HILLSBORO, Ore. - Lattice (OTC:LTTC) Semiconductor Corporation (NASDAQ: LSCC) announced today the appointment of Dr. Ford (NYSE:F) Tamer as its new Chief Executive Officer and member of the Board of Directors, effective immediately. The decision follows a thorough search conducted by the company's Board of Directors.
Jeff Richardson, Chair of Lattice’s Board, expressed confidence in Tamer's ability to lead the company, citing his dynamic leadership and successful track record. Tamer succeeds Esam Elashmawi, who has been serving as Interim CEO since June 2024. Elashmawi will continue in his role as the company’s Chief Strategy and Marketing Officer.
Tamer brings a wealth of experience to Lattice, with over nine years as President and CEO of Inphi (NASDAQ:IPHI), where he positioned the company as a market leader in electro-optics solutions. His career also includes executive roles at Telegent Systems, Broadcom (NASDAQ:AVGO), and Agere Inc., and he has served as a Senior Operating Partner of Francisco Partners. Tamer holds an M.S. and Ph.D. in Engineering from MIT and is currently on the boards of Teradyne (NASDAQ:TER) Inc. and Groq, Inc.
In his statement, Tamer expressed his excitement to join Lattice and his eagerness to work with the team to drive growth. He also acknowledged Elashmawi's leadership and looked forward to his continued contributions.
Additionally, Lattice reaffirmed its financial guidance provided on July 29, 2024, maintaining its outlook for the near future.
Lattice Semiconductor is recognized as a leader in low power programmable solutions, serving a variety of markets, including Communications, Computing, Industrial, Automotive, and Consumer sectors. The company prides itself on its technology, customer relationships, and world-class support, which enable its customers to quickly innovate and create connected solutions.
This news is based on a press release statement from Lattice Semiconductor Corporation.
In other recent news, Lattice Semiconductor has been the focus of multiple analyst adjustments following their second-quarter results. Raymond James upgraded the company's rating to Outperform, indicating a positive outlook for the future. This optimism is based on expectations of a recovery in the semiconductor industry, with potential growth driven by Lattice Semiconductor's Industrial/Auto and Communications/Computing segments.
However, several firms, including Needham, TD Cowen, CFRA, and Stifel, have reduced their price targets for Lattice Semiconductor following the company's earnings per share of $0.23, which fell short of the expected $0.24 consensus. This was accompanied by a 35% year-over-year decrease in sales, particularly in the industrial and automotive sectors. Despite these challenges, the company's gross margin held steady at 69%.
Recent developments for Lattice Semiconductor include the launch of new products like the Lattice MachXO5D-NX and the Lattice Sentry solution stack, which are anticipated to contribute to future growth. Analysts from firms such as Needham and CFRA expect improvements in the second half of the year, driven by ongoing inventory normalization and new product introductions. The company continues to navigate through a period of CEO uncertainty and broader economic challenges while laying the groundwork for future growth.
InvestingPro Insights
As Lattice Semiconductor Corporation (NASDAQ: LSCC) welcomes Dr. Ford Tamer as its new CEO, the company's financial health and market performance are of particular interest to investors. According to InvestingPro data, Lattice Semiconductor currently holds a market capitalization of approximately $6.68 billion. The company's P/E ratio stands at 32.39, reflecting investor expectations of future earnings. Despite a challenging environment, with a year-to-date price total return of -35.08%, Lattice maintains a robust gross profit margin of 69.22% for the last twelve months as of Q2 2024.
InvestingPro Tips highlight that analysts have revised their earnings downwards for the upcoming period and anticipate a sales decline in the current year. However, they also note that Lattice operates with a moderate level of debt and has liquid assets that exceed short-term obligations, suggesting a stable financial position. Additionally, the company's cash flows can sufficiently cover interest payments, which is a positive sign for its ability to manage debt and finance operations. With these considerations, investors can gain a nuanced understanding of Lattice's prospects as Dr. Tamer takes the helm.
For those seeking a deeper dive into Lattice Semiconductor's performance and future outlook, InvestingPro offers additional insights, with over 16 InvestingPro Tips available at https://www.investing.com/pro/LSCC, providing a comprehensive analysis to help inform investment decisions.
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