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The Key Takeaways
- Lattice Semiconductor shares jumped Tuesday after the announcement of a new chief financial officer and release of its results for the fourth quarter.
- Sales narrowly beat estimates while profits fell short, but Lattice's first-quarter projections came in above expectations.
- Lorenzo Flores, a former Intel executive who was appointed CFO by the company with immediate effect.
Lattice Semiconductor’s (LSCC) stock soared on Tuesday. The company had announced a newly appointed finance director and released first-quarter forecasts which exceeded analyst expectations.
The hardware manufacturer announced fourth-quarter revenues of $117.4 millions, down 31% from the previous year but slightly above Visible Alpha’s consensus estimate.
Lattice’s adjusted earning per share (EPS), which was $0.15, is down from $0.45 one year earlier and also below expectations.
Lattice anticipates that revenue for the first quarter will range between $115 and $125 millions, with adjusted earnings per share (EPS) between $0.20 to $0.24. The ranges' midpoints were slightly above analysts' estimates.
CEO 'Starting to See Signs of Improvement' in Market
"We are starting to see signs of improvement in the broader market environment as evidenced by our stronger backlog and improved book to bill, which bode well for our business moving forward," CEO Ford Tamer said.
Lorenzo Flores is the CFO at Lattice. In October, Sherri L. Luther, the former CFO of Lattice, joined Jim Anderson, the previous CEO, at Coherent.
Lattice stocks rose by nearly 8% in value on Tuesday. However, they are down 15% or more over the past year.
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