Lattice Semiconductor Stock Surges on Strong Q1 Outlook and CFO Appointment
Key Takeaways:
* Shares of Lattice Semiconductor (LSCC) surged after the company reported its fourth-quarter results and issued an upbeat forecast for the first quarter.
* Sales slightly exceeded estimates, while profits fell short, leading to mixed results for Q4.
* The company named Lorenzo Flores, a former Intel executive, as its new CFO.
* Lattice projects both revenue and adjusted EPS to exceed analyst expectations in Q1.
Surging Shares, Mixed Q4 Results:
Lattice Semiconductor's stock surged on Tuesday following the release of its financial results. Revenue for Q4 totaled $117.4 million, a 31% decrease year-over-year but slightly above consensus estimates. Adjusted EPS was $0.15, down from $0.45 in the same period last year and below expectations.
Strong Q1 Outlook:
Despite the mixed Q4 results, Lattice's forecast for the first quarter encouraged investors. The company anticipates revenue between $115 million and $125 million and adjusted EPS between $0.20 and $0.24. These estimates exceed analysts' projections, signaling optimism for the future.
New CFO Appointment:
Lattice also announced the appointment of Lorenzo Flores as its new Chief Financial Officer. Flores previously held executive roles at Intel's foundry unit and other notable companies. His addition to the team is expected to strengthen Lattice's financial leadership and strategic decision-making.
Market Improvement and Stock Performance:
CEO Ford Tamer expressed optimism about the broader market environment, citing improved backlog and book-to-bill ratios. While Lattice shares have lost about 15% over the past year, the recent surge suggests a potential recovery in the future.