Silicon Labs (NASDAQ: SLAB) reported Q1 EPS of $0.69, $0.17 better than the analyst estimate of $0.52. Revenue for the quarter came in at $214.88 million versus the consensus estimate of $203.3 million.

• Non-GAAP gross margin was 60.4%.
• Non-GAAP R&D expenses were $55 million.
• Non-GAAP SG&A expenses were $41 million.
• Non-GAAP operating income as a percentage of revenue was 15.4%.
• Non-GAAP diluted earnings per share were $0.69.

"Revenue for the first quarter ended stronger than expectations at $215 million, up 14 percent year-on-year," said Tyson Tuttle, CEO of Silicon Labs. "As we face the unprecedented COVID-19 challenge, the health and safety of our employees, customers, partners and communities remain a top priority. We believe we are well-positioned to navigate the pandemic and are thankful to have the collaboration tools and remote-working infrastructure in place to facilitate a relatively smooth transition as our global teams advance toward well-established goals."

"Our balance sheet remains healthy," added Tuttle. "We have seen minimal disruption to our supply chain and have benefitted from a having a fabless model. We believe our strategy targeting large, high-quality and diverse growth drivers in the IoT, communications infrastructure and electrification, combined with the industry-leading technologies we bring to bear, will continue to drive growth and improved profitability as we scale our business longer term."

GUIDANCE:

Silicon Labs sees Q2 2020 EPS of $0.45-$0.68, versus the consensus of $0.61. Silicon Labs sees Q2 2020 revenue of $190-210 million, versus the consensus of $203.96 million.

On a non-GAAP basis, and excluding the impact of stock compensation, amortization of acquired intangible assets, acquisition related charges, restructuring charges, 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 61.0%.
• Non-GAAP operating expenses at approximately $92.5 million.
• Non-GAAP effective tax rate at 10.5%.
• Non-GAAP diluted earnings per share between $0.45 and $0.68.

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