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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.
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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