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Mar 31, 2023
Power Integrations Q1 2023 Earnings Report
Reported revenues of $106.3 million and GAAP earnings of $0.12 per diluted share.
Key Takeaways
Power Integrations reported first-quarter revenues of $106.3 million, a 42% decrease compared to the first quarter of 2022. GAAP earnings per diluted share were $0.12, while non-GAAP earnings per diluted share were $0.25. The company's CEO indicated that revenues have bottomed and a cyclical recovery is underway.
First-quarter revenues were $106.3 million, in line with expectations.
Sell-through exceeded sell-in, reducing distributor inventories.
The company is gaining share in various end-markets and making progress on growth initiatives.
Introduced first 900-volt GaN products for industrial and EV applications.
Power Integrations
Power Integrations
Power Integrations Revenue by Segment
Revenue by Segment
Communications Revenue
CapyFin.comComputer Revenue
CapyFin.comConsumer Revenue
CapyFin.comIndustrial Revenue
CapyFin.com Forward Guidance
The company expects revenues to be $122 million plus or minus $5 million for the second quarter of 2023. GAAP gross margin is expected to be approximately 51.5 percent, and non-GAAP gross margin is expected to be approximately 52 percent. GAAP operating expenses are expected to be approximately $52.5 million; non-GAAP operating expenses are expected to be approximately $44.5 million.
Positive Outlook
- Revenues are expected to be $122 million plus or minus $5 million.
- GAAP gross margin is expected to be approximately 51.5 percent.
- Non-GAAP gross margin is expected to be approximately 52 percent.
- GAAP operating expenses are expected to be approximately $52.5 million.
- Non-GAAP operating expenses are expected to be approximately $44.5 million.
Challenges Ahead
- Unspecified risks associated with COVID-19 pandemic.
- Potential changes in global economic and geopolitical conditions.
- Possible shifts in customer demand.
- Effects of competition may decrease revenues.
- Unfavorable fluctuations in component costs or operating expenses.
Revenue & Expenses
Visualization of income flow from segment revenue to net income