Lattice Semiconductor Corp (LSCC, Financial) released its 8-K filing on February 12, 2024, announcing its financial results for the fourth quarter and full year ended December 30, 2023. The company, a leader in low power programmable solutions, reported a record full year 2023 revenue of $737 million, marking a 12% increase year over year.
Lattice Semiconductor Corp is known for its semiconductor technology, offering products and solutions that cater to consumer, communications, and industrial markets. With a focus on programmable logic devices, video connectivity, and wave devices, Lattice enables advancements in computing power, higher resolution video, and energy efficiency for consumer products, while aiding industrial and communication markets with data gathering and reliability enhancements. The majority of Lattice's sales are in Asia, reflecting its global reach.
The company's performance in 2023 demonstrated resilience despite industry headwinds, with a notable increase in revenue and gross margin expansion. The full year GAAP gross margin increased to 69.8%, and non-GAAP gross margin reached 70.4%. The GAAP net income per diluted share was reported at $1.85, which included a tax benefit of $0.41 per diluted share. On a non-GAAP basis, the net income per diluted share increased to $2.01.
Lattice's financial achievements in 2023 are significant, particularly in the semiconductor industry where margins are closely watched. The expansion in gross margin and the increase in net income reflect the company's ability to manage costs effectively while growing its top line. Additionally, the company's strategic share repurchases and the maintenance of a debt-free balance sheet underscore its strong financial position and commitment to shareholder value.
President and CEO Jim Anderson commented on the company's double-digit annual revenue growth and record gross margin, emphasizing the strong customer momentum and expanding product portfolio. CFO Sherri Luther highlighted the record operating margin and cash flow from operations, which increased by 13% compared to the prior year.
The company's balance sheet remains robust, ending the year with no outstanding debt. The fourth quarter saw the repurchase of approximately 900,000 shares, continuing the trend of returning value to shareholders. The Board of Directors also authorized an additional $250 million for share repurchases through December 2024.
Looking ahead, Lattice Semiconductor provided guidance for the first quarter of 2024, expecting revenue to be between $130 million and $150 million, with a non-GAAP gross margin percentage of approximately 69% plus or minus 1%, and non-GAAP total operating expenses between $54 million and $56 million.
The company's forward-looking statements, while providing a glimpse into the future, are subject to various risks and uncertainties that could cause actual results to differ materially. Investors are encouraged to review the full earnings release and financial statements to understand the company's performance and outlook in greater detail.
For more in-depth analysis and up-to-date financial information, investors and interested parties are invited to join Lattice Semiconductor's financial results conference call and webcast. Details can be found on the investor relations section of Lattice Semiconductor's website.
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Explore the complete 8-K earnings release (here) from Lattice Semiconductor Corp for further details.
