Standard Microsystems Beats Estimates (SMSC)

Standard Microsystems Corporation SMSC released financial results on Monday morning that beat Wall Street estimates. Standard Microsystems Corporation announced that its 3rd quarter adjusted earnings rose to $12.0 million, or 52 cents per share, up from $7.7 million, or 34 cents per share, a year earlier. Standard Microsystems Corporation (SMSC) reported revenue of $107.03 million, up 23% from $87.24 million a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 42 cents per share, on revenue of $105.56 million. President and chief executive officer Christine King said, “All of the key markets we serve have remained relatively healthy. Our Automotive market sales achieved record revenue in the third quarter and grew by five percent sequentially. Consumer Electronics revenue, which includes sales from the Symwave acquisition, grew by four percent sequentially. PC revenue grew two percent and Industrial revenue grew slightly after five quarters of significant sequential growth." Standard Microsystems Corporation finished the previous trading day at $29.74 per share. The consensus price target of analysts covering the company's stock is $32.17 per share. Standard Microsystems Corporation is a leading developer of Smart Mixed-Signal Connectivity solutions. The company is focused on delivering connectivity solutions that enable the proliferation of data in personal computers, automobiles, portable consumer devices and other applications. Read more from Benzinga's Company news.