Power Integrations (POWI) Tops Q1 EPS by 9c

Power Integrations (NASDAQ: POWI) reported Q1 EPS of $0.65, $0.09 better than the analyst estimate of $0.56. Revenue for the quarter came in at $173.7 million versus the consensus estimate of $149.48 million.

Commented Balu Balakrishnan, president and CEO of Power Integrations: “First-quarter revenues grew 58 percent year-over-year reflecting the strong demand conditions across the industry as well as our continued success in advanced mobile-device chargers, appliances and many other power-supply applications. Distribution sell-through exceeded sell-in again in the first quarter and we have seen continued strength in bookings in recent weeks. As a result, we expect strong year-over-year growth again in the second quarter.”

GUIDANCE:

• Revenues are expected to be flat compared to the first quarter of 2021, plus or minus five percent.
• GAAP gross margin is expected to be between 49.5 and 50 percent, and non-GAAP gross margin is expected to be between 50 and 50.5 percent. (The difference between the expected GAAP and non-GAAP gross margins is approximately equally attributable to amortization of acquisition-related intangible assets and stock-based compensation.)
• GAAP operating expenses are expected to be approximately $47.5 million; non-GAAP operating expenses are expected to be approximately $38.5 million. (Non-GAAP expenses are expected to exclude approximately $8.8 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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