TriQuint Semiconductor Inc, (TQNT) posted a net loss of $3.8 million or 2 cents per share in the fourth quarter of 2012 versus net income of $4.3 million or 3 cents in the year-ago quarter. Non-GAAP income stood at $6.2 million or 4 cents per share in the reported quarter versus $13.3 million or 8 cents per share in the prior-year quarter. The quarterly adjusted earnings beat the Zacks Consensus Estimate of a loss of 2 cents.
For full year 2012, net loss was $26.2 million or 16 cents per share versus net income of $48.2 million or 28 cents per share in the previous year. Non-GAAP loss stood at $2.2 million or 1 cent per share in 2012 compared with an income of $87.3 million or 51 cents per share in the preceding year. The adjusted loss for the year was narrower than the Zacks Consensus Estimate of a loss of 20 cents. Low factory utilization remains a financial headwind to TriQuint's near-term performance.
Revenues of $233.6 million in the fourth quarter of 2012 were up 3% year over year. The quarterly revenues beat the Zacks Consensus Estimate of $223 million. For full year 2012, revenues were $829.2 million, down 7% year over year.
As of Dec, 31, 2012, cash and cash equivalents were relatively steady at $116.7 million.
Going forward, TriQuint expects revenues between $180 million and $190 million in the first quarter of 2013. Non-GAAP net loss is expected to be in the range of 12 cents to 14 cents per share for the same period.
The company is expanding its capacity for high-performance filters as it anticipates a strong demand in the second half of 2013 and beyond. This is likely to improve its performance in the coming quarters. However, the company needs to be wary of intense competition from industry bigwigs, which include formidable names such as DSP Group Inc (DSPG), Diodes Incoorporated (DIOD), and Advanced Semiconductor Engineering Inc (ASX), each carrying a Zacks Rank #1 (Strong Buy). However, TriQuint currently has a Zacks Rank #4 (Sell).