Power Integrations (NASDAQ: POWI) reported Q3 EPS of $0.77, in-line with the analyst estimate of $0.77. Revenue for the quarter came in at $110.1 million versus the consensus estimate of $113.92 million.

Commented Balu Balakrishnan, president and CEO of Power Integrations: “Although revenues fell short of our expectations, we delivered healthy earnings driven by a slightly better-than-expected gross margin and lower-than-expected operating expenses. We are projecting lower revenues in the fourth quarter reflecting ongoing inventory reductions across the supply chain and softer demand in China, particularly in the appliance market. Nevertheless, we remain optimistic about the growth opportunities ahead of us in 2019 and beyond. As a reflection of our confidence, our board has allocated an additional $80 million for share repurchases – the largest buyback program in our history.”

GUIDANCE:

Power Integrations sees Q4 2018 revenue of $94-100 million, versus the consensus of $113.82 million.

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