Linear Technology Q1 Profit Up

(RTTNews) - Linear Technology Corp. (LLTC) Tuesday said its first-quarter profit improved from a year ago, helped mainly by increased bookings in the automotive and industrial end-markets.

Linear Technology's net income for the first quarter improved to $107.87 million from $105.18 million in the same period last year. On a per-share basis, earnings were $0.45, flat with last year.

Adjusted earnings for the quarter were $123.74 million or $0.52 per share, compared to $120.55 million or $0.51 per share a year ago.

On average, 10 analysts polled by Thomson Reuters expected the company to report a profit of $0.46 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues totaled $340.4 million, up 4 percent from $335.1 million, a year ago. Analysts expected revenue of $339.26 million for the quarter.

The Automotive end-market represented 19 percent of bookings in the first quarter, a historical high for the company.

Looking ahead to the second-quarter, the company indicated bookings to weaken as usual, due to the the holiday period. Business in U.S, may also be impacted by the current budget stalemate at the federal government. As a result, the company expects second-quarter revenues to be flat to down 4 percent from the first quarter of fiscal 2014.

The company also declared a cash dividend of $0.26 per share payable November 27, to stockholders of record on November 15.

Linear Technology closed Tuesday's regular trade at $39.55, down $0.46, or 1.15%, on a volume of 2.02 million on the Nasdaq. In the extended trade, the share dropped $1.21 or 3.06 percent, to trade at $38.34.