National Semiconductor reports third-quarter results

Californian electronics manufacturer National Semiconductor has announced its financial results for the third quarter of fiscal 2011, including sales that were 12 per cent lower than the $390.4m (£241.8m) in sales reported in the previous quarter.

Sales in the third quarter of fiscal 2011 were five per cent lower than the $361.9m reported in the third quarter of the previous fiscal year.

Third-quarter net income of $59.4m, or 0.24 per diluted share, was a decrease from the $83.5m, or 0.34 per diluted share, in the second quarter of fiscal 2011.

Gross margin of 66.5 per cent decreased from 68.9 per cent in the second quarter of the previous year, driven by lower factory utilisation in connection with the reduced sales volume.