Silicon Motion Tech (SIMO) Misses Q1 EPS by 3c

After the close, Silicon Motion Tech (NASDAQ: SIMO) reported Q1 EPS of $0.16, $0.03 worse than the analyst estimate of $0.19. Revenue for the quarter came in at $52.8 million versus the consensus estimate of $50.57 million.

Commenting on the results of the first quarter, Silicon Motion's President and CEO Wallace Kou said:

"We are off to an excellent start for 2014. I am pleased to report solid first quarter results that reflect strength from across most of our products. Our SSD+embedded sales increased sequentially in the first quarter and grew by over 60% as compared to the same period a year ago. In the first quarter, we began commercial sales of our TLC eMMC 4.5 controllers to our third NAND flash partner, converted the majority of our eMMC controller sales to eMMC 4.5, and began mass production of our next generation eMMC 5.0 controller. I am also pleased with the progress we are making in securing new wins for our SATA 3 client SSD controller which recently began shipping to numerous U.S., Taiwan, and China module makers for their channel market SSD solutions. Separately, our SSD OEM partner has been making solid progress marketing their SSD solutions with our controllers and has secured an important first design-win with a tier-one PC OEM. In addition, we secured an important design win with one of our flash partners for our SSD controller.

"We recently secured our first design-win for our LTE-Advanced transceiver with a leading Korean handset OEM and will begin commercial sales of this new transceiver in the second quarter. We are actively working on securing additional wins."

For earnings history and earnings-related data on Silicon Motion Tech (SIMO) click here.

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