MidnightTrader's Earnings Notebook: PMC-Sierra (PMCS)

4:21 PM, Apr 17, 2008: PMC-Sierra (PMCS | Quote | Chart | News | PowerRating) is higher in after-hours trade tonight after topping Q1 expectations.

PMCS reported Q1 revs of $125 mln, better than the Thomson First Call consensus of $123 mln. Non-GAAP earnings were $0.11 per share, three cents better than the Street view.

PMCS is in a long-term widening pattern, with more aggressive next-day trade following eight of its last 14 after-hours earnings events. In the near term, the stock is mixed, with two narrowing events and two widening moves in the last four quarters.

On Jan. 24, 2008, PMCS gained 1% in after-hours trade after reporting Q4 results about in line with expectations. It turned sharply lower the following day, ending the Jan. 25 regular session down 10.4%.

On Oct. 18, 2007, PMCS advanced 8.6% in after-hours trade after beating Q3 expectations. It held much of its gain the following day narrowed slightly, ending the Oct. 19 regular session up 8%.

On July 19, 2007, PMCS advanced 2.3% in after-hours trade after the company met Q2 earnings expectations and missed slightly on revs. The stock continued to move higher in the July 20 regular session, rising 5.6%.

On April 25, 2007, PMCS gained 4.4% in the evening hours after the company beat by a penny. The gain was a steeper 7% the next day.

On Jan. 25, 2007, the stock gained 1.4% after the company beat with revenue but missed with EPS. The stock was up 1.6% the next day.

On Oct. 19, 2006, PMCS shed 3.1% in night trade despite beating Q3 sales estimates and meeting on EPS. Shares, though, regained their composure and ended the next day session up 4.1%.

On July 20, 2006, the stock fell 2.5% in the evening session after the company beat with sales and reported in line with EPS. The loss swelled to 26.3% the next day.

On April 20, 2006, PMCS rose 2.2% in after-hours when the company topped Q1 expectations. However, the shares lost steam and ended the next day's regular session down 0.08%.

On Jan. 25, 2006, shares fell 4.6% in evening trade after the company met expectations for earnings but fell a bit short on sales. A same-sized decline was recorded the next day.

On Oct. 19, 2005, PMCS fell 3% in immediate response to after-hours results showing Q3 revenues were $76.2 million, just below the FC mean for $77 million. Non-GAAP EPS were $0.07, a penny ahead of the FC mean. Shares fell a steeper 13% during the following day's regular trading.

On July 21, 2005, PMCS ended the after-hours session down 2.3%. It had just missed Q2 revenue estimates and matched EPS forecasts. PMCS widened its losses in the next day regular hours session, closing down 5%.

On April 20, 2005, PMCS fell 4% after hours after reporting in-line revenue and earnings per share that beat the Street target by 1 cent. It did an about-face in the April 21 regular session, climbing 6.9%.

On Jan. 27, 2005, PMCS rose 3.6% in after-hours trading after meeting EPS expectations but missing on revenue. It widened this move in the Jan. 28 regular session, closing up 5.1%.

On Oct. 20, 2004, PMCS rose 5.3% after the bell on results that met Street targets. It widened the gain in the Oct. 21 regular session, jumping 10.2%.

Brooks McFeely is widely regarded as the leading expert on extended-hours trading. He is a Managing Partner for Brochet Capital Partners, LP and the founder of Midnight Trader, Inc. (www.midnighttrader.com), the leading provider of pre-market and after-hours trading analysis and news to retail and institutional investors.