Lattice Semiconductor Reports Strong Financial Performance for Fiscal Year 2023
Lattice Semiconductor Corporation, a leader in low power programmable solutions, has released its financial results for the fiscal fourth quarter and full year ended December 30, 2023. The company reported a strong 12% increase in full-year revenue, reaching an impressive $737 million.
Although the fourth quarter revenue of $170.6 million showed a decrease from the previous quarter and year-over-year, the full-year revenue growth was supported by a noteworthy gross margin expansion of 130 basis points on both GAAP and non-GAAP bases compared to the full year of 2022. This achievement is an excellent indication of Lattice Semiconductor’s positive performance.
The GAAP net income per diluted share for the full year was $1.85, including a tax benefit of $0.41 per diluted share. On a non-GAAP basis, the net income per diluted share stood at $2.01, demonstrating the company’s solid financial position and efficiency.
Lattice Semiconductor’s President and CEO, Jim Anderson, expressed his confidence in the company’s long-term positioning. He cited the rapidly expanding product portfolio and strong customer momentum as contributors to their success. Additionally, CFO Sherri Luther highlighted the company’s impressive financial achievements, including a record operating margin and cash flow from operations. It is also worth noting that the company boasts a strong balance sheet with zero outstanding debt at year-end.
In terms of shareholder value, Lattice continued its share repurchase program, buying back approximately 900,000 shares in the fourth quarter. This marked the thirteenth consecutive quarter of share repurchases. Looking to the future, the Board of Directors has authorized an additional $250 million for share repurchases through the end of December 2024, signaling their commitment to driving value for shareholders.
Furthermore, Lattice Semiconductor made significant progress in its collaborations and industry presence in 2023. The company hosted its inaugural Developers Conference, which saw over 5,000 registrations. The event featured keynotes from prominent customers, including BMW, Meta, and NVIDIA. Notably, Lattice’s collaboration with NVIDIA introduced a new platform aimed at accelerating edge AI applications development. This partnership showcases the company’s commitment to innovation and staying at the forefront of technological advancements.
Despite near-term cyclical industry headwinds, Lattice Semiconductor received over 30 industry awards in 2023, including recognition from the Global Semiconductor Alliance, further solidifying its position as a leading player in the market.
Overall, Lattice Semiconductor Corporation’s latest financial results, strategic collaborations, and impressive industry recognition demonstrate the company’s resilience and promising future in the low power programmable solutions market. With a strong financial position, a growing product portfolio, and a dedication to shareholder value, Lattice Semiconductor is well-positioned to capitalize on future opportunities and maintain its industry leadership.
Analyst comment
Positive news: Lattice Semiconductor Corporation reported a strong 12% increase in full-year revenue, reaching $737 million. The company achieved noteworthy gross margin expansion and demonstrated solid financial position and efficiency. The CEO expressed confidence in the company’s long-term positioning, and the CFO highlighted impressive financial achievements. The company continued its share repurchase program and made significant progress in collaborations and industry presence. Lattice Semiconductor’s resilience, industry recognition, and commitment to innovation position it well for future opportunities and industry leadership.
