WASHINGTON (dpa-AFX) - Semiconductor company LSI Corp. (LSI) Wednesday reported first-quarter net income of $18 million or $0.03 per share, compared to $75 million or $0.13 per share last year.
Results for the recent quarter included $30 million of amortization charges, $26 million of stock-based compensation expense, and $20 million of restructuring and other items.
Excluding items, adjusted earnings for the quarter were $94 million or $0.17 per share, compared to $117 million or $0.20 per share a year ago.
Revenues for the quarter were $569 million, compared to $622 million a year ago.
Analysts polled by Thomson Reuters estimated earnings of $0.12 per share on revenues of $555.88 million for the quarter. Analysts' estimates typically exclude special items.
'LSI achieved strong results and better than expected revenues in the first quarter, despite a challenging environment for PCs and mobile infrastructure investment,' said CEO Abhi Talwalkar.
For the second quarter, LSI expects GAAP results to range between a net loss of $0.02 per share and net income of $0.07 per share, and adjusted earnings of $0.10 to $0.16 per share. Revenues are expected in the range of $560 million to $600 million.
Analysts currently expect earnings of $0.13 per share on revenues of $583.48 million for the second quarter.
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