Broadcom Beats Estimates; Announces Dividend Increase (BRCM)
Semiconductor company, Broadcom Corporation(BRCM) reported a slight decline in profits for Q4, beat analysts estimates on Tuesday.
The Irvine, CA based company reported fourth quarter earnings of $251 million, or 43 cents per share, down -1% from $254 million, or 45 cents per share last year. Excluding special items, Q4 earnings were reported at $462 million, or 76 cents per share, up from $394 million, or 68 cents per share last year. Analysts expected EPS of 73 cents.
The company’s revenue increased 12% to $2.08 billion, from $1.82 billion last year. Analysts expected to see revenue of $2.07 billion.
The company expects to see first quarter revenue in the range of $1.824 billion to $1.976 billion, while analysts expect to see $2 billion in revenue.
Additionally, the company announced that they are planning to raise their dividend by 10% to 11 cents per share quarterly. The next dividend payment is on March 4 to shareholders of record on February 15.
Broadcom shares were down 31 cents, or -0.92% during premarket trading Wednesday. The stock has declined -3.8% in the past year.
The Bottom Line
Shares of Broadcom Corporation(BRCM) have a 1.31% yield, based on Tuesday’s closing price of $33.71.
Broadcom Corporation(BRCM)is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.
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