company, and we believe we are entering 2014 well positioned in growth markets such as the 'Internet of Things,' smart energy and Internet infrastructure," Tuttle said.

The "Internet of Things" is a chip industry term for the trend of connecting many more non-computing devices -- including home automation systems, automobiles and industrial equipment -- to the Internet for remote monitoring and control.

Silicon Labs reported a profit of $10.6 million, or 25 cents a share, on revenue of $146.2 million for the quarter ended Dec. 28. That compared with a profit of $18.7 million, or 45 cents a share, on revenue of $152.5 million for the same quarter last year.

Still, those fourth-quarter revenues beat analysts' expectations of $142.9 million and the company's stock jumped. Silicon Labs' shares ended the day up 7.25 percent, or $3.21, to $46.16.

Tuttle said the fourth-quarter dip in revenues was due to lingering revenues in 2012 from the company's cell phone-related chip business, which it sold to NXP Semiconductors for $285 million.

Silicon Labs is seeing strength in the TV market -- where it supplies advanced tuner chips for digital TVs to companies like LG and Samsung -- as well as the Internet of Things, where the company's microcontroller, wireless and sensor products have gained traction.

"I'm quite optimistic about the markets that we're in, that we're going to be able to continue to grow," Tuttle said. "Now that we don't have exposure to the PC and handset markets, I think that lends a degree of stability and more consistent growth to the company. So I think the positioning is really good." The company employs about 1,100 people worldwide, with just over half of them in Austin.

Chip companies shares go in opposite directions Austin tech companies Freescale Semiconductor and Cirrus Logic saw their stock prices go in opposite directions on Wednesday, a day after each company released quarterly earnings reports.

Freescale saw its stock shoot up after its quarterly revenue and earnings per share topped analysts projects and the company showed indications of expanding its market share.

Freescale -- which employs about 5,000 workers in Austin -- saw its stock jump 14.7 percent on Wednesday, ending the day up $2.25 per share to $17.55 Meanwhile, Cirrus Logic's stock on Wednesday closed down 7.8 percent, or $1.46, at 17.28. The chipmaker's revenue of $218.9 million for the just-ended quarter beat analysts' expectations, but the company's guidance for its current quarter projected revenue of between $130 million and $150 million. That was well below analysts' expectations. Cirrus Logic has about 680 employees worldwide, with close to 600 of those in Austin.

___ (c)2014 Austin American-Statesman, Texas Visit Austin American-Statesman, Texas at Distributed by MCT Information Services

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