Product category:
Power Supply ICs and Controllers
News Release from: Fairchild Semiconductor
Edited by the Electronicstalk Editorial
Team on 06 March 2003
Order rates better than expected for
Fairchild
Fairchild Semiconductor has revealed that first quarter revenues are tracking slightly ahead of original projections.
Kirk Pond, President, CEO and Chairman of the Board of Fairchild Semiconductor has revealed that first quarter revenues are tracking slightly ahead of original projections given by the company "Seven weeks ago we guided first quarter revenues to be flat to down 5% sequentially", said Pond
This article was originally published on Electronicstalk on 28 Feb 2001 at 8.00am (UK)
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"Order rates were fairly steady throughout the first six weeks of the quarter, and have recently increased as we moved past the Chinese New Year holiday.
We now expect first quarter revenues to be flat to down 3% sequentially.
During the quarter we have had stronger orders from notebook PC, power supply, printer, lighting, wireless networking, and computing storage end markets, while orders have been weaker from desktop PC and cellular phone manufacturers, and the broader consumer and industrial markets in Asia and Korea.
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Our worldwide distribution channels remain lean with preliminary reports showing our distribution inventories at the end of February remained at about 13 weeks".
"We're seeing better than expected strength in low voltage power orders, and price decreases seem to be moderating for new orders in our mature logic, discrete and optoelectronic product lines", stated Pond.
"Gross margins for shipments this quarter have come under increased pressure due to lower than expected turns orders in our high voltage power business.
We now expect gross margins for first quarter to decline sequentially more than the 100 basis points that we previously guided.
We're encouraged that our 13-week and 26-week backlogs have grown about 5% so far this quarter, with much of the increase occurring in the last few weeks.
Our current second quarter backlog for most of our product lines reflects improved product mix and higher margins compared to our first quarter shipments.
Macroeconomic and geopolitical concerns continue to limit our customers' outlooks, so our visibility remains limited as well.
However, if our recent trend of higher bookings continues, we would expect to guide higher margins and revenues for the second quarter".
"We're continuing to make good progress winning designs and market share in targeted power applications", said Pond.
"We've recently won significant automotive ignition designs in some key European accounts, and we're having continued worldwide success driving our analogue power switch and motor control products into high volume television, set top box and DVD player applications.
The demand shift toward notebook PCs from desktops is also allowing us to ship an improved mix of low voltage power products with better gross margins.
Our previously announced cost cutting plans in Mountaintop, PA and the startup of our new Suzhou, China assembly and test facility are both on schedule.
While overall industry conditions remain challenging, we're making significant progress gaining market share, improving product mix and reducing manufacturing costs.
We remain committed to our longer term goal of growing at or above semiconductor industry growth rates and driving long term gross margin percentages into the mid 30s".
Fairchild expects to report its first quarter financial results on 17th April 2003.
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