National Semiconductor has reported net sales of $344m for the third quarter of fiscal 2011, a decrease of 5% compared to $362m for the same period last year.
The company’s gross margin decreased to $229m from $244m a year ago and operating income for the quarter was down to $91.4m from $86m in the third quarter of fiscal 2010.
For the third quarter ended 27 February 2011, the company posted a net income of $59.4m, or $0.24 per diluted share, an increase from $53.2m, or $0.22 per share compared to the same period last year.
National Semiconductor president and CEO Don Macleod said as they move beyond the inventory correction, and the post-holiday slowdown in the mobile phone market, they are looking forward to resuming revenue growth.
"We see our power management and, in particular, energy efficiency offerings driving revenue growth in broad industrial and mobile device markets," Macleod said.
National Semiconductor anticipates revenues to be in range of $360m and $370m, up approximately 4% to 7% sequentially in the fourth quarter of fiscal 2011.
