Microsemi fiscal 3rd-quarter profit up 60 percent

IRVINE, Calif.—Microsemi Corp., a maker of power-regulation chips, on Thursday said its profit jumped 60 percent in its fiscal third quarter and raised its forecast for the current quarter.

The Irvine, Calif.-based company earned $13.9 million, or 17 cents per share, compared with $8.7 million, or 11 cents per share, in the comparable period last year.

Excluding items, amortization and stock-based compensation, the company earned 34 cents per share, matching the average forecast of analysts surveyed by Thomson Financial.

Revenue was $129.3 million in the quarter ended June 29, up 13.8 percent from $113.6 million in the year-ago quarter. Analysts expected $128.8 million in revenue.

Microsemi raised its sequential sales growth estimate to a range of 3 percent to 5 percent for the fourth quarter, implying revenue of $133.2 million to $135.8 million. Analysts project revenue of $133.2 million.

Microsemi also raised its earnings forecast by 2 cents per share to a range of 35 cents to 37 cents per share for the current quarter. Analysts expect 35 cents per share.

Microsemi shares rose $1.77, or 7.3 percent, to $24.22 in extended trading. The stock earlier fell 14 cents to end regular trading at $24.22.