Silicon Labs (NASDAQ: SLAB) reported Q1 EPS of $0.87, $0.11 better than the analyst estimate of $0.76. Revenue for the quarter came in at $205.38 million versus the consensus estimate of $199.31 million.

First Quarter Financial Highlights

• Infrastructure revenue increased to $49 million, up 26% sequentially and 37% year-on-year.
• IoT revenue declined to $103 million, down 6% sequentially and up 17% year-on-year.
• Broadcast revenue was $36 million, up less than 1% sequentially and down 3% year-on-year.
• Access revenue increased to $17 million, up 2% sequentially and down 6% year-on-year.

On a non-GAAP basis, excluding the impact of stock compensation, amortization of acquired intangible assets, non-cash interest expense on convertible notes, and certain other items as set forth in the reconciliation tables below:

• Non-GAAP gross margin was 60.6%.
• Non-GAAP R&D expenses were $44 million.
• Non-GAAP SG&A expenses were $37 million.
• Non-GAAP operating income as a percentage of revenue was 20.9%.
• Non-GAAP diluted earnings per share were $0.87.

Business Outlook

The company expects revenue in the second quarter to be in the range of $211 million to $217 million, and also estimates the following:

On a non-GAAP basis, and excluding the impact of stock compensation, amortization of acquired intangible assets, non-cash interest expense on convertible notes, and certain other items as set forth in the reconciliation tables below:

• Non-GAAP gross margin at approximately 59.5%.
• Non-GAAP operating expenses at approximately $86.0 million.
• Non-GAAP effective tax rate at 11.0%.
• Non-GAAP diluted earnings per share between $0.81 and $0.87.

GUIDANCE:

Silicon Labs sees Q2 2018 EPS of $0.81-$0.87, versus the consensus of $0.76. Silicon Labs sees Q2 2018 revenue of $211-217 million, versus the consensus of $199.31 million.

For earnings history and earnings-related data on Silicon Labs (SLAB) click here.