Integrated Device Technology (IDTI) Tops Q2 EPS by 2c

Integrated Device Technology (NASDAQ: IDTI) reported Q2 EPS of $0.20, $0.02 better than the analyst estimate of $0.18. Revenue for the quarter came in at $137.1 million versus the consensus estimate of $133.8 million.

“The second fiscal quarter was a continuation of the strong momentum we saw last quarter, highlighted by the achievement of important business milestones across all focus areas and excellent financial results,” said Greg Waters, president and chief executive officer. “Second quarter revenue grew by 8.5 percent sequentially, driven by increasing demand for our products across each of our Communications, Computing, and Consumer end markets. Additionally, we achieved a significant number of design wins that set the stage for additional growth ahead. Along with excellent business and technology traction, our focus on operational excellence led to a non-GAAP operating margin of 23.7 percent and free cash flow equal to 30 percent of revenue for the quarter.”

“As we look ahead to the remainder of this fiscal year and beyond, we are optimistic about our prospects for success and remain focused on executing our growth strategies,” concluded Mr. Waters.

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

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• Cisco rating cut at HSBC as analyst sees a lack of catalysts
• Zeo Energy Corp (ZEO) Misses Q2 EPS by 7c