Business
MACOM Reports Fiscal Third Quarter 2024 Financial Results
LOWELL, Mass.--(BUSINESS WIRE)-- MACOM Technology Solutions Holdings, Inc. (“MACOM”) (Nasdaq: MTSI), a leading supplier of semiconductor products, today
About this update from Macom Technology Solutions Holdings, Inc.
[{"type":"text","content":" LOWELL, Mass.--(BUSINESS WIRE)--\nMACOM Technology Solutions Holdings, Inc. (“MACOM”) (Nasdaq: MTSI), a leading supplier of semiconductor products, today announced its financial results for its fiscal third quarter ended June 28, 2024.\n\n\nThird Quarter Fiscal Year 2024 GAAP Results\n\n\n\nRevenue was $190.5 million, an increase of 28.3%, compared to $148.5 million in the previous year fiscal third quarter and an increase of 5.1% compared to $181.2 million in the prior fiscal quarter;\n\n\n\nGross margin was 53.2%, compared to 58.0% in the previous year fiscal third quarter and 52.5% in the prior fiscal quarter;\n\n\n\nIncome from operations was $19.7 million, or 10.4% of revenue, compared to income from operations of $17.3 million, or 11.7% of revenue, in the previous year fiscal third quarter and income from operations of $15.4 million, or 8.5% of revenue, in the prior fiscal quarter; and\n\n\n\nNet income was $19.9 million, or $0.27 per diluted share, compared to net income of $11.9 million, or $0.17 per diluted share, in the previous year fiscal third quarter and net income of $15.0 million, or $0.20 per diluted share, in the prior fiscal quarter.\n\n\n\nThird Quarter Fiscal Year 2024 Adjusted Non-GAAP Results\n\n\n\nAdjusted gross margin was 57.5%, compared to 60.1% in the previous year fiscal third quarter and 57.1% in the prior fiscal quarter;\n\n\n\nAdjusted income from operations was $45.6 million, or 24.0% of revenue, compared to adjusted income from operations of $37.0 million, or 24.9% of revenue, in the previous year fiscal third quarter and adjusted income from operations of $40.2 million, or 22.2% of revenue, in the prior fiscal quarter; and\n\n\n\nAdjusted net income was $48.9 million, or $0.66 per diluted share, compared to adjusted net income of $38.5 million, or $0.54 per diluted share, in the previous year fiscal third quarter and adjusted net income of $43.2 million, or $0.59 per diluted share, in the prior fiscal quarter.\n\n\n\nManagement Commentary\n\n\n“We remain focused on engineering excellence, financial performance and execution,” said Stephen G. Daly, President and Chief Executive Officer. “Our portfolio expansion strategy continues to create new business opportunities with our Industrial, Defense, Telecom and Data Center customers.”\n\n\nBusiness Outlook\n\n\nFor the fiscal fourth quarter ending ...