Power Integrations (POWI) Tops Q2 EPS by 5c, Revenues Beat

Power Integrations (NASDAQ: POWI) reported Q2 EPS of $0.74, $0.05 better than the analyst estimate of $0.69. Revenue for the quarter came in at $109.48 million versus the consensus estimate of $109.33 million.

Commented Balu Balakrishnan, president and CEO of Power Integrations: “Revenues and earnings increased significantly compared to the prior quarter, and we generated strong cash flow while returning nearly $35 million to stockholders. While some customers have begun to express caution in light of global trade issues, we expect third-quarter sequential revenue growth consistent with recent seasonality. Meanwhile, InnoSwitch™-3 products are winning designs across a broad range of applications, and the next phase of growth in rapid-charging applications is taking shape as USB PD technology approaches mass adoption.

“We also achieved an important operational milestone in the second quarter with the announcement of AEC-Q100 automotive certification for our SCALE-iDriver® gate-driver products. Electric-vehicle makers want safe, reliable power-conversion products for drivetrain, charging and other high-voltage applications in the car, and we are encouraged by the response of automotive customers.”

Financial Outlook

The company issued the following forecast for the third quarter of 2018:

• Revenues are expected to be $114 million plus or minus $3 million.
• Gross margins are expected to be similar to second-quarter levels.
• GAAP operating expenses are expected to be between $41.5 million and $42.5 million; non-GAAP operating expenses are expected to be between $35 million and $36 million. (Non-GAAP expenses are expected to exclude approximately $6 million of stock-based compensation and $0.5 million of amortization of acquisition-related intangible assets.)

GUIDANCE:

Power Integrations sees Q3 2018 revenue of $114 million.

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

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