Integrated Device Technology (IDTI) Tops Q1 EPS by 1c

Integrated Device Technology (NASDAQ: IDTI) reported Q1 EPS of $0.17, $0.01 better than the analyst estimate of $0.16. Revenue for the quarter came in at $0 versus the consensus estimate of $125 million.

“We are off to a strong start in fiscal 2015 with our first fiscal quarter results demonstrating consistently improving financial performance across all key metrics,” said Greg Waters, president and chief executive officer. “Underpinning these results was strength and market share gains across all of our end markets; revenue from our Communications, Computing, and Consumer end markets all grew sequentially in the quarter. In our Communications end market, strength in the quarter was driven by our RapidIO solution, Timing products, and the continued ramp of our RF solutions, all of which are benefiting from the ongoing global buildout of 4G/LTE. In our Computing end market, we benefitted from the DDR3 to DDR4 transition underway in Memory Interface, where we have market-leading solutions designed in with all key customers. In our Consumer end market, our wireless power business is strong and growing. Our recently announced design win with LG is an industry milestone, where a major Smartphone supplier has embedded Wireless Charging in their flagship models. We remain in the center of this exciting and fast-developing market.”

“Looking ahead we are confident in our ability to continue executing on our growth strategy with all key areas of our business contributing to that growth,” concluded Mr. Waters.

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

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