Power Integrations (POWI) Tops Q2 EPS by 2c, Slight Beat on Revenues; Offers 3Q Revenue Mid-Point Guidance Above Consensus

Power Integrations (NASDAQ: POWI) reported Q2 EPS of $0.66, $0.02 better than the analyst estimate of $0.64. Revenue for the quarter came in at $106.83 million versus the consensus estimate of $106.36 million.

Commented Balu Balakrishnan, president and CEO of Power Integrations: “Revenues increased four percent year-over-year in spite of a challenging demand environment, driven by growth in the communications and industrial categories. While the pandemic continues to weigh on end-market demand, we continue to gain share across a wide range of power-conversion applications and we are on track to outperform the analog semiconductor industry again this year.”

GUIDANCE:

Power Integrations sees Q3 2020 revenue of $110-120 million, versus the consensus of $113.66 million.

The company issued the following forecast for the third quarter of 2020:

• Revenues are expected to be $115 million plus or minus $5 million.
• GAAP gross margin is expected to be between 49.5 percent and 50 percent. Non-GAAP gross margin is expected to be between 50.5 percent and 51 percent. (The difference between the expected GAAP and non-GAAP gross margins comprises approximately 0.7 percentage points from amortization of acquisition-related intangible assets and 0.3 percentage points from stock-based compensation.)
• GAAP operating expenses are expected to be approximately $43 million; non-GAAP operating expenses are expected to be approximately $36 million. (Non-GAAP expenses are expected to exclude approximately $6.8 million of stock-based compensation and $0.2 million of amortization of acquisition-related intangible assets.)

For earnings history and earnings-related data on Power Integrations (POWI) click here.

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