Lattice Semiconductor Reports Fourth Quarter and Full Year 2020 Results

Rhea-AI Summary

Lattice Semiconductor Corporation (NASDAQ: LSCC) reported strong financial results for the fiscal fourth quarter and full year ended January 2, 2021. The company experienced significant profitability growth, with a 6.3% increase in diluted earnings per share on a GAAP basis year-over-year. Revenue grew double-digits in its key markets of communications, computing, industrial, and automotive. Lattice launched two new Nexus™ products and three software products, generating approximately $92 million in cash from operations, further enhancing its balance sheet.

Positive

• 6.3% increase in diluted EPS on a GAAP basis year-over-year.
• Double-digit revenue growth in communications and computing, and industrial and automotive sectors.
• Launched two new Nexus™ products and three new software products.
• $92 million generated from operations, strengthening the balance sheet.

Negative

• None.

Lattice Semiconductor Corporation (NASDAQ: LSCC), the low power programmable leader, announced financial results today for the fiscal fourth quarter and full year ended January 2, 2021.

Jim Anderson, president and CEO, said, "Profitability increased significantly for the full year 2020, as we continued to execute on our strategy. We saw double-digit year-over-year revenue growth in our two largest markets, communications and computing, and industrial and automotive, which are long-term growth drivers. We executed well on our hardware and software roadmaps, with the successful launch of two new Nexus™ products and three new software products. We are pleased with the momentum we are building with our customers and look to accelerate the Company's growth moving forward."

Sherri Luther, CFO, said, "We expanded diluted earnings per share by 6.3% on a GAAP basis for the full year 2020 compared to the full year 2019, and 16.9% on a non-GAAP basis, as we continued to drive profit expansion. With approximately $92 million in cash generated from operations for the full year 2020, we further strengthened our balance sheet ending the year with a positive net cash position."

Selected Fourth Quarter and Full Year 2020 Financial Results and Comparisons (in thousands, except per share data)

GAAP Financial Results (unaudited)

Q4 2020

Q3 2020

Q4 2019

Q/Q

Y/Y

FY 2020

FY 2019

FAQ

What were Lattice Semiconductor's financial results for FY 2020?

Lattice Semiconductor reported a 6.3% increase in diluted EPS on a GAAP basis for FY 2020 compared to FY 2019, and experienced double-digit revenue growth.

How much cash did Lattice Semiconductor generate in FY 2020?

Lattice Semiconductor generated approximately $92 million in cash from operations for the full year 2020.

What product launches did Lattice Semiconductor announce?

Lattice Semiconductor launched two new Nexus™ products and three new software products during the fiscal year 2020.

Which markets drove Lattice Semiconductor's revenue growth?

The company saw revenue growth driven by its largest markets: communications, computing, industrial, and automotive.

What is Lattice Semiconductor's stock symbol?

Lattice Semiconductor is traded on NASDAQ under the stock symbol LSCC.