Power Integrations (POWI) Tops Q4 EPS by 16c, Revenues Beat

Power Integrations (NASDAQ: POWI) reported Q4 EPS of $0.60, $0.16 better than the analyst estimate of $0.44. Revenue for the quarter came in at $150.7 million versus the consensus estimate of $129.88 million.

• Quarterly revenues increased 32 percent year-over-year to $150.7 million; GAAP earnings were $0.45 per diluted share; non-GAAP earnings were $0.60 per diluted share
• Full-year revenues grew 16 percent to $488.3 million; cash flow from operations was $125.6 million; quarterly dividend increases by 18 percent to $0.13 per share

Commented Balu Balakrishnan, president and CEO of Power Integrations: “Fourth-quarter revenues came in well above our expectations driven by broad-based demand. All four major end-market categories grew at double-digit rates compared to the prior quarter, and distribution sell-through once again exceeded sell-in. We achieved revenue growth of 16 percent in 2020—far above the rate of the analog semiconductor industry—and we are well positioned for continued growth in 2021.”

Financial Outlook

The company issued the following forecast for the first quarter of 2021:

• Revenues are expected to be flat compared to the fourth quarter of 2020, plus or minus five percent.
• GAAP gross margin is expected to be approximately 48 percent, and non-GAAP gross margin is expected to be approximately 49 percent. (The difference between the expected GAAP and non-GAAP gross margins comprises approximately 0.6 percentage points from amortization of acquisition-related intangible assets and 0.4 percentage points from stock-based compensation.)
• GAAP operating expenses are expected to be approximately $44.5 million; non-GAAP operating expenses are expected to be approximately $37.5 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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