PORTLAND - Lattice (OTC:LTTC) Semiconductor Corporation (NASDAQ:LSCC), a leader in low power programmable solutions, reported its first-quarter financial results for the period ending March 30, 2024, today.
The company announced revenue of $140.8 million, which is a slight increase from the analyst consensus of $140.18 million. The adjusted earnings per share (EPS) matched expectations at $0.29, aligning with the estimates.
Despite meeting earnings estimates, Lattice Semiconductor's stock fell by 5.6% as the company's revenue outlook for the second quarter of 2024 missed analyst expectations.
The company anticipates revenue to be in the range of $120 million to $140 million, falling short of the consensus estimate of $140.5 million. The midpoint of the guidance, $130 million, is significantly below the consensus, indicating a cautious stance for the coming quarter.
Jim Anderson, President and CEO, commented on the results, stating, "First quarter 2024 results came in as expected and reflect the near-term impact of cyclic industry headwinds." He expressed confidence in the company's long-term positioning, citing the execution of the largest product portfolio expansion in Lattice's history.
In the first quarter, Lattice Semiconductor highlighted several achievements, including a new AI-PC win with Dell (NYSE:DELL) Latitude models, an expanded software solutions offering, and the release of an enhanced version of the Lattice Radiant® software. The company also celebrated receiving multiple industry awards, such as the 2024 Top Workplace USA Award and the 2024 BIG AI Excellence Award.
Sherri Luther, CFO of Lattice, emphasized the company's disciplined spending and continued investment for long-term growth. She also noted the execution of the fourteenth consecutive quarter of share repurchases, signaling ongoing capital return to shareholders.
For the second quarter of 2024, Lattice expects a non-GAAP gross margin percentage of approximately 69%, plus or minus 1%, and non-GAAP total operating expenses between $54 million and $56 million. The guidance reflects a conservative outlook, potentially due to the "cyclic industry headwinds" mentioned by Anderson.
Investors reacted negatively to the cautious guidance, overshadowing the first-quarter results that were in line with expectations. The market's response suggests concerns over the company's short-term growth prospects amidst a challenging industry environment.
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