PMC-Sierra falls on 4Q revenue miss

SUNNYVALE, Calif. (AP) ? PMC-Sierra Inc. reported Monday that its fourth-quarter net income was up but revenue fell, missing Wall Street’s revenue expectations and sending the chip maker’s shares down in after-hours trading.

The Sunnyvale-based company said that it earned $28.4 million, or 12 cents per share, for the quarter that ended Dec. 31. That’s compared with $10.9 million, or 5 cents per share, in the same quarter last year. After adjusting for acquisition costs, stock-based compensation expenses and other items, it earned 13 cents per share versus 15 cents per share last year.

Revenue fell to $152.6 million from $159.3 million.

Analysts polled by FactSet anticipated the company would earn 13 cents per share on revenue of $155.4 million.

PMC said it earned $84.7 million, or 36 cents per share, for the full year. That’s up from $83.2 million, or 35 cents per share, in the prior year. On an adjusted basis it earned 60 cents per share versus 72 cents per share from the prior year.

The company’s annual revenue increased 3 percent to $654.3 million.

PMC said that tough conditions for the semiconductor industry have hurt its near-term outlook but said it saw signs of recovery in 2012, including an increase in bookings. The company did not issue earnings guidance for the year.

Shares of PMC shed 43 cents, or 6 percent, to $6.31 in after-hours trading following the earnings report. They had ended the regular trading session down 11 cents at $6.74.