Integrated Device Technology (IDTI) Tops Q4 EPS by 2c, Beats on Revenues

Integrated Device Technology (NASDAQ: IDTI) reported Q4 EPS of $0.46, $0.02 better than the analyst estimate of $0.44. Revenue for the quarter came in at $224.6 million versus the consensus estimate of $222.21 million.

• Revenue for the full fiscal 2018 was $842.8 million versus $728.2 million for full fiscal 2017. GAAP net loss for fiscal 2018 was $12.1 million or $0.09 per diluted share (including a GAAP charge of $114.2 million for the estimated impacts of the Tax Cuts and Job Act ("TCJA")) compared with fiscal 2017 GAAP net income of $109.2 million or $0.79 per diluted share. Non-GAAP net income for full fiscal 2018 was $214.4 million or $1.55 per diluted share versus $195.7 million for full fiscal 2017 or $1.40 per diluted share.
• Revenue for the fiscal fourth quarter of 2018 was $224.6 million. This compared with $217.1 million reported last quarter, and $175.7 million reported in the same period one year ago.
• GAAP net income for the fiscal fourth quarter of 2018 was $20.7 million, or $0.15 per diluted share versus GAAP net loss for the fiscal third quarter of 2018 of $68.2 million, or a loss of $0.51 per diluted share (including a $101.9 million charge for the estimated impacts of TCJA) and GAAP net income of $30.2 million or $0.22 per diluted share in the same period one year ago. Fiscal fourth quarter GAAP results include $15.1 million in restructuring-related charges, $12.4 million in stock-based compensation; $10.1 million in acquisition-related charges and $3.8 million in non-cash interest expense.
• Non-GAAP net income for the fiscal fourth quarter of 2018 was $63.4 million or $0.46 per diluted share compared with non-GAAP net income of $57.6 million or $0.42 per diluted share last quarter, and non-GAAP net income of $48.2 million or $0.35 per diluted share reported in the same period one year ago.
• GAAP gross profit for the fiscal fourth quarter of 2018 was $127.1 million, or 56.6 percent, compared with GAAP gross profit of $128.4 million or 59.1 percent last quarter, and $101.7 million, or 57.9 percent, reported in the same period one year ago. Non-GAAPgross profit for the fiscal fourth quarter of 2018 was $140.5 million, or 62.6 percent, compared with non-GAAP gross profit of $136.6 million, or 62.9 percent last quarter, and $106.1 million, or 60.4 percent, reported in the same period one year ago.
• GAAP R&D expense for the fiscal fourth quarter of 2018 was $55.7 million, compared with GAAP R&D expense of $49.8 million last quarter, and $35.5 million reported in the same period one year ago. Non-GAAP R&D expense for the fiscal fourth quarter of 2018 was $42.2 million, compared with non-GAAP R&D expense of $42.8 million last quarter, and $31.0 million in the same period one year ago.
• GAAP SG&A expense for the fiscal fourth quarter of 2018 was $41.5 million compared with GAAP SG&A expense of $40.7 million last quarter, and $36.2 million in the same period one year ago. Non-GAAP SG&A expense for the fiscal fourth quarter of 2018 was $30.9 million, compared with non-GAAP SG&A expense of $31.1 million last quarter, and $27.2 million in the same period one year ago.

For earnings history and earnings-related data on Integrated Device Technology (IDTI) click here.

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