HILLSBORO, Ore. - Lattice (OTC:LTTC) Semiconductor Corporation (NASDAQ: LSCC), a leader in low power programmable solutions, announced its financial results for the fiscal fourth quarter and full year ended December 30, 2023. The company reported a 12% increase in full-year revenue, reaching $737 million.
For the fourth quarter, revenue was $170.6 million, a decrease from the previous quarter and year-over-year. However, the full-year revenue growth was bolstered by a gross margin expansion of 130 basis points on both GAAP and non-GAAP bases compared to the full year of 2022. GAAP net income per diluted share for the full year was $1.85, which included a tax benefit of $0.41 per diluted share. On a non-GAAP basis, the net income per diluted share was $2.01.
Jim Anderson, president and CEO, expressed confidence in the company's long-term positioning, citing a rapidly expanding product portfolio and strong customer momentum. CFO Sherri Luther highlighted the company's financial achievements, including a record operating margin and cash flow from operations, and noted the company's strong balance sheet with zero outstanding debt at year-end.
Lattice also continued its share repurchase program, buying back approximately 900,000 shares in the fourth quarter, marking the thirteenth consecutive quarter of share repurchases. The Board of Directors authorized an additional $250 million for share repurchases through the end of December 2024.
The company hosted its inaugural Developers Conference, which saw over 5,000 registrations and featured keynotes from prominent customers such as BMW (ETR:BMWG), Meta (NASDAQ:META), and NVIDIA (NASDAQ:NVDA). Lattice's collaboration with NVIDIA introduced a new platform to accelerate edge AI applications development.
Despite facing near-term cyclical industry headwinds, Lattice received over 30 industry awards in 2023, including recognition from the Global Semiconductor Alliance.
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