Synaptics (NASDAQ: SYNA) reported Q1 EPS of $1.24, $0.10 better than the analyst estimate of $1.14. Revenue for the quarter came in at $417.6 million versus the consensus estimate of $410.59 million.

• Revenue of $417.6 million
• GAAP net income per diluted share of $0.11, an improvement of $0.90 versus the year ago period
• Non-GAAP net income per diluted share of $1.24, up 20% year-over-year
• Resumed stock repurchase activity with buy-back of 862,454 shares

Net revenue for the first quarter of fiscal 2019 was flat with the comparable quarter last year and up seven percent sequentially to $417.6 million. GAAP net income for the first quarter of fiscal 2019 was $3.8 million, or $0.11 per diluted share. Non-GAAP net income for the first quarter of fiscal 2019 increased $9.5 million from the prior year period to $44.6 million, or $1.24 per diluted share. (See below under the heading “Use of Non-GAAP Financial Information” and the attached table for a description and a reconciliation of GAAP to non-GAAP financial measures.)

“We are seeing the growing benefits of a diversified product platform and corporate-wide focus on maximizing profitability, reflecting strong margins and earnings power,” stated Rick Bergman, President and CEO. “We continue to fine-tune our investments to enable us to more fully capitalize on the multiple, profitable growth vectors across human interface, encompassing both our current phase of growth and beyond. The recent resumption of our stock repurchase activity further underscores our confidence in Synaptics’ strategic path moving forward.”

Wajid Ali, CFO, added, “Considering our backlog of $304 million entering the December quarter, subsequent bookings, customer forecasts and product sell-in and sell-through timing patterns, and the resulting expected product mix, we anticipate revenue for the second quarter of fiscal 2019 to be in the range of $410 to $440 million. Based on this guidance, Synaptics is poised to achieve a solid first half financial performance in fiscal 2019.”

For earnings history and earnings-related data on Synaptics (SYNA) click here.