Semtech Corporation reported Q1 FY2021 net sales of $132.7 million. GAAP EPS amounted $0.15 and non-GAAP EPS was $0.35.
Highlights for the First Fiscal Quarter 2021
- Net bookings grew 22% sequentially led by record bookings for LoRa-enabled, 100G data center CDRs and broad-based Protection devices
- Distributor Point of Sale (POS) increased 5% sequentially and represented a new quarterly record
- Cash flow from operations was $26.1 million or 20% of net sales
- Repurchased approximately 855,000 shares for $30.0 million during Q1 FY2021
Mohan Maheswaran, Semtech’s President and Chief Executive Officer, stated, “We are pleased with our strong Q1 results and execution, despite the unexpected disruptions from COVID-19. Our secular growth drivers in the IoT, hyperscale data center, and mobility markets remain intact as evidenced by our record quarterly POS results and strong sequential and year-over-year bookings growth. While we are not immune from macroeconomic headwinds, we believe the greater demands being placed on the global communications infrastructure with the shift to work-from-home and the increasing use of long range sensing platforms, should benefit our targeted markets including the data center, PON, 5G wireless and IoT markets.”
