Vicor Corp (VICR) Reports Q3 EPS of $0.06

October 25, 2016 4:47 PM EDT
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Vicor Corp (NASDAQ: VICR) reported Q3 EPS of $0.06, versus $0.06 reported last year. Revenue for the quarter came in at $53.23 million, versus $48.66 million reported last year.

Commenting on third quarter financial performance, Dr. Patrizio Vinciarelli, Chief Executive Officer, stated, "Approximately $0.04 out of $0.06 per share in recorded earnings was due to non-recurring items and seasonal influences on operating expenses. Nevertheless, we are encouraged by Q3 results, as lower shipments of legacy products were offset by higher shipments of ChiP VTM and SiP PRM modules. Higher volumes of ChiPs and SiPs contributed to improved gross margins."

Dr. Vinciarelli continued, "Ongoing weakness led to lower bookings of legacy Brick products. However, interest in ChiPs, VIAs and advanced new products continues to grow, as evidenced by an accelerating rate of projects funded by customers awarding us design wins. We are globally engaged with OEMs driven to our modular power solutions to achieve higher performance and a lower Total Cost of Ownership in Enterprise Computing (inclusive of Datacenters and Supercomputing), Instrumentation, LED Lighting, Networking, Wireless Telecom, Autonomous Driving and Aerospace applications. With a five-fold reduction in size relative to competing alternatives, power systems leveraging Vicor converters from the power source to the Point-of-Load enable superior end products. While conditions in certain markets continue to negatively influence our legacy business, demand from new customers has been escalating and supports our confidence in reaching an inflection point in revenues and profitability."

For earnings history and earnings-related data on Vicor Corp (VICR) click here.

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