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SAN FRANCISCO - Linear Technology Corp., which makes chips that convert analog signals into digital ones for use in electronic devices, said Tuesday that quarterly profit grew 8 percent as sales of its array of products continued to climb. Fears that a weakening U.S. economy would hurt business drove the stock price down, however.
| LLTC | 18.9 |  0.34 |
The Milpitas, Calif.-based company's net income was $103.1 million, or 46 cents per share, in its fiscal fourth quarter ended June 29. Excluding one-time charges, the company earned 51 cents per share, 6 cents higher than the average estimate of analysts polled by Thomson Financial.
Sales of $307.1 million, about a 15 percent jump over last year, were in line with Wall Street's forecasts.
The company's CEO, Lothar Maier, said Linear Technology hit its internal targets for the quarter but cautioned that predicting future results is challenging because of economic troubles in the U.S. The company forecast that sales and pretax income will be flat to up 2 percent for the fiscal first quarter.
The stock fell 90 cents, or 2.8 percent, to $31.55 in after-hours trading. Before the results were reported, Linear Technology's shares fell 66 cents, or 2 percent, to $32.45 during the regular trading session.
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