UPDATE 1-PMC-Sierra Q2 profit beats Street

viernes 24 de julio de 2009 00:37 CEST

* Q2 non-GAAP EPS $0.13 beats est $0.10

* Q2 rev $123.2 mln vs est $119.5 mln

* Projects Q3 sales above analysts' view

July 23 (Reuters) - PMC-Sierra Inc (PMCS.O: Cotización) reported a quarterly profit that beat market estimates, helped by strong demand for its products from key customer Hewlett-Packard and improved demand for its fiber-to-the-home business.

Second-quarter net income fell to $7.8 million, or 3 cents a share, from $135.9 million, or 60 cents a share, a year earlier. Excluding items, the company earned 13 cents a share.

Revenue fell 12 percent to $123.2 million. Analysts were expecting earnings of 10 cents a share, excluding exceptional items, on revenue of $119.5 million, according to Reuters Estimates.

For the third quarter, the company forecast revenue of $125 million to $135 million compared with analysts' expectation of $123.8 million.

The company said its key customers in the quarter were Hewlett-Packard (HPQ.N: Cotización) and China's ZTE Corp (0763.HK: Cotización).

PMC-Sierra shares closed at $8.73 Thursday on Nasdaq. (Reporting by S. John Tilak in Bangalore; Editing by Pradeep Kurup)